RJH eyes strong Q3 2026, Nong Khaek losses narrowing three months early

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Summary · why it matters

Dr. Surin Prasitthihiran, Managing Director of Ratchathani Hospital Public Company Limited, or RJH, disclosed that second-half operating results are expected to grow better than target, particularly in the third quarter of 2026, supported by a recovery in the gastric surgery patient group, the high season for the hospital business, and more efficient cost management. Revenue from health check-ups at the group's three hospitals rose compared with the same period last year. In the fourth quarter of 2026, revenue may slow seasonally, but the company is still maintaining good expense control efficiency. The highlight is Ratchathani Hospital Nong Khaek, a new hospital in the group, which has shown significant improvement. It had been expected to return to profit around the end of this year, but based on a preliminary assessment in September, it is now expected to turn profitable as early as the third quarter of 2026, about three months ahead of the original estimate. It currently operates one ward with 31 beds and has an average occupancy of about 20 beds. Meanwhile, Ratchathani Hospital Rojana, registered for 100 beds, actually operates 31 beds with an occupancy rate of about 70%. On social security, the medical service fees paid to contracted hospitals are under review, covering the per-head capitation payment, treatment of chronic diseases, and complex diseases with RW greater than 2. The review is expected to be completed by October 24, 2026. The current capitation rate stands at 1,808 baht per person per year. The three hospitals currently have a combined base of about 270,000 insured persons, and this is expected to rise to 280,000 by the end of this year. If the process proceeds within the expected framework, the increase in the social security capitation rate may be announced and take effect from January 1, 2027. The company targets revenue growth of no less than 10% this year.

Impact on assets 1

Health Care▲
Rajthanee Hospital Public Company Limited
RJH
▲ PositiveDemandCapitalrelevance

RJH expects better-than-target H2 results on recovery in gastric surgery patients, high season, and rising health-check revenue across its three hospitals.

Off-coverage companies 1

Rajthanee Hospital Rojanai
Private▲ PositiveDemandrelevance

Rojana hospital operates 31 beds at about 70% occupancy, contributing to the group's improved operating results.