Hospitals - Thailand: The cure could be coming

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Hospitals - Thailand: The cure could be coming

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Hospitals - Thailand

The cure could be coming

Industry Overview

Middle East patient recovery gaining momentum 18 June 2026

We believe this is an particularly attractive entry point for the Thai healthcare sector, Equity

supported by four key catalysts in 2H26. First, revenue from ME patients should recover ASEAN | Thailand

from 2Q26 onwards as Middle Eastern airlines have restored flight capacity to 70-80% Hospital Management

of normal levels. This is consistent with Thailand’s inbound ME tourist arrivals, which Teerapol Udomvej, CFA ^^^

improved from a 57% YoY decline in April to only a 2% YoY decline in May. More Research Analyst

importantly, tourist arrivals from Qatar and the UAE, two key medical tourism markets Kiatnakin+66 2 305-9216Phatra Securities

for Thailand, rebounded from declines of 62% and 67% YoY in April to growth of 25% teerapol.udom@kkpfg.com

and 13% YoY, respectively, in May. We expect a similar recovery trajectory for ME

patient volume.

Exhibit 1: Recommendation highlights

Cambodia headwind set to ease Ratings and Price Objective of stocks

Cambodian patient revenue declined 60-80% YoY across most hospitals following the Stock BofA Ticker Rating PO (Bt)

Thailand-Cambodia conflict that began in late May last year. While there are no clear BCH BKKFF Buy 13.00

signs of recovery yet, the impact should begin to normalize due to a lower base. Prior to BDMS BDMSF Buy 23.50

the conflict, Cambodian patients accounted for 1-4% of revenue for Thai hospitals. BH BUHHF Buy 230.00

International patient revenue grew only 0-4% YoY for BH, BDMS, and BCH in 1Q26. CHG XOCOF Buy 2.00

PR9 XPNHF Buy 24.50

However, excluding Cambodians, international patient revenue increased by 10-14% YoY,