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

Bumrungrad Hospital Pub Co / Equity Bottom-Up

<ul><li>International patient revenue is expected to have improved, with clearer progress in Kuwait and continued cost control.</li><li>We upgrade our rating to Neutral (from Underperform) and roll forward our target price to 2026E at Bt166.00, based on a required return of 5.6% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%).</li><li>International patient revenue (64% of total revenue) is expected to have improved since 2H25E, particularly from the Middle East (23% of total revenue), with OPD and IPD admission volumes in 2Q25 rising 2% and 9% YoY, respectively.</li></ul>

International patient revenue is expected to have improved, with clearer progress in Kuwait and continued cost control.We upgrade our rating to Neutral (from Underperform) and roll forward our target price to 2026E at Bt166.00, based on a required return of 5.6% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%).International patient revenue (64% of total revenue) is expected to have improved since 2H25E, particularly from the Middle East (23% of total revenue), with OPD and IPD admission volumes in 2Q25 rising 2% and 9% YoY, respectively.

BUMRUNGRAD HOSPITAL Plc. (BH): International Patient Trend Showing Signs Of Improvement

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).</li>
<li>Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.</li>
<li>Maintaining stable margins with cost control would be key for the company amid revenue softness.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
Maintaining stable margins with cost control would be key for the company amid revenue softness.


Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

<ul><li>2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.</li><li>A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.</li><li>We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.</li></ul>

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

<ul><li>We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.</li><li>This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).</li><li>The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. </li></ul>

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. 

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.</li>
<li>In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.</li>
<li>Competition from peers like BDMS and the new co-payment rules remain near term hiccups.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported 6% decline in hospital revenue to THB 6,120M in 1Q25 as revenue from international patients decreased 12% YoY.
In 1Q25, EBITDA decreased 13% YoY to THB 2,338M, with EBITDA margin contracting 300bps YoY to 37.7% as SG&amp;A expenses rose 6% to THB 1,084M.
Competition from peers like BDMS and the new co-payment rules remain near term hiccups.


Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

Thailand

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

BUMRUNGRAD HOSPITAL Plc. (BH): International Patient Trend Showing Signs Of Improvement

We upgrade our rating to Neutral (from Underperform) and roll forward our target price to 2026E at Bt166.00, based on a required return of 5.6% and...

Krungthai XSpring

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.

Krungthai XSpring

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%. This adjustment reflects a downward...

Krungthai XSpring

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

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BUMRUNGRAD HOSPITAL Plc. (BH): International Patient Trend Showing Signs Of Improvement

We upgrade our rating to Neutral (from Underperform) and roll forward our target price to 2026E at Bt166.00, based on a required return of 5.6% and...

Krungthai XSpring

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

​Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.

Krungthai XSpring

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%. This adjustment reflects a downward...

Krungthai XSpring

Bumrungrad Hospital (BH TB): Q1 Revenue and Margins Suffer On Lower International Patient Volume

​Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...

Tina Banerjee

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Bumrungrad Hospital reported a 6% decline in hospital revenue in 1Q25 due to decreased revenue from international patients. EBITDA margin also...