Chularat Hospital Group: Strong international patient growth offsets soft domestic demand

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Chularat Hospital Group: Strong international patient growth offsets soft domestic demand

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Chularat Hospital Group

Strong international patient growth

offsets soft domestic demand

Maintain Rating: BUY | PO: 2.00 THB | Price: 1.36 THB

1Q26 profit grew 10% YoY, beating our estimate 22 May 2026

CHG reported 1Q26 profit of Bt248mn (+10% YoY, 10% QoQ), beating our and Equity

consensus estimates by 10% and 14%, respectively, mainly due to slightly higher-than-

expected SSO and NHSO revenue leading to higher EBITDA margin. Revenue grew by Teerapol Udomvej, CFA ^^^ Research Analyst

4% YoY. General patient revenue grew 2% YoY led by OPD revenue. SSO revenue also Kiatnakin Phatra Securities

grew by 4% due to higher insured persons and higher high-cost care patients. +66teerapol.udom@kkpfg.com2 305-9216

Meanwhile, NHSO revenue jumped 35% YoY driven by higher revenue from the Heart

Center and Cancer Center. EBITDA margin improved to 21.5% (+0.4 ppt YoY). 1Q26 core

profit accounted for 27% of our 2026E forecast of Bt984mn (vs 24% in 1Q25 relative to

Stock Datafull-year 2025 profit).

Price 1.36 THB

International patient revenue remains solid in 2Q26 Price Objective 2.00 THB

At the analyst meeting, management updated that international patient revenue jumped Date Established 11-Mar-2026

by 50% YoY in 1Q26, led by strong growth from ME and Myanmar patients off a low Investment Opinion B-1-8

base in 1Q25. Growth momentum should continue in 2Q26, although it should normalize 52-Week Range 1.33 THB-1.87 THB

to around 10-20% YoY. ME patient volume has not yet fully recovered to normal levels, Mrkt Val / Shares Out (mn) 459 USD / 11,000.0

but revenue intensity has increased. However, Thai patient revenue remained relatively Market Value (mn) 14,960 THB