Company Coverage
Bangkok Chain Hospital (BCH TB): 2Q26: Reported Weak Net Profit In Line
BUY (Maintained)
Current price:
Target price:
Upside:
Bt11.20
Bt14.00
+25.0%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- BCH reported a weak net profit of Bt343m in 2Q26 (-11.6% yoy, +28.2% qoq), which is in line with our forecast and the consensus.
- The main upside to BCH’s earnings will be from the potential SSO treatment price increase, which will be decided during the SSO meeting on 20 Aug 26.
- The 3Q26 outlook should be decent for BCH, mainly driven by Thai patients, whose traffic will be boosted by the epidemic while a late pick-up in Middle East patients remains possible. Maintain BUY with a target price of Bt14.00.
Analysis
- Reported weakened net profit in 2Q26 as expected. Bangkok Chain Hospital (BCH) reported a weak net profit of Bt343m in 2Q26 (-11.6% yoy,
+28.2% qoq), which is in line with our and consensus forecasts. The yoy earnings contraction is mainly due to weaker foreign patient revenue and lower extra revenue yoy from the annual review of 26 chronic diseases. Thai patient revenue dropped by 1% yoy and international patient revenue dropped by 8% yoy. The growth in Middle East patient revenue was strongat +40% yoy but was offset by the drop in Cambodian patient revenue by 70- 80% yoy. Myanmar patient revenue also dropped by 9% yoy due to a renovation at Kasemrad Hospital Maesai, which should be completed in Aug 26. As a result, the EBITDA margins of BCH fell by 1ppt yoy.
Highlights
- BCH reported a weak net profit of Bt343m in 2Q26 (-11.6% yoy, +28.2% qoq), which is in line with our forecast and the consensus.
- The main upside to BCH’s earnings will be from the potential SSO treatment price increase, which will be decided during the SSO meeting on 20 Aug 26.
- The 3Q26 outlook should be decent for BCH, mainly driven by Thai patients, whose traffic will be boosted by the epidemic while a late pick-up in Middle East patients remains possible. Maintain BUY with a target price of Bt14.00.
Analysis
- Reported weakened net profit in 2Q26 as expected. Bangkok Chain Hospital (BCH) reported a weak net profit of Bt343m in 2Q26 (-11.6% yoy,
+28.2% qoq), which is in line with our and consensus forecasts. The yoy earnings contraction is mainly due to weaker foreign patient revenue and lower extra revenue yoy from the annual review of 26 chronic diseases. Thai patient revenue dropped by 1% yoy and international patient revenue dropped by 8% yoy. The growth in Middle East patient revenue was strongat +40% yoy but was offset by the drop in Cambodian patient revenue by 70- 80% yoy. Myanmar patient revenue also dropped by 9% yoy due to a renovation at Kasemrad Hospital Maesai, which should be completed in Aug 26. As a result, the EBITDA margins of BCH fell by 1ppt yoy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt11.20
Bt14.00
+25.0%
Analyst
Analyst
Nonpawit Vathanadachakul
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