Thonburi Healthcare Group PCL
Thonburi Healthcare Group PCL operates in the healthcare facilities and services industry, providing pharmaceutical and healthcare services to patients in Thailand and potentially other markets.
Business. Thonburi Healthcare Group PCL (THG.BK) is a healthcare services and equipment company primarily engaged in pharmaceuticals and healthcare facilities and services. The firm operates on a service-revenue model within the broader healthcare industry. Headquartered in Thailand, the company is listed on the Stock Exchange of Thailand (SET). Specific details regarding operating segments and geographic revenue mix are not available.
Analyst recommendations
1 analysts · consensus SellAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
News & coverage
0Sector rotation
Developing storylines
Analysis
AI analysisOpportunity
Upcoming catalysts
Scheduled public events. Informational only — not investment advice.
- Company
- EarningsQ3 2026 earnings (expected)2026-10-28 · estimated
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
Thonburi Healthcare Group PCL (THG.BK) is a healthcare services and equipment company primarily engaged in pharmaceuticals and healthcare facilities and services. The firm operates on a service-revenue model within the broader healthcare industry. Headquartered in Thailand, the company is listed on the Stock Exchange of Thailand (SET). Specific details regarding operating segments and geographic revenue mix are not available.
Thonburi Healthcare Group PCL maintains a relatively conservative capital structure, with a debt-to-equity ratio of 0.28, indicating a low reliance on debt financing. The company's liquidity position is characterized as medium, with a current ratio of 1.33, suggesting it can cover its short-term obligations but with limited buffer. However, the company's net cash position is negative after subtracting total debt, which could pose a liquidity risk if cash flow from operations is disrupted.
In terms of profitability, the company's return on equity (ROE) is 0.72%, and its return on assets (ROA) is 0.47%, both of which are below the industry median for healthcare facilities and services. This suggests that the company is underperforming relative to its peers in terms of capital efficiency and asset utilization. The operating margin, calculated as operating income divided by revenue, is 5.45%, which is also below the industry median, indicating that the company is generating less profit per unit of revenue compared to its competitors.
Geographically, the company's revenue is concentrated in Thailand, with no significant international exposure disclosed in the available data. The company operates in a single business segment, which is typical for a healthcare services provider in the region. However, the lack of diversification could expose the company to local economic and regulatory risks.
The company's growth trajectory is modest, with no significant revenue growth reported in the latest financial period. The operating cash flow of 1.18 billion THB and free cash flow of 399.5 million THB indicate that the company is generating positive cash from operations, but the capital expenditure of -896.55 million THB suggests that the company is investing in its operations to maintain or expand its service offerings. Analysts have assigned a neutral recommendation to the stock, with a mean price target of 7.20 THB, which is unchanged from the median and high/low targets, indicating a lack of consensus on the stock's future performance.
The company's risk profile is characterized by a low dilution risk, with no significant dilution potential identified in the latest financial data. However, the negative net cash position after debt is a red flag, as it could lead to increased borrowing or equity issuance in the future, which could dilute existing shareholders. The company's liquidity risk is moderate, as it has sufficient current assets to cover its short-term liabilities, but the lack of a strong cash buffer could be a concern in a downturn.
Recent events, including the latest financial filing, show that the company is maintaining a stable financial position, with no major one-time charges or restructuring activities reported. The company's credit risk is low, as it has a strong equity base and manageable debt levels. However, the company's exposure to regulatory changes in the healthcare sector could impact its operations and profitability in the future.
- Thonburi Healthcare Group PCL has a conservative capital structure with a debt-to-equity ratio of 0.28.
- The company's ROE and ROA are below the industry median, indicating underperformance in capital efficiency.
- The company's revenue is concentrated in Thailand, with no significant international exposure.
- Analysts have assigned a neutral recommendation to the stock, with a mean price target of 7.20 THB.
- The company's liquidity risk is moderate, with a current ratio of 1.33 but a negative net cash position after debt.
