Thailand hospitals’ Q3 net profit seen up 11% to $243.9m

Competition limits pricing power as hospital utilisation improves.

Thailand’s six hospitals are expected to post an 11% year on year (YoY) increase in aggregate net profit to $243.9m (THB8.16b) in the third quarter (Q3), according to CGS International.

CGS International attributed the growth to the recovery of foreign patient traffic and rising demand during influenza and COVID-19 outbreaks.

The brokerage expects aggregate profit to rise 31% from the previous quarter, with revenue increasing 11% YoY and 13% quarter on quarter (QoQ) to $1.46b (THB48.88b).

Excluding Ramkhamhaeng Hospital’s consolidation of Thonburi Healthcare Group, revenue growth would be 8% YoY.

“Earnings have troughed and should gradually recover in 2H26F,” CGS International said, citing stronger foreign patient demand and cost control as catalysts for the sector.

Most hospitals covered by the brokerage, apart from Bangkok Dusit Medical Services, are expected to record mid-single-digit revenue growth from a recovery in foreign patient arrivals, with Myanmar and Middle Eastern patients supporting demand.

For Bangkok Dusit Medical Services, revenue is forecast to rise 10% YoY to $899.6m (THB30.09b), supported by stronger Thai and international patient traffic and demand linked to influenza and COVID-19.

Its net profit is forecast at $141.1m (THB4.72b), up 9% YoY and 45% QoQ.

Bumrungrad Hospital’s revenue is expected to increase 4% YoY, with international patient revenue rising 7%, whilst Thai patient revenue falls 1%. Net profit is forecast at $62.2m (THB2.08b), up 2%.

Praram 9 Hospital is expected to post 6% revenue growth, with international patient revenue rising 15% against 2% growth in Thai patient revenue.

International patients are forecast to account for 30% of revenue, up from 28% in Q3 2025.

CGS International expects gross margins at most hospitals to decline YoY as competition intensifies and pricing power remains limited. Margins should improve from the second quarter as hospital utilisation increases.

Ramkhamhaeng Hospital is expected to report the largest profit increase following its consolidation of Thonburi Healthcare Group.

Its reported net profit is forecast at $13.2m (THB443m), up 63% YoY, whilst core profit is expected to rise 195% after excluding a $5.68m (THB190m) remeasurement gain recorded in Q3 2025.

CGS International retained its Overweight call on the sector, with Bumrungrad Hospital and Praram 9 Hospital as its top sector picks.

(US$1 = THB33.45)