Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul>
<li>Although 2Q26 net profit increased both YoY and QoQ, supported by growth in international patient revenue that offset weakness in Thai patient revenue, rising trade receivables have renewed our concerns.</li>
<li>Receivables could increase further in 3Q26E as Middle Eastern patient volumes typically rise seasonally.</li>
<li>We maintain our Underperform rating and 12-month FV of Bt189.00, based on a 5.0% required return.</li>
</ul>


Although 2Q26 net profit increased both YoY and QoQ, supported by growth in international patient revenue that offset weakness in Thai patient revenue, rising trade receivables have renewed our concerns.
Receivables could increase further in 3Q26E as Middle Eastern patient volumes typically rise seasonally.
We maintain our Underperform rating and 12-month FV of Bt189.00, based on a 5.0% required return.


BUMRUNGRAD HOSPITAL Plc. (BH): 2Q26 Profit in Line; Concerns Rise Over Longer Collection Period

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-public-co-ltd" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital (BH TB)</a> shares advanced 27% over the last one year, while its larger peer <a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-public-co-ltd" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> shares fell 8% over the same period.</li>
<li>Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.</li>
<li>Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.</li>
</ul>



Bumrungrad Hospital (BH TB) shares advanced 27% over the last one year, while its larger peer Bangkok Dusit Medical Services (BDMS TB) shares fell 8% over the same period.
Financial performance of these two companies justifies their respective share price movements. BH maintained its financial performance superiority to BDMS in recent times.
Share price movement is not expected to change direction soon. BH shares are trading at EV/EBITDA of 12.6x, higher than BDMS (11.4x). Higher growth and superior profitability justify premium valuation.


Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

<ul><li>We maintain a Neutral rating with a fair value of Bt177.50, based on a required return of 4.9%.</li><li>We hold a neutral view on fundamentals, with only 5% upside and a weak tactical outlook, alongside a 2-year core EPS CAGR of just 2%, below peers.</li><li>1Q26 core operations were in line with expectations. We continue to monitor the Middle East situation closely, as patients from this region account for over 24% of total revenue, while Thai patients are likely to be more cautious on healthcare spending amid a weak economic environment.</li></ul>

We maintain a Neutral rating with a fair value of Bt177.50, based on a required return of 4.9%.We hold a neutral view on fundamentals, with only 5% upside and a weak tactical outlook, alongside a 2-year core EPS CAGR of just 2%, below peers.1Q26 core operations were in line with expectations. We continue to monitor the Middle East situation closely, as patients from this region account for over 24% of total revenue, while Thai patients are likely to be more cautious on healthcare spending amid a weak economic environment.

BUMRUNGRAD HOSPITAL Plc. (BH): 1Q26 Profit In Line; Referrals To Stay Weak in 2Q26E

<ul><li>We maintain a Neutral rating, but lower our 12M FV to Bt177.50, based on a required return of 4.9%, reflecting earnings downgrades and updated macro assumptions under our house view—i.e., an Rf of 1.83% and an MRP of 4.67% (previously Bt194.00 / 4.7% / 1.23% and 5.61%).</li><li>KTX valuation metrics indicate both a neutral fundamental view (8% upside) and a neutral tactical view, while long-term earnings remain weak (2Y core EPS CAGR of 2%, below the sector average).</li><li>Near-term outlook remains unattractive, as Middle East tensions may reduce Qatari patient revenue from a high base and limit inflows from Kuwait and Saudi Arabia.</li></ul>

We maintain a Neutral rating, but lower our 12M FV to Bt177.50, based on a required return of 4.9%, reflecting earnings downgrades and updated macro assumptions under our house view—i.e., an Rf of 1.83% and an MRP of 4.67% (previously Bt194.00 / 4.7% / 1.23% and 5.61%).KTX valuation metrics indicate both a neutral fundamental view (8% upside) and a neutral tactical view, while long-term earnings remain weak (2Y core EPS CAGR of 2%, below the sector average).Near-term outlook remains unattractive, as Middle East tensions may reduce Qatari patient revenue from a high base and limit inflows from Kuwait and Saudi Arabia.

Bumrungrad Hospital Plc. (BH): Limited Middle East Impact In 1Q26E...

Thailand

Bumrungrad Hospital Public Co., Ltd. operates and manages hospitals and health care centers, providing comprehensive medical services for both outpatients and inpatients. It offers a wide range of specialty centers and clinics, including clinical research and property rental services. The company is headquartered in Bangkok, Thailand, and was founded in 1980.

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Bumrungrad Hospital (BH TB)

BUMRUNGRAD HOSPITAL Plc. (BH): 2Q26 Profit in Line; Concerns Rise Over Longer Collection Period

Although 2Q26 net profit increased both YoY and QoQ, supported by growth in international patient revenue that offset weakness in Thai patient...

Krungthai XSpring

Bumrungrad Versus Bangkok Dusit Medical: Will the Divergent Trend Continue?

Bumrungrad Hospital shares advanced 27%, while its larger peer Bangkok Dusit Medical Services shares fell 8% over the last one year. Financial...

Tina Banerjee

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

BUMRUNGRAD HOSPITAL Plc. (BH): 1Q26 Profit In Line; Referrals To Stay Weak in 2Q26E

We hold a neutral view on fundamentals, with only 5% upside and a weak tactical outlook, alongside a 2-year core EPS CAGR of just 2%, below peers.

Krungthai XSpring

Bumrungrad Hospital Plc. (BH): Limited Middle East Impact In 1Q26E...

Near-term outlook remains unattractive, as Middle East tensions may reduce Qatari patient revenue from a high base and limit inflows from Kuwait...

Krungthai XSpring

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