On Wednesday at 11:08 AM (Bangkok time), the share price of Bumrungrad Hospital Public Company Limited (SET: BH) dropped by 8.11% or THB 15.00 to THB 170.00, with a trading value of THB 1.25 billion.
Praram 9 Hospital Public Company Limited (SET: PR9) fell by 4.44% or THB 0.80 to THB 17.20, with a trading value of THB 52.05 million.
Bangkok Chain Hospital Public Company Limited (SET: BCH) lost 6.31% or THB 0.65 to THB 9.65, with a trading value of THB 153.03 million.
Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) declined by 6.76% or THB 1.40 to THB 19.30, with a trading value of THB 1.86 billion.
The drop in share prices seen among Thai hospitals followed investor concerns over the intensifying conflicts in the Middle East, adversely impacting the numbers of patients and revenue of the companies, which shared key topics with ‘Kaohoon’ as follows:
Bangkok Chain Hospital (BCH) disclosed that the war between Iran, the United States, and Israel is a negative pressure factor for Thai private hospital stocks that rely heavily on revenue from international patients, especially those from the Middle East.
However, the impact is expected to be limited or only short-term, as the initial assessment suggests the conflict will not be prolonged. The sharp drop in private hospital stock prices is likely driven more by sentiment than fundamentals, since the base of expatriate (Expat) patients residing in Thailand remains strong and unaffected.
Currently, for BCH, foreign patients account for 13-14% of the total patient base, with only a small proportion coming from the Middle East. Importantly, the number of Middle Eastern patients admitted to World Medical Hospital has been rising steadily since late last year.
Meanwhile, Bumrungrad Hospital (BH) noted that Middle Eastern patients represent as much as 25% of the company’s total patient base. BH has not yet clearly assessed the impact, as the situation coincides with the low season.
The first quarter of every year is BH’s low season due to Ramadan, during which Middle Eastern patients typically refrain from traveling for medical treatment. In 2026, Ramadan falls entirely within the first quarter (February 19 to March 20, 2026), whereas it usually overlaps with the second quarter as well.
Therefore, if the war ends within 1Q26, the impact will likely be limited. BH is a leading global hospital with a diverse patient base; the three largest groups are from Qatar, Myanmar, and the United States.
Likewise, Bangkok Dusit Medical Services (BDMS) revealed that concerns about the impact of the war on Middle Eastern patients traveling to Thailand are not a major issue if the conflict ends during Ramadan. Currently, Middle Eastern patients account for approximately 4% of BDMS’s total patient base, which is well-diversified. The hospital’s three largest patient groups are from the United States, China, and Myanmar.
