Narrative Update • May 02
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Thai (SET) Healthcare Services Industry Analysis
UpdatedMay 26, 2026
DataAggregated Company Financials
Companies45
- 7D-0.3%
- 3M-11.5%
- 1Y-8.3%
- YTD-2.2%
Over the last 7 days, the Healthcare Services industry has dropped 1.1%, driven by declines in Bumrungrad Hospital and Bangkok Dusit Medical Services of 1.1% and 0.5%, respectively. The industry has fallen 9.2% in the last year. Looking forward, earnings are forecast to grow by 6.0% annually.
Industry Valuation and Performance
Has the Thai Healthcare Services Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 26 May 2026 | ฿633.0b | ฿265.1b | ฿38.4b | 15.3x | 16.5x | 2.4x |
| Thu, 23 Apr 2026 | ฿640.6b | ฿261.4b | ฿38.8b | 14.5x | 16.5x | 2.5x |
| Sat, 21 Mar 2026 | ฿637.8b | ฿261.5b | ฿38.8b | 14.4x | 16.4x | 2.4x |
| Mon, 16 Feb 2026 | ฿708.4b | ฿261.4b | ฿31.5b | 15.6x | 22.5x | 2.7x |
| Wed, 14 Jan 2026 | ฿592.7b | ฿261.4b | ฿31.5b | 14.9x | 18.8x | 2.3x |
| Fri, 12 Dec 2025 | ฿651.3b | ฿261.3b | ฿31.4b | 15.8x | 20.7x | 2.5x |
| Sun, 09 Nov 2025 | ฿654.1b | ฿260.9b | ฿32.1b | 16.5x | 20.4x | 2.5x |
| Tue, 07 Oct 2025 | ฿686.6b | ฿260.7b | ฿32.0b | 17.5x | 21.4x | 2.6x |
| Thu, 04 Sep 2025 | ฿703.2b | ฿260.7b | ฿32.0b | 17.5x | 22x | 2.7x |
| Sat, 02 Aug 2025 | ฿693.3b | ฿258.1b | ฿31.6b | 17.7x | 21.9x | 2.7x |
| Mon, 30 Jun 2025 | ฿644.6b | ฿258.3b | ฿31.7b | 15.8x | 20.3x | 2.5x |
| Wed, 28 May 2025 | ฿682.8b | ฿258.3b | ฿31.7b | 17.3x | 21.5x | 2.6x |
| Fri, 25 Apr 2025 | ฿735.3b | ฿256.4b | ฿32.0b | 18.6x | 23x | 2.9x |
| Sun, 23 Mar 2025 | ฿746.7b | ฿256.5b | ฿32.0b | 19.8x | 23.3x | 2.9x |
| Tue, 18 Feb 2025 | ฿782.2b | ฿256.2b | ฿34.5b | 18.4x | 22.7x | 3.1x |
| Thu, 16 Jan 2025 | ฿815.8b | ฿256.2b | ฿34.5b | 20.6x | 23.7x | 3.2x |
| Sat, 14 Dec 2024 | ฿845.7b | ฿254.2b | ฿34.2b | 21.4x | 24.7x | 3.3x |
| Mon, 11 Nov 2024 | ฿911.1b | ฿250.3b | ฿33.9b | 22.5x | 26.9x | 3.6x |
| Wed, 09 Oct 2024 | ฿989.7b | ฿249.8b | ฿33.6b | 24.1x | 29.5x | 4x |
| Fri, 06 Sep 2024 | ฿978.0b | ฿249.4b | ฿33.6b | 23.2x | 29.1x | 3.9x |
| Sun, 04 Aug 2024 | ฿911.1b | ฿246.8b | ฿33.7b | 21x | 27x | 3.7x |
| Tue, 02 Jul 2024 | ฿936.1b | ฿246.8b | ฿33.7b | 23x | 27.8x | 3.8x |
| Thu, 30 May 2024 | ฿991.6b | ฿246.2b | ฿33.6b | 26x | 29.5x | 4x |
| Sat, 27 Apr 2024 | ฿1.0t | ฿241.8b | ฿32.7b | 26.8x | 31.2x | 4.2x |
| Mon, 25 Mar 2024 | ฿1.0t | ฿241.0b | ฿32.2b | 26.4x | 31x | 4.1x |
| Wed, 21 Feb 2024 | ฿995.1b | ฿235.0b | ฿31.2b | 27.5x | 31.9x | 4.2x |
| Fri, 19 Jan 2024 | ฿1.0t | ฿247.8b | ฿33.3b | 27.7x | 30.9x | 4.2x |
| Sun, 17 Dec 2023 | ฿985.2b | ฿247.8b | ฿33.3b | 26.9x | 29.6x | 4x |
| Tue, 14 Nov 2023 | ฿995.3b | ฿244.7b | ฿33.2b | 28.7x | 30x | 4.1x |
| Thu, 12 Oct 2023 | ฿1.1t | ฿242.2b | ฿31.4b | 30.3x | 34.1x | 4.4x |
| Sat, 09 Sep 2023 | ฿1.1t | ฿241.9b | ฿31.2b | 30.4x | 34.4x | 4.4x |
| Mon, 07 Aug 2023 | ฿1.1t | ฿243.8b | ฿33.8b | 24.2x | 31.1x | 4.3x |
| Wed, 05 Jul 2023 | ฿1.0t | ฿241.8b | ฿33.5b | 25.4x | 31x | 4.3x |
| Fri, 02 Jun 2023 | ฿1.1t | ฿241.8b | ฿33.6b | 26.8x | 31.7x | 4.4x |
Price to Earnings Ratio
31.7x
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 16.4x which is lower than its 3-year average PE of 26.0x.
- The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
- The earnings for companies in the Healthcare industry have grown 4.6% per year over the last three years.
- Revenues for these companies have grown 3.1% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Thai Healthcare industry?
| TH Market | 2.17% | |
| Healthcare | -0.11% | |
| Healthcare Services | -0.33% | |
| Healthcare Distributors | 1.98% | |
| Healthcare Services | 1.47% | |
| Healthcare Facilities | -0.40% | |
Industry PE
- Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 24.9x.
- Analysts expect its future annual earnings growth (18.6%) to be largely in line with prior year's earnings growth.
- Investors are most pessimistic about the Healthcare Distributors industry, which is trading below its 3-year average of 16.8x.
Forecasted Growth
- Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 19% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- In contrast, the Healthcare Facilities industry is expected to see its earnings grow by 5.7% 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 | |
|---|---|---|---|---|---|
| PR9 Praram 9 Hospital | ฿16.30 | 2.5% +฿314.5m | -29.1% | PE15.9x | |
| RAM Ramkhamhaeng Hospital | ฿18.50 | 1.1% +฿240.0m | 0.5% | PE8.2x | |
| CHG Chularat Hospital | ฿1.37 | 1.5% +฿220.0m | -6.8% | PE15.8x | |
| THG Thonburi Healthcare Group | ฿7.70 | 1.3% +฿178.9m | -12.0% | PE143.2x | |
| BIZ Business Alignment | ฿5.15 | 5.5% +฿162.2m | 59.0% | PE7.8x |