CGSI maintains Overweight on hospital sector, picks BH and PR9 as top stocks

โดย HoonSmart·THMM·Read original
Summary · why it matters

The research team at CGSI, or CGS International Securities (Thailand), expects hospital sector earnings to recover in the third quarter of 2026, forecasting that combined revenue for the six hospital operators under coverage will grow 11% year on year and 13% quarter on quarter. The year-on-year increase is largely driven by the merger between RAM and THG. Excluding THG's results from RAM's consolidated financial statements, combined revenue is expected to grow 8% year on year and 13% quarter on quarter. Most hospitals, with the exception of BDMS, should see revenue growth of about 5% year on year on the return of foreign patients, particularly from Myanmar and the Middle East. BDMS is expected to post the strongest revenue growth in the sector at 10% year on year, helped by a low base and the outbreaks of influenza and COVID-19. On net profit, CGSI expects the hospitals under coverage to post combined net profit growth of 11% year on year and 31% quarter on quarter. PR9 is forecast to see net profit rise 11% year on year and 35% quarter on quarter to 248 million baht, while BCH will benefit from a higher share of Middle Eastern patients seeking treatment for complex diseases, putting its net profit for the first nine months of 2026 at 71% of the research team's full-year 2026 profit forecast. CGSI believes the sector's overall net profit has already passed its trough, and therefore recommends maintaining an Overweight rating on the sector, selecting BH and PR9 as its top picks on their higher share of foreign patients than peers and greater flexibility in adjusting strategy.

Impact on assets 6

Health Care▲ · 4 stocks
Bumrungrad Hospital PCL
BH
▲ PositiveDemandrelevance

CGSI selects BH as a top pick on its higher share of foreign patients than peers and greater flexibility in adjusting strategy.

Aging Population▲ · 2 stocks
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