Right now, I see many people interested in investing in hospital stocks, but they're confused about which ones to choose. This year, 2026-2029, these groups have fallen quite a bit, but there are still some that stand firm.

Why are hospital stocks interesting? Because they are defensive stocks that generate steady income. Customers never disappear; people are always getting sick. This contrasts with other businesses that may be affected by the economy. Another point is low risk—when the market is in a downturn, hospital stocks that are good don’t drop as much.

Let's look at the ones I follow: BDMS (Bangkok Dusit Medical Services) is a top company in the group, with a market cap of 319 billion, P/E ratio of 19.5 times, and ROE of 16.8%. This company mainly focuses on foreigners, with hospitals in Mongolia, Myanmar, and a strong international customer base. When targeting foreign clients, you also need to consider the economic situation of those countries.

Next is BH (Bumrungrad Hospital). This one has the highest ROE at 31.9%, P/E ratio of 19.3 times. Most of its customers are foreigners. The stock price is over 167.50 baht, but margins are also high.

If you want to invest with less money, consider VIBHA (Vibhavadi) at 1.88 baht or CHG (Chularat). These focus more on Thai patients and social security, with lower risk but slower growth compared to the top-tier stocks. RAM (Ramkhamhaeng) also has strengths in specialized fields like cardiology, neurology, and orthopedics.

A key tip for choosing hospital stocks is to consider which customer base they target. If focusing on foreigners, you need to follow international economic conditions. If focusing on Thai customers, you should look at health policies and social security. Also, pay attention to P/E and ROE—low P/E doesn’t always mean cheap; it could be because the company grows slowly. High ROE is good, but you need to see if the growth is sustainable.

Other options include BCH (Bangkok Chain Hospital) at 10.20 baht or PR9 (Rama 9) at 18.7-18.9 baht, which are worth considering. All of these are hospital stocks with long-term potential.

I believe that investing in hospital stocks requires patience and a long-term approach. Don’t expect quick ups and downs. Because these are defensive stocks that provide more consistent returns. Study the business well—see how it’s growing, whether it has plans to expand branches or build new hospitals. Top companies often have plans to add beds and open new hospitals, which signals good growth potential.

If you want to strengthen your investment portfolio, hospital stocks are a good choice. Whatever you pick, aligning it with your goals should lead to excellent returns over the long run.