Company Coverage
Bangkok Chain Hospital (BCH TB): Earnings Expected To Remain Weak In 2Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Bt10.30
Bt14.00
+35.9%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- BCH is expected to report a weak net profit of Bt331m in 2Q26 (-14.7% yoy, +23.8% qoq).
- The key reasons for the earnings contraction are the weaker foreign revenue and lower extra revenue yoy from the annual review of 26 chronic diseases.
- We expect the outlook to improve in 3Q26 as the rainy season is starting to bring in more Thai patients. Maintain BUY with a target price of Bt14.00.
Analysis
- Expect a weakened net profit in 2Q26. Bangkok Chain Hospital (BCH) is expected to report a net profit of Bt331m in 2Q26 (-14.7% yoy, +23.8% qoq). The earnings contraction yoy is mainly due to the weaker foreign patient revenue and lower extra revenue yoy from the annual review of 26 chronic diseases. The top-line should be at Bt2.97b (-1.6% yoy, +2.3% qoq), with the slight decline being mainly due to a 1% drop in Thai patient revenue yoy and an 8% drop in international patient revenue. The growth in Middle East patient revenue is expected to be strong at +40% yoy, but it is being offset by the drop in Cambodian patient revenue by 70-80% yoy. Myanmar patient revenue should drop 9% yoy due to a renovation at Kasemrad Hospital Maesai, which will be completed in Aug 26. As a result, we expect the margins for BCH to fall yoy.
Highlights
- BCH is expected to report a weak net profit of Bt331m in 2Q26 (-14.7% yoy, +23.8% qoq).
- The key reasons for the earnings contraction are the weaker foreign revenue and lower extra revenue yoy from the annual review of 26 chronic diseases.
- We expect the outlook to improve in 3Q26 as the rainy season is starting to bring in more Thai patients. Maintain BUY with a target price of Bt14.00.
Analysis
- Expect a weakened net profit in 2Q26. Bangkok Chain Hospital (BCH) is expected to report a net profit of Bt331m in 2Q26 (-14.7% yoy, +23.8% qoq). The earnings contraction yoy is mainly due to the weaker foreign patient revenue and lower extra revenue yoy from the annual review of 26 chronic diseases. The top-line should be at Bt2.97b (-1.6% yoy, +2.3% qoq), with the slight decline being mainly due to a 1% drop in Thai patient revenue yoy and an 8% drop in international patient revenue. The growth in Middle East patient revenue is expected to be strong at +40% yoy, but it is being offset by the drop in Cambodian patient revenue by 70-80% yoy. Myanmar patient revenue should drop 9% yoy due to a renovation at Kasemrad Hospital Maesai, which will be completed in Aug 26. As a result, we expect the margins for BCH to fall yoy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt10.30
Bt14.00
+35.9%
Analyst
Analyst
Nonpawit Vathanadachakul
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