Ramkhamhaeng Hospital Public Company Limited, together with its subsidiaries, engages in the hospital business in Thailand. It operates in two segments, Hospital and Other. The company is involved in the operation of hospitals and hospitals in social security; provisions of medical care and treatment for various diseases; and sale of medical equipment, instruments, and pharmaceutical products. It also engages in property development; IT consulting and software development; and training activities. The company was founded in 1976 and is based in Bangkok, Thailand.
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Nine hospital stocks post strong Q2 profit growth, RJH leads with 80%
Nine listed hospital companies reported standout profit growth in the second quarter of 2026 compared with a year earlier. RJH posted net profit of 112.85 million baht, up 79.63%, while RAM recorded net profit of 344.58 million baht, up 28.55%, and EKH posted net profit of 60.18 million baht, up 27.87%, helped by more Thai and foreign patients, branch expansion, and revenue from specialised medical centres. CGSI said earnings at the six hospital companies it covers appear to have passed their trough, with combined normalised profit down 2% from a year earlier and down 8% from the previous quarter. Excluding RAM, combined normalised profit fell 4% from a year earlier and 10% from the previous quarter. CGSI maintained an Overweight rating on the hospital sector and selected BH and PR9 as top picks because they have a high proportion of foreign patients and are likely to recover better than peers.
CGSI expects hospital stocks to recover in second half, highlights BH and PR9
Analysts at CGS International Securities Thailand, or CGSI, estimate that normalised profit for six hospital stocks in the second quarter of 2026 fell 2% year on year and 8% quarter on quarter, which should mark the low point for this year. They expect the hospital group to recover in the second half, though the pace of recovery will vary by company. CGSI sees BH and PR9 outperforming peers because they have a higher proportion of foreign patients, particularly from the Middle East and Myanmar, as well as pent-up demand that may return as Middle East tensions ease. BDMS should also benefit from this situation, but BDMS's mid-tier hospitals, along with CHG and RAM, may still face pressure from weak domestic demand and intensifying competition. However, BCH, CHG and RAM should benefit from a low base in the third quarter of 2026, which may help net profit avoid a year-on-year decline. CGSI continues to name BH and PR9 as top picks in the sector. The healthcare index is up 5% year to date, significantly underperforming the SET Index's 29% gain, and CGSI believes current hospital share prices already reflect concerns about weaker earnings. It therefore maintains an Overweight rating, seeing key upside drivers as an easing of Middle East tensions and a faster-than-expected recovery in medical tourism. Downside risks include higher SG&A expenses and a continued slowdown in the Thai economy.
RAM second-quarter profit rises 29% to 345 million baht
Ramkhamhaeng Hospital Public Company Limited, or RAM, reported second-quarter net profit for 2026 of 344.58 million baht, up 28.55% from 268.05 million baht in the same period last year. Total revenue was 5.6866 billion baht, up 110.7%, and EBITDA was 1.2331 billion baht, up 77.4%. The significant increase came from raising its investment stakes in Thonburi Healthcare Group Public Company Limited, or THG, and Chiang Mai Ram Medical Business Public Company Limited, or CMH, changing their status from associates to subsidiaries, with consolidation of their operating results beginning in August 2025 and December 2025 respectively. However, costs and expenses rose at a faster pace than revenue, causing profitability to decline. For the first six months of 2026, RAM posted net profit of 589.77 million baht, down 3.68% from 612.33 million baht in the same period last year.
TISCO expects hospital group Q2 2026 profit to bottom at 6.43 billion baht, highlights BDMS with target of 23 baht
TISCO Securities expects combined profit of the hospital group in the second quarter of 2026 to be 6.43 billion baht, down 0.7% from the same period last year and 6.2% from the first quarter, marking the lowest point of the year. A recovery is anticipated in the second half. The firm maintains a buy recommendation on BDMS with a fair value of 23 baht per share. Core profit is projected at 6.36 billion baht, down 1.7% year-on-year and 7.2% quarter-on-quarter. Excluding RAM, which grew from consolidating THG, core profit would decline 3.0% year-on-year and 8.9% quarter-on-quarter. Core revenue of the group is expected at 46.2 billion baht, up 7.7% year-on-year but down 2.3% quarter-on-quarter, pressured by the impact of the US-Iran conflict on international patients throughout the quarter, the absence of revenue from Cambodian patients, and sluggish domestic spending. EBITDA margin is forecast to decline to 24.0% from 25.1% in the second quarter of last year and 25.2% in the first quarter of this year. The outlook for the third quarter is expected to improve both year-on-year and quarter-on-quarter, driven by a recovery in international patient revenue, particularly from the Middle East which returned to year-on-year growth in July for the first time since the conflict began, and a more favorable comparison base after the pressure from Cambodian patients subsided.
RAM spends 593 million baht to acquire three hospitals, strengthening its network
Ramkhamhaeng Hospital Public Company Limited, or RAM, has approved the purchase of common shares in three private hospitals from F and S 79 Company Limited, a major shareholder of RAM, for a total of 593,276,360 baht. The main deal is the acquisition of 2,034,600 shares in Khon Kaen Ram Hospital Company Limited, representing a 25.43 percent stake, valued at 557.48 million baht. This will increase the combined shareholding of RAM and its subsidiaries to 49.34 percent, turning it into a subsidiary whose financial statements can be consolidated. In addition, RAM is buying a 1.55 percent stake in Nan Ram Hospital Company Limited for 11.79 million baht, and an 11.96 percent stake in Mahasarakham Ram Hospital Company Limited for 24 million baht. Both of these projects are currently on hold during construction. The acquisition aims to reduce conflicts of interest and expand the network of tertiary hospitals in the northeastern region, using loans from domestic financial institutions and the company's cash flow.
CGSI says premium clinics in public hospitals pressure mid-tier private hospitals, recommends selling BCH and CHG
CGS International Securities Thailand analyzed that the opening of 16 premium clinics in public hospitals and specialized institutions to serve middle-income and foreign patients will increase pressure on private hospitals, especially mid-tier ones focusing on self-pay and health insurance patients. This will intensify price competition and marketing expenses, as well as lead to poaching of medical personnel and greater bargaining power for insurers. The research team cut earnings estimates and target prices for BCH, CHG, and RAM, downgrading BCH and CHG to sell while maintaining a hold rating on RAM. It highlighted BH and PR9 as top picks in the premium hospital segment, benefiting from medical tourism and having a high proportion of revenue from foreign patients.