Summary · why it matters
BCH reported second-quarter 2026 results with net profit of 343 million baht, down 11.6% from the same period a year earlier, on operating revenue of 3,000 million baht, down 1.3%. Of that, hospital business revenue came to 2,980 million baht, down 1.3%. Broken down by segment, outpatient or OPD revenue, which accounted for 34.6%, fell 6.4% across both Thai and foreign patients, while inpatient or IPD revenue, at 26.7%, fell 1.8%, declining among Thai patients though foreign patients still grew 4.0%. Social security or SC revenue, at 38.7%, rose 4.3%. Hospital business costs stood at 2,124 million baht, up 0.6%, putting the cost-to-revenue ratio at 70.8%, higher than 69.5% in the same period a year earlier, driven by drug and medical supply costs, physician and personnel fees, and depreciation from newly opened renovated space. For the third-quarter 2026 outlook, the company expects revenue to grow both quarter on quarter and year on year as it enters the high season, with Thai patient revenue likely to return to growth after the outbreaks of influenza, RSV and COVID, while foreign patients continue to grow strongly, especially from the Middle East, namely the UAE, Qatar and Saudi Arabia. The CLMV countries are expected to grow quarter on quarter but remain flat year on year. The company is maintaining its full-year operating revenue and net profit forecasts at 12,249 million baht, up 2.2%, and 1,280 million baht, down 2.8%, respectively. In the first half of 2026, revenue and net profit accounted for 48.4% and 47.7% of the full-year forecasts. As for Rajavej Ubon Ratchathani Hospital, in which the company invested by purchasing assets for no more than 490 million baht, it will begin recognising revenue from September onward and will be rebranded as Kasemrad International Hospital Ubon Ratchathani, with renovation and additional investment of no more than 100 million baht, from its previous revenue of about 180 million baht a year. The acquisition, which already has an established revenue base, is expected to keep the group's depreciation-to-total-revenue ratio at a normal level without significant impact. As for raising the medical service rates under social security, clarity is still awaited late in the year, when every item will be reviewed again, including the per-head capitation payment, the service fee for patients with complex conditions with an AdjRW of 2 or higher, and the risk-adjusted payment for 26 diseases. The previous increase in service rates by the Social Security Office took effect on 1 May 2023.
Bangkok Chain Hospital Public Company Limited