Asia Plus Securities sees hospital group profit recovering in Q3 2026

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Summary · why it matters

Asia Plus Securities expects hospital group profit to recover in the third quarter of 2026, growing both quarter-on-quarter and year-on-year, after second-quarter revenue fell 2.9% from the previous quarter but still rose 1.0% from a year earlier, supported by Middle Eastern patients returning after Ramadan and the easing of the Iran situation. Meanwhile, the group's normalized profit fell 5.0% from a year earlier and 12.0% from the previous quarter, led by Bangkok Dusit Medical Services falling 9% and Bangkok Chain Hospital falling 6%, while Bumrungrad Hospital and Praram 9 Hospital posted profit growth of 1.7% and 1.3% respectively. The research team maintained a market-weight rating on the hospital group, selected Bumrungrad Hospital and Praram 9 Hospital as top picks, with fair values of 220.00 baht and 22.00 baht respectively, while Bangkok Dusit Medical Services is a tactical top pick with a maintained buy recommendation and a fair value of 23.00 baht.

Impact on assets 4

Health Care± Mixed
Aging Population▼