The must-read for investors in 2568: In-depth comparison analysis of 7 hospital stocks

Why Healthcare Investment Has Become a New Hotspot

When market volatility intensifies, hospital sector stocks often become safe havens for savvy investors. This is no coincidence—accelerating aging populations, the continuous emergence of new diseases, and the persistent demand for healthcare services ensure stable cash flows for hospital operations. Unlike other industries, healthcare services are considered defensive assets, meaning that even during economic downturns, people’s health-related expenditures do not significantly decrease.

In Thailand’s stock market performance in 2025, the hospital sector demonstrated remarkable resilience. The core logic behind this is: once a hospital is built and operational, it enters a long-term, stable cash-capturing phase. Compared to one-time sales models like real estate, healthcare institutions benefit from a continuous flow of patients.

Financial Benchmarking Table for 7 Hospital Stocks

Hospital Stock Grouping Investment Methodology

Internationalization Strategy Group (Driven by International Patients)

BH (Bumrungrad Hospital) was founded in 1984 and has become one of Thailand’s top private hospital networks. Its international patient ratio reaches 66.52%, primarily from local patients, with only 33.48% from local residents. Market cap is 139,110 million, with an ROE of 31.91%—a leading figure in the hospital sector.

The group drives growth by increasing service prices for complex conditions and expanding bed capacity to accommodate the rising number of foreign patients, especially medical tourists. The trend of medical tourism combined with international patient demand allows BH to benefit significantly from the opening of borders, resulting in revenue growth.

BDMS (Bangkok Dusit Medical) is expanding regionally, with medical centers in Ulaanbaatar, Mongolia, and Myanmar. It has the largest market cap (355,981 million) and an average daily outpatient volume exceeding 5,500 patients. Nearly 67% of its revenue comes from international patients, exemplifying a typical “medical export” model. Plans for bed expansion and new specialty centers suggest a solid mid-term growth outlook.

BCH (Bangkok Chain Hospital) operates 15 hospitals and 2 outpatient clinics across Bangkok, provinces, and Laos. Analysts rate it a “Buy,” forecasting a 23% net profit increase in 2025. Local patients account for 71%, foreign patients 29%, indicating strong domestic market appeal.

Local Market Deepening Group (Driven by Domestic Patients)

PR9 (Mahidol University Hospital) was established in 1989, focusing on domestic patients but expanding across borders to China, Myanmar, Laos, and Cambodia. Revenue sources include 59% outpatient, 41% inpatient; 25% insured patients, 68% self-paying, 7% through partner medical institutions—this diversified patient base provides revenue resilience. The hospital is actively developing digital platforms (like 9 CARE), which could become future revenue streams.

CHG (Chulalongkorn Hospital) has expanded since 1986, now comprising 12 subsidiaries and 15 medical facilities. Revenue breakdown: 30.6% outpatient, 34.5% inpatient, 35% public welfare programs. This structure indicates deep involvement in public healthcare, providing a relatively stable revenue base with potential policy-driven growth.

VIBHA (Vibhavadi Hospital) is expected to see significant performance growth in 2025 compared to 2024, driven by increased beds and new business lines. Although ROE is modest at 8.49% (lower among the sample), analysts still recommend a “Buy” with a target price of 2.74 THB, optimistic about easing healthcare cost pressures and expansion prospects.

Challenging Exploration Group

THG (Mahanakorn Medical Group) shows an unusual performance among the sample—net profit of -302.98 million, ROE of -6.91%. Although management clarified related allegations, and the stock price has adjusted accordingly, analysts remain cautious about its outlook. This serves as a reminder that even in defensive assets, careful due diligence is essential.

Quick Guide to Financial Indicators

( P/E Ratio (Price-to-Earnings Ratio) This indicates how much investors are willing to pay per unit of profit. In the sample, BH’s 18.34x is reasonable, while BCH and VIBHA’s around 23x suggest market expectations of higher growth. Investors should weigh: a high P/E implies high growth expectations but carries risk if earnings fall short.

) ROE (Return on Equity) A key measure of management’s efficiency in capital utilization. BH’s ROE of 31.91% indicates each Thai Baht of shareholder equity generates 0.32 Baht profit. In contrast, VIBHA’s 8.49% warrants attention on whether future expansion can improve this metric.

Market Cap and Growth Potential

BDMS, with the largest market cap, may face growth slowdown due to base effects. Conversely, mid-sized companies like CHG and PR9, with strategic and regional expansion, may have higher-than-expected growth potential.

Three Major Strategies for Buying Hospital Stocks

Strategy 1: Patient Structure Insights

Differentiate whether the hospital primarily serves international or domestic patients. The former is influenced by exchange rates and international tourism policies; the latter by local healthcare policies and aging trends. Once identified, continuously monitor relevant drivers.

For example, if choosing international-oriented hospitals, focus on macro data such as European economic outlook, Middle Eastern patient spending power, and Asian tourist recovery.

Strategy 2: Industry Benchmarking of Financial Data

Don’t rely solely on individual hospital figures; compare across the industry. When a hospital’s P/E is significantly lower than peers, it could indicate market undervaluation or potential risks. Differences in ROE reflect operational efficiency—understand the reasons behind them.

Strategy 3: Growth Driver Analysis

Hospital growth paths generally include:

M&A-driven—rapid revenue and profit expansion but with integration risks and potential depreciation.

New Construction & Expansion—opening new hospitals or increasing beds at strategic locations. These require time to convert investments into profits.

Specialty Focus—developing vertical services for specific patient groups (e.g., reproductive medicine, international patient packages). While growth may be moderate, profit margins are often higher.

Fundamental Long-term Attractiveness of Hospital Stocks

Stable Cash Flows—Once established, hospitals generate highly predictable daily operational cash flows, unlike cyclical industries. This is a core reason they are classified as defensive assets.

Recession Resistance—During economic downturns, people do not abandon healthcare due to financial constraints. Patient volumes tend to remain relatively stable, providing shareholders with a form of “economic insurance.”

Financial Health—Long-term cash flows typically enable hospital groups to maintain strong balance sheets, facilitating financing and dividends.

Policy Benefits—Healthcare reforms, aging population strategies, and medical tourism promotion policies favor sector expansion.

Final Checklist Before Investing

✓ Confirm your acceptable risk level and investment horizon (hospital stocks are generally suitable for holding periods of 3-5 years or more)

✓ Track changes in patient source structures and regional expansion plans of target hospitals

✓ Regularly review key operational metrics in financial reports, such as gross profit margin, patient average spending, and bed occupancy rates

✓ Pay attention to policy trends (insurance reimbursement rates, medical tourism policies) affecting target hospitals

✓ If lacking professional analysis skills, consider consulting healthcare industry experts or licensed analysts

Summary

The 2025 หุ้นกลุ่มโรงพยาบาล offers a unique investment opportunity—achieving stable returns amid market fluctuations. Whether you prefer high-growth driven by international patients (BDMS, BH), stable domestic-focused options (VIBHA, CHG, PR9), or are interested in emerging healthcare concepts (digital platforms like PR9), this sector has suitable options.

The key is not to follow rankings blindly but to understand each hospital’s patient structure, growth drivers, and financial health. Once you select your targets, long-term holding can let time work in your favor—the growth dividends of the healthcare industry will gradually translate into shareholder returns.