Bumrungrad Hospital Public (BH-R.BK)

What Moves the Stock

1. 01International patient arrival volumes - particularly from Middle East (UAE, Oman, Kuwait), Myanmar, and Bangladesh markets which drive premium pricing
2. 02Thailand tourism recovery and visa policy changes affecting medical tourist accessibility
3. 03Foreign exchange rates (USD/THB, Middle Eastern currencies) impacting international patient affordability and revenue translation
4. 04Hospital capacity utilization rates and average revenue per patient visit (ARPV) trends
5. 05Government healthcare policy changes in source markets affecting outbound medical tourism spending
6. 06Inpatient services (estimated 45-50% of revenue) - surgical procedures, ICU, specialized treatments with average length of stay 3-4 days
7. 07Outpatient services (estimated 35-40% of revenue) - consultations, diagnostics, minor procedures, health screenings
8. 08International patient services (estimated 55-60% of total patient mix) - medical tourism packages, premium pricing for foreign patients paying cash or international insurance

BH-R.BK Chart

My Notes

• value - The stock trades at 6.1x P/S and 14.7x EV/EBITDA with 29.9% net margins, 26.3% ROE, and 4.3% FCF yield…
• Low direct sensitivity given zero debt structure eliminates refinancing risk and interest expense volatility.
• Watch on earnings: Thailand international tourist arrivals (proxy for medical tourism demand), USD/THB exchange rate and Middle Eastern currency movements affecting patient affordability, Brent crude oil prices (BZUSD) as proxy for Middle Eastern economic health and outbound medical spending.