Bumrungrad Hospital Public Company Limited (SET: BH) has reaffirmed its solid financial footing and growth prospects, following the release of its fourth quarter 2025 results and analyst briefings. Goldman Sachs and DBS have reiterated their recommendations for the company, citing key positive developments and ongoing momentum in international patient demand.
BH’s results aligned closely with both Goldman’s and consensus expectations. For the full year 2025, the company reported a 1.6% decline in revenue, a marginal 0.9% drop in EBITDA, and a 3.4% decrease in net profit.
A significant positive for investors is BH’s announcement of a special dividend of THB 6 per share, supported by its robust net cash position. This special payout supplements the regular THB 5 per share ordinary dividend, resulting in a combined payout ratio of approximately 50%.
In the first quarter of 2026, management projects revenue growth of 2-3%. While the Ramadan season is expected to have a mildly negative seasonal impact, the company anticipates a recovery in patient flows from the Middle East and benefits from a 4% upward price adjustment.
DBS also highlighted the successful settlement of outstanding receivables from Kuwait and ongoing referral discussions, which could yield further upside through renewed patient inflows and a potential signing of a memorandum of understanding (MoU) with Saudi Arabia within this year.
In terms of expansion, the launch of the new BIH Phuket Hospital and the annex building (Soi 1 project) has been rescheduled, with Phase 1 expected to open in the second half of 2027. The first phase of the BIH Phuket will offer 120 beds during the initial five-year period.
Reflecting these factors, both Goldman Sachs and DBS have maintained a ‘Buy’ rating, with target prices of THB 230 and THB 210, respectively.
