Leading securities firms continue to reiterate “Buy” calls and highlight positive prospects for Thailand’s top hospital operators, including Bumrungrad Hospital Public Company Limited (SET: BH) and Bangkok Dusit Medical Services Public Company Limited (SET: BDMS).
Krungsri Securities (KSS) has reiterated a “Buy” rating for BH, setting a target price at THB 225. The stock is favored for its anticipated gains from a Middle East patient recovery as travel restrictions ease, ongoing profit strength in the second half of 2026, and its strong pricing ability, which supports industry-leading EBITDA margins. However, BH remains sensitive to global travel trends due to its high proportion of international patients.
KSS maintains a neutral outlook on BH’s latest analyst meeting, citing management’s cautious projection for third-quarter 2026 revenue growth of 3% year-on-year, with uncertainty remaining for revenue intensity in the second half of the year. Thai patient revenues and overall patient volumes continue to lag, though referrals of international GOP patients, notably from the Middle East through an MOU with the Iraqi government, could provide future upside, pending a clearer timeline.
Recovery in Bangladesh markets is underway as visa challenges subside, while the new Phuket hospital and Soi 1 expansion are progressing as planned, targeting a third-quarter 2027 opening. Management expects effective cost controls to mitigate the financial impact of these upcoming facilities.
KGI Securities (Thailand) has also reaffirmed its “Buy” call for BH, increasing the 2027 target price to THB 228 per share. KGI forecasts improving profits for both the third and fourth quarters of 2026, prompting a 6.6% upgrade in the 2026 net profit estimate to THB 7.87 billion (up 4.9% YoY).
The 2027 profit forecast is raised to THB 8.15 billion (up 3.5% YoY), reflecting strong sales and a robust gross margin. The firm expects renewed momentum for BH in the second half of 2026 due to recovering demand from overseas patients and higher-value medical cases, following a reduction in external geopolitical risks.
For BDMS, KSS also recommends a “Buy” with a THB 25 per share price target, citing a pickup in both domestic and international patient numbers and improving revenue trends in July 2026. The outlook for revenue and margins is positive for the latter half of the year, driven by a rebound in international patients (excluding Cambodia and the Middle East) and enhanced operational efficiency.
KGI shares a similar view, maintaining a “Buy” rating on BDMS with a THB 23.5 price target, based on the group’s extensive network. Quarter two of 2026 is seen as the likely earnings low, with profits expected to strengthen in subsequent periods. The analyst firm forecasts BDMS’ 2026 profit at THB 16.1 billion (up 1.7% YoY) and 2027 at THB 17.7 billion (up 9.8% YoY).
Strong growth in July 2026, with an 8% YoY increase in revenue, is credited to gains across Bangkok and provincial hospitals, rising occupancy, and steady improvements in both domestic and international patient revenues.
Additionally, JPMorgan’s updated coverage retains a selective optimistic stance for both BH and BDMS. For BDMS, the price target is unchanged at THB 24 despite a minor downward adjustment to FY26/27 EPS forecasts following a second-quarter earnings miss. The “Overweight” rating remains in place.
For BH, EPS estimates were trimmed by 1-2% for FY26/27, as a projected dividend payout ratio increases from 70% to 90%, boosting the expected dividend yield to about 5%. The price target stands at THB 240, with an “Overweight” recommendation.
