Hospitals - Thailand: 2H26 recovery underway

Research evidence excerpt

Hospitals - Thailand: 2H26 recovery underway

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Hospitals - Thailand

2H26 recovery underway

Industry Overview

Healthcare companies attended our Hospitality forum 14 July 2026

We hosted a Hospitality forum featuring 11 listed companies across hospitals, hotel Equity

operators and airlines for several investors. We invited four listed healthcare companies ASEAN | Thailand

including BCH, BDMS, PR9 and WPH to share their outlook for 2H26. See Exhibit 2 for Hospital Management

the full list of participating companies and speakers. Teerapol Udomvej, CFA ^^^

Research Analyst

Thai patient revenue has rebounded from May onwards Kiatnakin+66 2 305-9216Phatra Securities

Thai hospitals delivered a broadly consistent message that Thai patient demand teerapol.udom@kkpfg.com

improved from May onwards, supported by the rainy season, school reopening and a

gradual recovery in outpatient visits. BCH and BDMS both reported stronger Thai patient

volume in May and June, while WPH expects demand to improve further in 3Q26 as the Exhibit 1: Recommendation highlights

rainy season progresses. PR9 was the only exception, with Thai patient revenue Ratings and Price Objective of stocks

remaining relatively soft due to cautious consumer spending, although management Stock BofA Ticker Rating PO (Bt)

described the trend as stable. Overall, we believe Thai patient revenue growth should BCH BKKFF Buy 13.00

improve in 2H26, supported by seasonal factors despite Thailand's still-weak economic BDMS BDMSF Buy 23.50

backdrop. PR9 XPNHF Buy 24.50

BH BUHHF Buy 230.00

International patient revenue growth to resume in 2H26 Source: KKPS estimates BofA GLOBAL RESEARCH

Hospitals also indicated that international patient revenue should recover in 2H26. BCH