Research

Healthcare – Headwinds easing, upside emerging (Presentation)

RAWEENUCH PIYAKRIENGKAI, IAA

11 Sept 2026, 09:17

24 Views 2 min read

Investment view

We expect the Thai healthcare sector’s operating recovery to become increasingly visible in 2H26, supported by improving demand from Thai and international patients, seasonal respiratory cases and sustained demand for complex treatments.

This should help bring the sector’s earnings downgrade cycle closer to an end, with additional upside from potential SC reimbursement revisions.
With healthcare stocks trading below historical valuation ranges and at a wide discount to regional peers, better earnings visibility could support a valuation recovery.
Our top picks are BH (international patient recovery with operational upside ), PR9 (the most balanced risk-reward profile), and BCH (earnings turnaround with SC upside).