Thonburi Healthcare Grp Pcl

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 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.