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Thai (SET) Healthcare Services Industry Analysis
UpdatedSep 26, 2025
DataAggregated Company Financials
Companies45
- 7D-1.6%
- 3M8.2%
- 1Y-32.3%
- YTD-18.2%
Over the last 7 days, the Healthcare Services industry has dropped 1.4%, driven by declines in Bangkok Dusit Medical Services and Bumrungrad Hospital of 2.4% and 5.2%, respectively. On the other hand Thonburi Healthcare Group is actually up 32%. Overall the industry is down 33% in 12 months. As for the next few years, earnings are expected to grow by 8.1% per annum.
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 |
|---|---|---|---|---|---|---|
| Fri, 26 Sep 2025 | ฿701.8b | ฿260.7b | ฿32.0b | 18.3x | 21.9x | 2.7x |
| Sun, 24 Aug 2025 | ฿704.1b | ฿260.7b | ฿32.0b | 18.1x | 22x | 2.7x |
| Tue, 22 Jul 2025 | ฿677.8b | ฿258.3b | ฿31.7b | 17.8x | 21.4x | 2.6x |
| Thu, 19 Jun 2025 | ฿661.4b | ฿258.3b | ฿31.7b | 16.5x | 20.9x | 2.6x |
| Sat, 17 May 2025 | ฿740.6b | ฿257.7b | ฿31.7b | 17.1x | 23.4x | 2.9x |
| Mon, 14 Apr 2025 | ฿733.6b | ฿256.5b | ฿32.0b | 18.2x | 22.9x | 2.9x |
| Wed, 12 Mar 2025 | ฿768.5b | ฿256.4b | ฿32.0b | 19.8x | 24x | 3x |
| Fri, 07 Feb 2025 | ฿755.5b | ฿256.2b | ฿34.5b | 17.9x | 21.9x | 2.9x |
| Sun, 05 Jan 2025 | ฿850.1b | ฿256.2b | ฿34.5b | 21.9x | 24.7x | 3.3x |
| Tue, 03 Dec 2024 | ฿870.0b | ฿254.0b | ฿34.2b | 21.6x | 25.4x | 3.4x |
| Thu, 31 Oct 2024 | ฿968.4b | ฿250.6b | ฿33.9b | 23x | 28.6x | 3.9x |
| Sat, 28 Sep 2024 | ฿1.0t | ฿249.8b | ฿33.6b | 25x | 30x | 4x |
| Mon, 26 Aug 2024 | ฿944.0b | ฿249.4b | ฿33.6b | 23.1x | 28.1x | 3.8x |
| Wed, 24 Jul 2024 | ฿936.3b | ฿246.8b | ฿33.7b | 22.2x | 27.8x | 3.8x |
| Fri, 21 Jun 2024 | ฿933.1b | ฿246.8b | ฿33.7b | 22.6x | 27.7x | 3.8x |
| Sun, 19 May 2024 | ฿1.0t | ฿246.5b | ฿33.7b | 26x | 30.3x | 4.1x |
| Tue, 16 Apr 2024 | ฿979.4b | ฿241.1b | ฿32.3b | 25.8x | 30.4x | 4.1x |
| Thu, 14 Mar 2024 | ฿1.0t | ฿240.9b | ฿32.2b | 26.9x | 31.1x | 4.2x |
| Sat, 10 Feb 2024 | ฿1.0t | ฿234.5b | ฿31.1b | 28x | 32.2x | 4.3x |
| Mon, 08 Jan 2024 | ฿1.0t | ฿247.8b | ฿33.3b | 29.5x | 31.2x | 4.2x |
| Wed, 06 Dec 2023 | ฿1.0t | ฿247.7b | ฿33.3b | 27.6x | 30.2x | 4.1x |
| Fri, 03 Nov 2023 | ฿1.1t | ฿243.8b | ฿31.8b | 29.1x | 33.1x | 4.3x |
| Sun, 01 Oct 2023 | ฿1.1t | ฿242.2b | ฿31.4b | 31.2x | 34.1x | 4.4x |
| Tue, 29 Aug 2023 | ฿1.1t | ฿241.9b | ฿31.2b | 30x | 34.4x | 4.4x |
| Thu, 27 Jul 2023 | ฿1.0t | ฿243.8b | ฿33.8b | 24.3x | 30.8x | 4.3x |
| Sat, 24 Jun 2023 | ฿1.1t | ฿241.8b | ฿33.5b | 25.9x | 31.5x | 4.4x |
| Mon, 22 May 2023 | ฿1.1t | ฿242.0b | ฿33.6b | 24.8x | 31.4x | 4.4x |
| Wed, 19 Apr 2023 | ฿1.1t | ฿250.4b | ฿38.8b | 21x | 29.2x | 4.5x |
| Fri, 17 Mar 2023 | ฿1.1t | ฿251.0b | ฿38.9b | 20.5x | 27.6x | 4.3x |
| Sun, 12 Feb 2023 | ฿1.1t | ฿257.0b | ฿45.3b | 19.9x | 24.3x | 4.3x |
| Tue, 10 Jan 2023 | ฿1.1t | ฿254.3b | ฿44.8b | 19.3x | 24.7x | 4.4x |
| Thu, 08 Dec 2022 | ฿1.1t | ฿254.0b | ฿44.9b | 18.8x | 23.6x | 4.2x |
| Sat, 05 Nov 2022 | ฿1.1t | ฿259.7b | ฿52.0b | 15.6x | 21.3x | 4.3x |
| Mon, 03 Oct 2022 | ฿1.1t | ฿259.7b | ฿52.0b | 15.8x | 20.9x | 4.2x |
Price to Earnings Ratio
20.9x
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 21.9x which is lower than its 3-year average PE of 27.1x.
- The 3-year average PS ratio of 3.8x is higher than the industry's current PS ratio of 2.7x.
Past Earnings Growth
- The earnings for companies in the Healthcare industry have declined 15% 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 industry?
| TH Market | -0.70% | |
| Healthcare | -1.34% | |
| Healthcare Services | -1.61% | |
| Healthcare Distributors | 0.071% | |
| Healthcare Facilities | -1.60% | |
| Healthcare Services | -2.22% | |
Industry PE
- Investors are most optimistic about the Healthcare Facilities industry even though it's trading below its 3-year average PE ratio of 27.3x.
- Analysts are expecting annual earnings growth of 7.9%, which is higher than its past year's earnings decline of 5.6% per year.
- Investors are most pessimistic about the Healthcare Distributors industry, which is trading below its 3-year average of 17.6x.
Forecasted Growth
- Analysts are most optimistic on the Healthcare Services industry, expecting annual earnings growth of 17% over the next 5 years.
- This is better than its past earnings growth rate of 5.5% per year.
- In contrast, the Healthcare Facilities industry is expected to see its earnings grow by 7.9% 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 | |
|---|---|---|---|---|---|
| THG Thonburi Healthcare Group | ฿7.95 | 26.2% +฿2.1b | -62.1% | PS1.1x | |
| RAM Ramkhamhaeng Hospital | ฿19.30 | 9.0% +฿1.9b | -21.9% | PE32.4x | |
| VIBHA Vibhavadi Medical Center | ฿1.52 | 4.1% +฿809.1m | -24.8% | PE39.2x | |
| PRINC Principal Capital | ฿2.08 | 4.0% +฿304.7m | -39.5% | PS1.3x | |
| M-CHAI Mahachai Hospital | ฿23.00 | 4.1% +฿144.0m | -28.1% | PE38.1x |