On Thursday at 10:45 AM (Bangkok time), the share price of Bumrungrad Hospital Public Company Limited (SET: BH) slumped by 5.26% or THB 10.00 to THB 180.00, with a trading value of THB 529.12 million.
Finansia Syrus Securities (FSS) noted that the tone of the recent BH’s analyst meeting was negative, with management forecasting a 5% year-over-year revenue slowdown in 1Q25, attributed to the high base effect of Kuwaiti patients from the previous year and the earlier-than-usual Ramadan period this year.
However, considering the low base revenue in the second half of 2024, there is potential for growth in the second half of 2025.
FSS maintains its earnings estimate and target price for BH at THB 220 per share, citing favorable valuation with a 2025 PE ratio of 20x, and upholds a ‘Buy’ recommendation.
Similarly, Krungsri Securities (KSS) expressed a ‘Neutral’ view based on the recent meeting with BH, noting that: 1) the analyst’s revenue projection for this year has already factored in a 4% price increase; 2) no new short-term positive factors are present; and 3) 1Q25 performance is not expected to stand out due to the full-quarter impact of Ramadan.
For the year 2025, BH’s net profit is projected to see a slight growth of 1% year-over-year, aligning with overall revenue trends. BH’s strengths lie in its target customer group’s low price sensitivity and efficient cost management. The analyst maintains a ‘Buy’ recommendation for BH.
