Praram 9 Hospital Public Company Limited (SET: PR9) is anticipated to announce its operating results for the year 2025 and for the fourth quarter of 2025 on February 18, 2026, amid prospects of positive outcomes.
Ms. Kamaporn Tumpipit, Deputy Chief Executive Officer of Accounting, Finance, and Administration at PR9, stated that the company’s overall operating performance in 4Q25 will show growth compared to the same period last year. This came as companies sent employees for annual health check-ups during the quarter.
Additionally, PR9 also benefited from a shift in the outbreak of seasonal diseases from the third quarter to the beginning of the fourth quarter, resulting in a high volume of outpatients (OPD) using their services. Furthermore, the expansion of complex disease treatment increased the inpatient (IPD) bed occupancy rate to over 70%, despite pressure from stricter insurance company regulations.
Bualuang Securities recommends a “BUY” for PR9, setting a base target price at THB 23.50 per share. The broker projects record revenue of THB 1.4 billion in 4Q25, a 12% increase YoY, due to both the high season and stronger inflows of foreign patients. Net profit for 4Q25 is forecast at THB 215 million, an 11% increase YoY, mainly due to seasonal factors, while 4Q25 margin pressures are seen as arising from an increased proportion of health check-up revenue from Thai patients.
For 2025, PR9 is expected to achieve a net profit of THB 826 million, up 15.85% from THB 713 million in 2024, representing the highest net profit growth rate among hospitals. Key drivers include: 1. The continuous increase in Middle Eastern patients, 2. Deeper penetration of the international referral market, with upside potential from the United Arab Emirates and Kuwait, and 3. Stable demand from Thai patients with an improved patient mix.
Moreover, concerns in the market regarding copayment health insurance remain overly high. PR9’s treatment costs are about 15-20% lower than those of premium hospitals, giving it a competitive advantage as insurers gradually move to the copayment system. PR9’s private insurance revenue accounts for 24% of total revenue, a manageable proportion.
The main impact will be on new policyholders, while existing patients will continue to be covered under existing terms. Management has proactively implemented additional discounts and improved claim processes to maintain patient volumes. In the long term, lower copayment premiums—down 20-50%—could expand insurance access rates and structurally support medical treatment demand.
Looking forward to the 2026 outlook, the growth structure remains unchanged. Even with a more cautious estimate, PR9 is still seen as being in a clear growth phase, with 2026 net profit forecast to reach THB 897 million, up about 9% from the THB 826 million expected in 2025.
