Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

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.

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

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Dec 19th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangchak, Ngern Tid Lor, CP Foods, Gulf Energy Development, Gulf Energy Development, Cp Foods, Bangchak.


Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB)</a> reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).</li>
<li>Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.</li>
<li>Maintaining stable margins with cost control would be key for the company amid revenue softness.</li>
</ul>



Bumrungrad Hospital Pub Co (BH TB) reported lower hospital revenue, down by 4% YoY to THB 6,104M in 2Q25 (down 5% in 1H25 to THB 12,125M).
Revenue contribution from international patients stayed at 64% with price competition impacting negatively amid volumes growth from markets like Middle east.
Maintaining stable margins with cost control would be key for the company amid revenue softness.


Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

<ul><li>2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.</li><li>A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.</li><li>We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.</li></ul>

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.A recovery is expected in 2026E from a low base; however, with new hospital cost recognition beginning in 2027E, long-term growth is projected to just a +3% CAGR, weaker than the sector.We downgrade our rating to Underperform (from Neutral) while maintaining the fair value at Bt150.00, based on a required return of 6.0%.

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

<ul><li>We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.</li><li>This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).</li><li>The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. </li></ul>

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%.This adjustment reflects a downward revision in core profit due to weak international patient revenue and updated macroeconomic assumptions, with Rf = 1.48% and MRP = 6.83% (previously Bt175.00, 5.6%, Rf = 2.07%, and MRP = 5.58%).The valuation metrics reflect a negative view, given the weaker long-term growth outlook of a 3% CAGR — below the industry average. 

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

Thailand

Bumrungrad Hospital Public Company Limited, through its subsidiaries,  owns and operates the Bumrungrad Hospital. Located in Bangkok, the Hospital has capacity of international standard medical care with 554 beds for inpatients and approximately 125 clinic examination suites that can serve up to 3,000 outpatients daily.

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Bumrungrad Hospital Pub Co (BH TB)

BUMRUNGRAD HOSPITAL Plc. (BH): International Patient Trend Showing Signs Of Improvement

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...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangchak (BCP TB), Ngern Tid...

Ke Yan, CFA, FRM

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.

Krungthai XSpring

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%. This adjustment reflects a downward...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BUMRUNGRAD HOSPITAL Plc. (BH): International Patient Trend Showing Signs Of Improvement

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...

Krungthai XSpring

Thailand Short Interest Weekly (Dec 19th): Intouch, Bangchak, Ngern Tid Lor, CP Foods

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangchak (BCP TB), Ngern Tid...

Ke Yan, CFA, FRM

Bumrungrad Hospital (BH TB): International Sale Still Not Out of Woods, Margin Improve Sequentially

​Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...

Tina Banerjee

Bumrungrad Hospital - Weak 2Q25 Earnings as Expected

2Q25 core profit declined YoY as expected and is likely to remain weak YoY into 3Q25E due to more Middle Eastern patients seeking treatment elsewhere.

Krungthai XSpring

Bumrungrad Hospital - Revised Down Core Profit to Reflect Weaker-Than- Expected Revenue Growth

We maintain our Neutral rating but revise down the fair value to Bt150.00, based on a required return of 6.0%. This adjustment reflects a downward...

Krungthai XSpring

Bumrungrad Hospital reported lower hospital revenue and significant margin expansion in 2Q25. Maintaining stable margins with cost control would...