At the end of the morning session on Tuesday, the share price of Bumrungrad Hospital Public Company Limited (SET: BH) gained 3.67% or THB 5.50 to THB 155.50, with a trading value of THB 1.13 billion.
BH investor relations told ‘Kaohoon’ that the company’s shares reversed earlier declines that stemmed from concerns over reports that major insurers might require new health insurance buyers to adopt co-payment terms, unsettling investor sentiment.
BH indicated that the co-payment model has been in place since the start of 2025 and that this development has not negatively affected the company. The percentage of insured patients has continued to rise, increasing from 19% to 21% in the first nine months of 2025, while self-pay patients still make up a greater proportion of its patient base, highlighting the strength of its Thai and international clientele, with foreign patients exceeding 60% of the total.
CGS International Securities (Thailand) (CGSI) noted that investor fears over the impact of co-payment appear excessive. The brokerage observed that BH’s valuation was comparable to levels during the 2008 global financial crisis, and has upgraded its recommendation from ‘Hold’ to ‘Buy,’ maintaining a target price of 178 baht.
TISCO Securities also upgraded its view on BH from ‘Hold’ to ‘Buy,’ raising its price target to 224 baht from 207 baht, citing stronger operational performance anticipated in 2026. Total income is projected at 27.8 billion baht and net profit of 8.7 billion baht in 2026, higher than its 2025 forecast of 25.2 billion baht in revenue and 7.38 billion baht in profit.
The expected return of Kuwaiti patients from 2026 should bolster both revenue and profit margins meaningfully. BH’s expansion of bed capacity and service networks from 2027 is seen as supportive for sustained revenue growth through 2027–2028, while competition levels in Phuket remain manageable, and significant price-based competition is unlikely as the market continues to expand.
