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.

A full service Thai brokerage

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

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