Chularat Hospital vs Ramkhamhaeng Hospital: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Chularat Hospital Public Company Limited (CHG.BK)

Q3 202620 Jul – 5 Oct 2026

▲2▼1

Hospital sector swings from sell to buy as SSO rate decision looms

Premium public-hospital clinics threaten mid-tier private hospitals CGSI downgraded CHG to sell, warning that 16 new premium clinics inside public hospitals will steal middle-income and foreign patients, sparking price wars, higher marketing costs, doctor poaching and tougher insurer bargaining. That squeezes CHG's revenue and margins, pushing the stock down.
This is the main negative force on CHG this period, directly cutting its earnings estimates and rating.
KKPS turns overweight on hospitals, buy CHG at 2 baht KKPS upgraded the hospital sector to overweight and rated CHG a buy with a 2 baht target. It argues government budget limits will push state health costs onto private hospitals, adding over 100 billion baht of potential revenue, while sector earnings have passed their trough and trade cheaply versus regional peers.
This is the strongest new positive catalyst, reversing the earlier sell call and giving a concrete upside target.
SSO service-rate decision pending; CHG rated hold Kasikorn Securities said a delay in electing the Social Security Office board won't stop a review of medical service rates, with a key meeting on October 5. It rates CHG a hold with a 1.69 baht target, noting that if SSO doesn't raise rates at all, CHG's value would fall about 4%.
This is the key regulatory swing factor for CHG's revenue, with a clear downside if the rate rise fails.
Maybank and Yuanta name CHG a top pick on stable revenue Maybank raised its 2026 SET target and named CHG a top hospital pick, citing stable revenue and specific supporting factors. Yuanta then flagged CHG among stocks with strong third-quarter profit momentum, helped by domestic and tourism recovery from a low 2025 base.
These broker endorsements add fresh demand-side support and reinforce the positive turn in sentiment.

August 202620 Jul – 5 Oct 2026

▲2▼1

Hospital sector swings from sell to buy as SSO rate decision looms

Premium public-hospital clinics threaten mid-tier private hospitals CGSI downgraded CHG to sell, warning that 16 new premium clinics inside public hospitals will steal middle-income and foreign patients, sparking price wars, higher marketing costs, doctor poaching and tougher insurer bargaining. That squeezes CHG's revenue and margins, pushing the stock down.
This is the main negative force on CHG this period, directly cutting its earnings estimates and rating.
KKPS turns overweight on hospitals, buy CHG at 2 baht KKPS upgraded the hospital sector to overweight and rated CHG a buy with a 2 baht target. It argues government budget limits will push state health costs onto private hospitals, adding over 100 billion baht of potential revenue, while sector earnings have passed their trough and trade cheaply versus regional peers.
This is the strongest new positive catalyst, reversing the earlier sell call and giving a concrete upside target.
SSO service-rate decision pending; CHG rated hold Kasikorn Securities said a delay in electing the Social Security Office board won't stop a review of medical service rates, with a key meeting on October 5. It rates CHG a hold with a 1.69 baht target, noting that if SSO doesn't raise rates at all, CHG's value would fall about 4%.
This is the key regulatory swing factor for CHG's revenue, with a clear downside if the rate rise fails.
Maybank and Yuanta name CHG a top pick on stable revenue Maybank raised its 2026 SET target and named CHG a top hospital pick, citing stable revenue and specific supporting factors. Yuanta then flagged CHG among stocks with strong third-quarter profit momentum, helped by domestic and tourism recovery from a low 2025 base.
These broker endorsements add fresh demand-side support and reinforce the positive turn in sentiment.

Latest20 Jul – 5 Oct 2026

▲2▼1

Hospital sector swings from sell to buy as SSO rate decision looms

Premium public-hospital clinics threaten mid-tier private hospitals CGSI downgraded CHG to sell, warning that 16 new premium clinics inside public hospitals will steal middle-income and foreign patients, sparking price wars, higher marketing costs, doctor poaching and tougher insurer bargaining. That squeezes CHG's revenue and margins, pushing the stock down.
This is the main negative force on CHG this period, directly cutting its earnings estimates and rating.
KKPS turns overweight on hospitals, buy CHG at 2 baht KKPS upgraded the hospital sector to overweight and rated CHG a buy with a 2 baht target. It argues government budget limits will push state health costs onto private hospitals, adding over 100 billion baht of potential revenue, while sector earnings have passed their trough and trade cheaply versus regional peers.
This is the strongest new positive catalyst, reversing the earlier sell call and giving a concrete upside target.
SSO service-rate decision pending; CHG rated hold Kasikorn Securities said a delay in electing the Social Security Office board won't stop a review of medical service rates, with a key meeting on October 5. It rates CHG a hold with a 1.69 baht target, noting that if SSO doesn't raise rates at all, CHG's value would fall about 4%.
This is the key regulatory swing factor for CHG's revenue, with a clear downside if the rate rise fails.
Maybank and Yuanta name CHG a top pick on stable revenue Maybank raised its 2026 SET target and named CHG a top hospital pick, citing stable revenue and specific supporting factors. Yuanta then flagged CHG among stocks with strong third-quarter profit momentum, helped by domestic and tourism recovery from a low 2025 base.
These broker endorsements add fresh demand-side support and reinforce the positive turn in sentiment.

