Company Coverage
Bumrungrad Hospital (BH TB): Strong Growth Outlook In 3Q26 With New Market Opportunity
BUY (Maintained)
Current price:
Target price:
Upside:
Bt198.00
Bt236.00
+19.2%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- The tone of the analyst meeting was positive, as management stated that it is seeing continuous Middle East patient arrivals to BH in Jul-Aug 26.
- BH sees new market opportunity in Iraq, having its GOP agreement signed by the Iraqi government and ready to penetrate the market once the embassies are reestablished.
- We are optimistic about BH and it remains one of our top picks as its outlook for 3Q26 remains robust. Maintain BUY with a target price of Bt236.00.
Analysis
- Strong positive tone from the analyst meeting. We attended Bumrungrad Hospital’s (BH) analyst meeting to review its 2Q26 results and
the tone was positive.
- Robust earnings outlook in 3Q26. Management guided for around 3% yoy growth in 3Q26 top-line, as it is seeing a positive momentum in the
return of Middle Eastern patients. However, we consider this conservative given that 2Q26 has already shown 4% yoy top-line growth despite the pressure from the Middle East war. We expect this guideline to be made based on a potential reignition of conflict in the Middle East. If there is no further escalation in the Middle East, we expect the growth of revenue to be stronger than guided. Management stated that it sees the strong
momentum from Middle East patient arrivals continuing into Jul-Aug 26 which is a very promising sign for a robust 3Q26 earnings. Hence, we remain optimistic about BH’s outlook going forward.
- New market opportunity from Iraq. Management stated that BH now sees a new opportunity from the Iraq market and are currently waiting for
the embassies to reestablish their connection for the first time in 20 years. In late-Jun 26, Iraq received approval to construct its embassy in Thailand once again. Depending on how fast the relationship is reestablished, BH can penetrate the Iraq market right away as it has already signed the guarantee of payment (GOP) agreement with the Iraqi government. The most sought-after treatments among the Iraqi are expected to be similar to other Middle Eastern countries, which have high demand for spine and orthopaedic surgeries, cardiovascular surgeries, oncologic treatments, and other neuroscience treatments.
Highlights
- The tone of the analyst meeting was positive, as management stated that it is seeing continuous Middle East patient arrivals to BH in Jul-Aug 26.
- BH sees new market opportunity in Iraq, having its GOP agreement signed by the Iraqi government and ready to penetrate the market once the embassies are reestablished.
- We are optimistic about BH and it remains one of our top picks as its outlook for 3Q26 remains robust. Maintain BUY with a target price of Bt236.00.
Analysis
- Strong positive tone from the analyst meeting. We attended Bumrungrad Hospital’s (BH) analyst meeting to review its 2Q26 results and
the tone was positive.
- Robust earnings outlook in 3Q26. Management guided for around 3% yoy growth in 3Q26 top-line, as it is seeing a positive momentum in the
return of Middle Eastern patients. However, we consider this conservative given that 2Q26 has already shown 4% yoy top-line growth despite the pressure from the Middle East war. We expect this guideline to be made based on a potential reignition of conflict in the Middle East. If there is no further escalation in the Middle East, we expect the growth of revenue to be stronger than guided. Management stated that it sees the strong
momentum from Middle East patient arrivals continuing into Jul-Aug 26 which is a very promising sign for a robust 3Q26 earnings. Hence, we remain optimistic about BH’s outlook going forward.
- New market opportunity from Iraq. Management stated that BH now sees a new opportunity from the Iraq market and are currently waiting for
the embassies to reestablish their connection for the first time in 20 years. In late-Jun 26, Iraq received approval to construct its embassy in Thailand once again. Depending on how fast the relationship is reestablished, BH can penetrate the Iraq market right away as it has already signed the guarantee of payment (GOP) agreement with the Iraqi government. The most sought-after treatments among the Iraqi are expected to be similar to other Middle Eastern countries, which have high demand for spine and orthopaedic surgeries, cardiovascular surgeries, oncologic treatments, and other neuroscience treatments.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt198.00
Bt236.00
+19.2%
Analyst
Analyst
Nonpawit Vathanadachakul
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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