บทวิเคราะห์ (Research)

We expect most hospitals to show softer earnings QoQ in 4Q24F after passing the strongest quarter in 3Q24. After a year of without Kuwaiti patients for Bumrungrad Hospital (BH.BK/BH TB)* and Bangkok Chain Hospital (BCH.BK/BCH TB)*, the return of this segment remains uncertain. The implementation of co-payment insurance is expected to have a limited impact on sector revenues and net profits (less than 3%). However, SSO has guaranteed payment of Bt12,000/RW for high-cost medical treatments (RW2) from January 2025. This will be positive for BCH and Chularat Hospital (CHG.BK/CHG TB)* in securing future revenues from RWWe maintain a rating Overweight for the sector. Bangkok Dusit Medical Services (BDMS.BK/BDMS TB)* and BCH are our top picks and we rate the counters Outperform with 2025 DCF-based target prices of Bt39.00 and Bt21.70, respectively