On Wednesday at 10:56 AM (Bangkok time), the share price of Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) rose by 1.55% or THB 0.30 to THB 19.60, with a trading value of THB 332.50 million.
Bumrungrad Hospital Public Company Limited (SET: BH) gained 1.09% or THB 2.00 to THB 185.00, with a trading value of THB 92.58 million.
Praram 9 Hospital Public Company Limited (SET: PR9) surged 1.15% or THB 0.20 to THB 17.60, with a trading value of THB 10.04 million.
Chularat Hospital Public Company Limited (SET: CHG) added 0.62% or THB 0.01 to THB 1.62, with a trading value of THB 6.06 million.
Kiatnakin Phatra Securities (KKPS) recently hosted a Hospitality forum, bringing together 11 listed companies from the hospital, hotel, and airline sectors. Among the participants, four healthcare companies—BCH, BDMS, PR9, and WPH—shared their outlooks for the second half of 2026. The forum highlighted that Thai patient revenue at hospitals has recovered since May, supported by seasonal factors such as the rainy season, the reopening of schools, and a sustained recovery in outpatient visits.
Both BCH and BDMS noted improved patient volumes in May and June, and WPH anticipates further demand growth through the third quarter as the rainy season progresses. PR9 was an exception, reporting that patient revenue remained soft due to cautious consumer spending, though the trend is seen as stable by management. Despite a weak economic background in Thailand, KKPS believes that overall Thai patient revenue growth will gain momentum in the second half of the year.
On the international front, hospitals expect foreign patient revenue to recover in the second half of 2026. BCH reported continued growth from Middle Eastern patients in the second quarter and anticipates further acceleration in the third. PR9 expects sustained Middle Eastern demand during the seasonal peak and is expanding its services to Australia and Indonesia.
While BDMS continued to face pressure from weaker Middle Eastern revenue, the annual decline has moderated since April, and management expects normalization in the third quarter. WPH also reported resilient international demand at its Samui Hospital, supported by an uptick in hotel bookings, despite the ongoing conflict in the Middle East.
Additionally, the base comparison for Cambodian patient revenue is set to normalize from July onward, following a sharp decline after the border conflict between Thailand and Cambodia in July 2025.
Despite the healthcare sector underperforming the SET Index by 16% since the Middle East conflict began in late February, KKPS maintains an ‘Overweight’ view on the sector due to expectations of a second-half recovery and attractive valuations at 19x estimated 2026 P/E. PR9 is singled out as the top pick due to expectations of a strong rebound in Middle Eastern patient volumes, while BCH and CHG are also expected to benefit from a possible Social Security Office (SSO) rate increase.
