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Thai (SET) Healthcare Sector Analysis
UpdatedDec 04, 2025
DataAggregated Company Financials
Companies51
- 7D1.5%
- 3M-7.0%
- 1Y-27.9%
- YTD-24.5%
Last week, the Healthcare industry hasn't moved much but Bangkok Dusit Medical Services is up 3.3% in that time. Unfortunately though, the industry is down 28% over the past 12 months. As for the next few years, earnings are expected to grow by 9.8% per annum.
Sector Valuation and Performance
Has the Thai Healthcare Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 04 Dec 2025 | ฿710.8b | ฿309.9b | ฿35.4b | 15.1x | 20.1x | 2.3x |
| Sat, 01 Nov 2025 | ฿722.1b | ฿310.8b | ฿35.9b | 16.2x | 20.1x | 2.3x |
| Mon, 29 Sep 2025 | ฿763.6b | ฿310.8b | ฿35.9b | 17.7x | 21.3x | 2.5x |
| Wed, 27 Aug 2025 | ฿758.0b | ฿310.8b | ฿35.9b | 16.6x | 21.1x | 2.4x |
| Fri, 25 Jul 2025 | ฿739.9b | ฿308.5b | ฿36.1b | 16.3x | 20.5x | 2.4x |
| Sun, 22 Jun 2025 | ฿696.3b | ฿308.5b | ฿36.1b | 15.4x | 19.3x | 2.3x |
| Tue, 20 May 2025 | ฿792.4b | ฿308.4b | ฿36.1b | 16.7x | 21.9x | 2.6x |
| Thu, 17 Apr 2025 | ฿802.4b | ฿306.1b | ฿36.2b | 17.5x | 22.2x | 2.6x |
| Sat, 15 Mar 2025 | ฿838.1b | ฿306.1b | ฿36.2b | 18x | 23.1x | 2.7x |
| Mon, 10 Feb 2025 | ฿836.4b | ฿304.6b | ฿37.5b | 17.2x | 22.3x | 2.7x |
| Wed, 08 Jan 2025 | ฿920.3b | ฿305.0b | ฿37.4b | 20.3x | 24.6x | 3x |
| Fri, 06 Dec 2024 | ฿967.3b | ฿302.9b | ฿37.3b | 21x | 25.9x | 3.2x |
| Sun, 03 Nov 2024 | ฿1.1t | ฿296.8b | ฿37.0b | 22.2x | 28.4x | 3.5x |
| Tue, 01 Oct 2024 | ฿1.1t | ฿293.9b | ฿36.3b | 22.6x | 29.9x | 3.7x |
| Thu, 29 Aug 2024 | ฿1.0t | ฿293.4b | ฿36.3b | 22.5x | 28.2x | 3.5x |
| Sat, 27 Jul 2024 | ฿1.0t | ฿289.9b | ฿35.9b | 21.2x | 27.9x | 3.5x |
| Mon, 24 Jun 2024 | ฿1.0t | ฿289.9b | ฿35.9b | 22.5x | 28x | 3.5x |
| Wed, 22 May 2024 | ฿1.1t | ฿289.4b | ฿35.9b | 24.3x | 30.3x | 3.8x |
| Fri, 19 Apr 2024 | ฿1.0t | ฿282.6b | ฿34.5b | 23.8x | 30.4x | 3.7x |
| Sun, 17 Mar 2024 | ฿1.1t | ฿282.5b | ฿34.5b | 24.7x | 31.4x | 3.8x |
| Tue, 13 Feb 2024 | ฿1.1t | ฿275.3b | ฿33.6b | 27.1x | 31.9x | 3.9x |
| Thu, 11 Jan 2024 | ฿1.1t | ฿288.6b | ฿35.8b | 28.1x | 31.3x | 3.9x |
| Sat, 09 Dec 2023 | ฿1.1t | ฿288.5b | ฿35.8b | 25.9x | 29.5x | 3.7x |
| Mon, 06 Nov 2023 | ฿1.1t | ฿284.7b | ฿34.5b | 28.1x | 32.6x | 3.9x |
| Wed, 04 Oct 2023 | ฿1.1t | ฿282.0b | ฿33.9b | 28.3x | 33.6x | 4x |
| Fri, 01 Sep 2023 | ฿1.2t | ฿281.7b | ฿33.8b | 28.2x | 34.3x | 4.1x |
| Sun, 30 Jul 2023 | ฿1.1t | ฿285.0b | ฿37.1b | 23.3x | 30.2x | 3.9x |
| Tue, 27 Jun 2023 | ฿1.1t | ฿283.0b | ฿36.8b | 24.9x | 30.3x | 3.9x |
| Thu, 25 May 2023 | ฿1.1t | ฿281.8b | ฿36.8b | 24.6x | 30.8x | 4x |
| Sat, 22 Apr 2023 | ฿1.2t | ฿292.9b | ฿43.1b | 19.9x | 27.4x | 4x |
| Mon, 20 Mar 2023 | ฿1.2t | ฿292.9b | ฿43.1b | 19.1x | 26.7x | 3.9x |
| Wed, 15 Feb 2023 | ฿1.2t | ฿302.2b | ฿51.6b | 19x | 22.9x | 3.9x |
| Fri, 13 Jan 2023 | ฿1.2t | ฿299.5b | ฿51.1b | 18.6x | 23.1x | 3.9x |
| Sun, 11 Dec 2022 | ฿1.1t | ฿299.2b | ฿51.1b | 17.8x | 22x | 3.8x |
Price to Earnings Ratio
22x
Current Industry PE
- Investors are pessimistic on the Thai Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 20.2x which is lower than its 3-year average PE of 26.6x.
- The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.3x.
Past Earnings Growth
- The earnings for companies in the Healthcare industry have declined 12% per year over the last three years.
- Meanwhile revenues have remained mostly flat.
- This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the Thai Healthcare sector?
| TH Market | 1.09% | |
| Healthcare | 1.47% | |
| Pharma | 5.33% | |
| Medical Equipment | 4.90% | |
| Healthcare Services | 1.11% | |
| Biotech | 0% | 0 |
| Life Sciences | 0% | 0 |
Industry PE
- Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 27.1x.
- Analysts are expecting annual earnings growth of 9.6%, which is higher than its past year's earnings decline of 12.6% per year.
- Investors are most pessimistic about the Pharma industry, which is trading below its 3-year average of 19.9x.
Forecasted Growth
- Analysts are most optimistic on the Medical Equipment industry, expecting annual earnings growth of 13% over the next 5 years.
- This is better than its past earnings decline of 14% per year.
- In contrast, the Healthcare Services industry is expected to see its earnings grow by 9.6% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| BDMS Bangkok Dusit Medical Services | ฿19.00 | 3.3% +฿9.5b | -26.2% | PE18.3x | |
| MEGA Mega Lifesciences | ฿34.00 | 6.3% +฿1.7b | -2.2% | PE15x | |
| STGT Sri Trang Gloves (Thailand) | ฿7.80 | 6.8% +฿1.4b | -29.7% | PE23.1x | |
| BCH Bangkok Chain Hospital | ฿10.30 | 2.0% +฿498.7m | -40.8% | PE19.9x | |
| RAM Ramkhamhaeng Hospital | ฿18.10 | 2.3% +฿480.0m | -23.0% | PE33.4x |