Recently, I have been looking at the Thai healthcare sector, and I found that this field of hospital stocks is indeed worth paying attention to, especially for investors seeking stable dividends. Let’s not talk about other factors; just from the two major trends of aging population and increasing medical demand, hospital stocks are defensive assets that can operate stably regardless of economic conditions.

I have briefly summarized the seven main listed hospital companies in the market, each with its own characteristics. First is the largest in scale, BDMS, with a market value of 31.9 billion, a stock price of 20 baht, a PE ratio of 19.5, and an ROE of 16.8%. Their strength lies in international expansion, not only having hospitals in Thailand but also opening many medical centers in Mongolia and Myanmar. This multi-country operation model diversifies their income sources and offers significant long-term growth potential.

Next is BH (Bumrungrad), which has a market value of only 13.5 billion but a stock price of 167 baht, with an ROE of 31.9%, a figure that really stands out. They mainly attract foreign patients, benefiting from the growth of medical tourism. Similarly, BCH has a market value of 2.5 billion, a stock price of over 10 baht, mainly serving local patients and social security users, with a PE ratio of 19.7, making it a good low-priced option.

For mid-sized companies, RAM (Ramkhamhaeng) is well-known for cardiac, brain, and orthopedic surgeries, with a market value of 2.2 billion and a stock price of over 18 baht. Although their ROE is only 3.38%, which seems low, their PE ratio is over 33, indicating the market has expectations for their specialized advantages. VIBHA’s story is also quite interesting; with a market value of 1.8 billion and a stock price of only 1.88 baht, analysts are optimistic about their growth in 2025, especially after social security issues are resolved, giving this company potential.

There are also CHG and PR9, slightly smaller in scale but each with its own characteristics. CHG focuses on local cash-paying patients, while PR9 invests in medical technology and digital platforms, both actively expanding. From the perspective of hospital stocks, what makes these companies most attractive is their stability.

The core points in choosing hospital stocks are actually these. First, understand who mainly makes money—foreign patients or local patients—as this determines how much they are affected by economic fluctuations. Second, always look at PE and ROE; a high PE indicates the stock is expensive, and a low ROE suggests inefficient use of capital. Third, observe their expansion strategies—whether they grow quickly through acquisitions or steadily open new branches—as this affects short-term and long-term performance.

Honestly, the reason hospital stocks are good is because this is a business that will not disappear. The population is increasing, aging is accelerating, new diseases are emerging—all these mean the demand for medical services will only grow. Moreover, once hospitals are built and brands established, the subsequent cash flow is stable, which is very attractive for investors seeking long-term stable dividends.

If you want to add some defensive assets to your portfolio, hospital stocks are indeed a good choice. BDMS, as an international large hospital, can give you the imagination of international growth; BH, with high ROE, can provide stable returns; while VIBHA and CHG, being relatively inexpensive, offer more growth potential. The key is to choose based on your risk tolerance and investment horizon, but regardless of which one you pick, hospital stocks as a whole sector are worth long-term attention.