CGS International analyst Kasem Prunratanamala notes that Praram 9 Hospital is set to benefit from strong foreign-patient flows, particularly from the Middle East. During a recent conference call, management highlighted robust growth in its international patient traffic.

However, margin improvements are expected to be gradual, as the hospital may still need to offer discounts to retain local Thai patients and invest in attracting new foreign markets.

The brokerage has raised the stock’s target price to THB 33.75 from THB 33.50 to reflect a valuation roll-forward, maintaining an “add” rating. Shares are currently 0.4% lower at THB 22.50.