Rajthanee Hospital vs Ramkhamhaeng Hospital: why the prices moved differently

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

Rajthanee Hospital Public Company Limited (RJH.BK)

Q3 202620 Aug – 8 Oct 2026

▲4

RJH rides social security growth and fee hopes to strong Q3

Social security patient base beats target early RJH's insured patient count hit 261,000, ahead of its end-2026 goal, with more surgical cases. This boosts patient volume and revenue, supporting profit growth and a DBS buy call with an 18.60 baht target.
Shows a key demand driver that directly lifts RJH's revenue and earnings.
Q2 profit surge stands out in weak hospital sector RJH's Q2 net profit jumped about 80-89% to 113 million baht, far outpacing peers like BDMS and BH. This strong result shows company-specific strength and supports the stock's valuation.
Highlights RJH's exceptional earnings growth versus a sluggish sector, a clear positive for the stock.
Cabinet expands social security coverage, boosting demand The Cabinet approved adding 550,000 insured people in 2026, rising to 1.05 million by 2030. With 53% of RJH's revenue from social security, this expands its patient pool and long-term revenue potential.
A regulatory change that increases RJH's addressable patient base, directly supporting future revenue.
Brokers see SSO fee hike as major profit catalyst The Social Security Office is reviewing per-head payments, with a decision due by Oct 24. A 1% rise could lift RJH's profit by 3.1%, and a 5% rise by 15.3%. Kasikorn and Yuanta see upside, with Kasikorn raising its target to 17.70 baht.
A pending regulatory decision that could significantly boost RJH's profits and has driven recent analyst upgrades.

September 202620 Aug – 8 Oct 2026

▲4

RJH rides social security growth and fee hopes to strong Q3

Social security patient base beats target early RJH's insured patient count hit 261,000, ahead of its end-2026 goal, with more surgical cases. This boosts patient volume and revenue, supporting profit growth and a DBS buy call with an 18.60 baht target.
Shows a key demand driver that directly lifts RJH's revenue and earnings.
Q2 profit surge stands out in weak hospital sector RJH's Q2 net profit jumped about 80-89% to 113 million baht, far outpacing peers like BDMS and BH. This strong result shows company-specific strength and supports the stock's valuation.
Highlights RJH's exceptional earnings growth versus a sluggish sector, a clear positive for the stock.
Cabinet expands social security coverage, boosting demand The Cabinet approved adding 550,000 insured people in 2026, rising to 1.05 million by 2030. With 53% of RJH's revenue from social security, this expands its patient pool and long-term revenue potential.
A regulatory change that increases RJH's addressable patient base, directly supporting future revenue.
Brokers see SSO fee hike as major profit catalyst The Social Security Office is reviewing per-head payments, with a decision due by Oct 24. A 1% rise could lift RJH's profit by 3.1%, and a 5% rise by 15.3%. Kasikorn and Yuanta see upside, with Kasikorn raising its target to 17.70 baht.
A pending regulatory decision that could significantly boost RJH's profits and has driven recent analyst upgrades.

Latest20 Aug – 8 Oct 2026

▲4

RJH rides social security growth and fee hopes to strong Q3

Social security patient base beats target early RJH's insured patient count hit 261,000, ahead of its end-2026 goal, with more surgical cases. This boosts patient volume and revenue, supporting profit growth and a DBS buy call with an 18.60 baht target.
Shows a key demand driver that directly lifts RJH's revenue and earnings.
Q2 profit surge stands out in weak hospital sector RJH's Q2 net profit jumped about 80-89% to 113 million baht, far outpacing peers like BDMS and BH. This strong result shows company-specific strength and supports the stock's valuation.
Highlights RJH's exceptional earnings growth versus a sluggish sector, a clear positive for the stock.
Cabinet expands social security coverage, boosting demand The Cabinet approved adding 550,000 insured people in 2026, rising to 1.05 million by 2030. With 53% of RJH's revenue from social security, this expands its patient pool and long-term revenue potential.
A regulatory change that increases RJH's addressable patient base, directly supporting future revenue.
Brokers see SSO fee hike as major profit catalyst The Social Security Office is reviewing per-head payments, with a decision due by Oct 24. A 1% rise could lift RJH's profit by 3.1%, and a 5% rise by 15.3%. Kasikorn and Yuanta see upside, with Kasikorn raising its target to 17.70 baht.
A pending regulatory decision that could significantly boost RJH's profits and has driven recent analyst upgrades.

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.