KGI Securities (Thailand) expects BCH to report third-quarter net profit of 376 million baht, up 8.2% year on year and 9.5% quarter on quarter, with no extraordinary items. The main driver is higher Thai and foreign patient volumes during the high season for the hospital business. Revenue is expected to grow 8% year on year and 9.9% quarter on quarter after monthly revenue continued to recover, with July up 7% and August up 9%, while the number of Middle Eastern patients requiring complex treatment increased. The gross margin is expected at 28.8%, up from 27.6% a year earlier. The research team maintains its 2026 profit forecast at 1.33 billion baht, up 1.3%, and its 2027 forecast at 1.41 billion baht, up 6%. It sees upside for BCH if the Social Security Office raises the per-head capitation rate, with a 10% increase potentially adding another 10.2% to 2027 profit. It rates the stock a buy with a target price of 12.50 baht, noting BCH remains a top pick in the hospital sector on the recovery in foreign patients and the opportunity to benefit from an SSO rate adjustment.
Bangkok Chain Hospital Public Company LimitedKGI expects BCH Q3 net profit of 376M baht, up 8.2% YoY, and rates the stock a buy with a 12.50 baht target.