Ramkhamhaeng Hospital Public Company Limited (RAM.BK)

Q3 202620 Jul – 23 Sep 2026

▲2▼1

RAM's profit jumps on hospital takeovers, but competition and weak demand weigh

RAM buys three hospitals, adds Khon Kaen Ram as subsidiary RAM spent 593 million baht to buy stakes in three hospitals, making Khon Kaen Ram a subsidiary. This means RAM can now include Khon Kaen Ram's revenue and profit in its own financial statements, boosting reported growth and expanding its hospital network.
This is a major acquisition that directly boosts RAM's financials and growth story.
RAM's Q2 profit rises 29% on consolidating THG and CMH RAM reported Q2 2026 net profit of 345 million baht, up 29% from a year earlier, because it now includes the results of Thonburi Healthcare Group (THG) and Chiang Mai Ram (CMH) in its own accounts. Revenue more than doubled, though costs rose faster, so profit margin slipped.
This is the actual earnings result that shows the impact of RAM's consolidation strategy.
Premium clinics in public hospitals intensify competition CGSI warns that new premium clinics in public hospitals are increasing competition for private hospitals like RAM, especially mid-tier ones. This could lead to price wars, higher marketing costs, and poaching of doctors. CGSI cut RAM's earnings estimates and target price but kept a hold rating.
This is a key competitive threat that pressures RAM's pricing and profitability.
Weak domestic demand and Middle East conflict hurt, but recovery expected Analysts say hospital profits bottomed in Q2 2026 due to weak domestic spending and the US-Iran conflict reducing international patients. RAM is expected to recover in H2, with Q3 net profit likely up year-on-year, helped by a low base and the THG merger. However, competition and economic slowdown remain risks.
This captures the overall sector trend and RAM's expected recovery, balancing negative and positive forces.

August 202620 Jul – 23 Sep 2026

▲2▼1

RAM's profit jumps on hospital takeovers, but competition and weak demand weigh

RAM buys three hospitals, adds Khon Kaen Ram as subsidiary RAM spent 593 million baht to buy stakes in three hospitals, making Khon Kaen Ram a subsidiary. This means RAM can now include Khon Kaen Ram's revenue and profit in its own financial statements, boosting reported growth and expanding its hospital network.
This is a major acquisition that directly boosts RAM's financials and growth story.
RAM's Q2 profit rises 29% on consolidating THG and CMH RAM reported Q2 2026 net profit of 345 million baht, up 29% from a year earlier, because it now includes the results of Thonburi Healthcare Group (THG) and Chiang Mai Ram (CMH) in its own accounts. Revenue more than doubled, though costs rose faster, so profit margin slipped.
This is the actual earnings result that shows the impact of RAM's consolidation strategy.
Premium clinics in public hospitals intensify competition CGSI warns that new premium clinics in public hospitals are increasing competition for private hospitals like RAM, especially mid-tier ones. This could lead to price wars, higher marketing costs, and poaching of doctors. CGSI cut RAM's earnings estimates and target price but kept a hold rating.
This is a key competitive threat that pressures RAM's pricing and profitability.
Weak domestic demand and Middle East conflict hurt, but recovery expected Analysts say hospital profits bottomed in Q2 2026 due to weak domestic spending and the US-Iran conflict reducing international patients. RAM is expected to recover in H2, with Q3 net profit likely up year-on-year, helped by a low base and the THG merger. However, competition and economic slowdown remain risks.
This captures the overall sector trend and RAM's expected recovery, balancing negative and positive forces.

Latest20 Jul – 23 Sep 2026

▲2▼1

RAM's profit jumps on hospital takeovers, but competition and weak demand weigh

RAM buys three hospitals, adds Khon Kaen Ram as subsidiary RAM spent 593 million baht to buy stakes in three hospitals, making Khon Kaen Ram a subsidiary. This means RAM can now include Khon Kaen Ram's revenue and profit in its own financial statements, boosting reported growth and expanding its hospital network.
This is a major acquisition that directly boosts RAM's financials and growth story.
RAM's Q2 profit rises 29% on consolidating THG and CMH RAM reported Q2 2026 net profit of 345 million baht, up 29% from a year earlier, because it now includes the results of Thonburi Healthcare Group (THG) and Chiang Mai Ram (CMH) in its own accounts. Revenue more than doubled, though costs rose faster, so profit margin slipped.
This is the actual earnings result that shows the impact of RAM's consolidation strategy.
Premium clinics in public hospitals intensify competition CGSI warns that new premium clinics in public hospitals are increasing competition for private hospitals like RAM, especially mid-tier ones. This could lead to price wars, higher marketing costs, and poaching of doctors. CGSI cut RAM's earnings estimates and target price but kept a hold rating.
This is a key competitive threat that pressures RAM's pricing and profitability.
Weak domestic demand and Middle East conflict hurt, but recovery expected Analysts say hospital profits bottomed in Q2 2026 due to weak domestic spending and the US-Iran conflict reducing international patients. RAM is expected to recover in H2, with Q3 net profit likely up year-on-year, helped by a low base and the THG merger. However, competition and economic slowdown remain risks.
This captures the overall sector trend and RAM's expected recovery, balancing negative and positive forces.