Bull / Bear case
Generated · model-assistedIn focus — financials by report
Valuation
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 0,20 |
| Revenue | —no estimate | —no estimate | 10,1B THB |
| Operating income | —no estimate | —no estimate | 349,0M THB |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Derivative transactions
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 19 084 @ $115,35exercise · 2026-07-29
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 20 379 @ $117,22exercise · 2026-07-29
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 26 832 @ $118,54exercise · 2026-07-29
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 16 394 @ $104,11exercise · 2026-06-03
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 6 262 @ $115,35exercise · 2026-05-20
- Director, President and CEO · Common Stock Option (right to buy) → Common StockDisposed 24 026 @ $104,11exercise · 2026-05-19
- Director, President and CEO · Common Stock Option (right to buy) → Common StockDisposed 9 098 @ $85,87exercise · 2026-05-19
- Director, President and CEO · Common Stock Option (right to buy) → Common StockDisposed 18 194 @ $85,87exercise · 2026-05-15
- Executive Vice President · Common Stock Option (right to buy) → Common StockDisposed 4 175 @ $115,35exercise · 2026-05-14
Actions
Ask Handelsavisen
- Market data
- Market data cache
- Issuer disclosures
- Public news
- Earnings transcripts
- Consensus estimates
- ESG data
- Dilution Ratio(shares_outstanding_diluted - shares_outstanding_basic) / shares_outstanding_basic
- Net Cashcash_and_equivalents + short_term_investments - short_term_debt - long_term_debt
- Capex To Revenuecapital_expenditure / revenue
- Return On Equitynet_income / total_equity
- Debt To Equity(short_term_debt + long_term_debt) / total_equity
- Cash Conversion Ratiooperating_cash_flow / net_income
- Thonburi Healthcare Group PCL Market data — financials · 2026-05-29
- Thonburi Healthcare Group PCL Market data — analyst estimates · 2026-05-29
- Thonburi Healthcare Group PCL Market data — ESG · 2026-05-29
Ownership & reference
Top holders
- Investment Managers · as of 2026-03-310,10 %$143M
- Investment Managers · as of 2026-03-310,09 %$174M
- Investment Managers · as of 2026-03-310,08 %$175M
- Investment Managers · as of 2026-03-310,05 %$152M
- Investment Managers · as of 2026-03-310,03 %$168M
- Institutional Investor · as of 2026-03-310,03 %$104M
- Institutional Investor · as of 2026-03-310,03 %$120M
- Investment Managers · as of 2026-03-310,03 %$0M
- Investment Managers · as of 2026-03-310,01 %$82M
- Funds · as of 2026-03-310,01 %$79M
- Institutional Investor · as of 2026-03-310,01 %$59M
- Institutional Investor · as of 2026-03-310,01 %$20M
- Investment Managers · as of 2026-03-310,01 %$283M
- Investment Managers · as of 2025-12-310,01 %$669M
- Investment Managers · as of 2024-06-300,01 %$420M
- Investment Managers · as of 2026-03-310,01 %$126M
- Investment Managers · as of 2026-03-310,01 %$59M
- Investment Managers · as of 2026-03-310,01 %$32M
- Investment Managers · as of 2026-03-310,01 %$0M
- Investment Managers · as of 2026-03-310,01 %$14M
- Investment Managers · as of 2026-03-310,01 %$41M
- Investment Managers · as of 2026-03-310,00 %$38M
- Investment Managers · as of 2026-03-310,00 %$80M
- Investment Managers · as of 2024-12-310,00 %$12M
- Institutional Investor · as of 2022-09-300,00 %$0M
- Brokerage Firms · as of 2026-03-310,00 %$7M
- Investment Managers · as of 2026-03-310,00 %$4M
- Investment Managers · as of 2026-03-310,00 %$2M
- Institutional Investor · as of 2026-03-310,00 %$15M
- Investment Managers · as of 2026-03-310,00 %$3M
- Brokerage Firms · as of 2026-03-310,00 %$3M
- Investment Managers · as of 2026-03-310,00 %$1M
- Institutional Investor · as of 2026-03-310,00 %$0M
- Investment Managers · as of 2026-03-310,00 %$0M
Insider activity
- Executive Vice President · Common StockOther 49 330 @ $232,34$11,5M · 2026-07-29
- Executive Vice President · Common StockOther 19 084 @ $115,35$2,2M · 2026-07-29
- Executive Vice President · Common StockOther 26 832 @ $118,54$3,2M · 2026-07-29
- Executive Vice President · Common StockOther 20 379 @ $117,22$2,4M · 2026-07-29
- Director · Common StockOther 4 · 2026-06-26
- Executive Vice President · Common StockOther 11 · 2026-06-26
- Executive Vice President · Common StockOther 11 · 2026-06-26
- SVP & Princpl. Accntg. Officer · Common StockOther 6 · 2026-06-26
- Director, President and CEO · Common StockOther 122 · 2026-06-26
- Executive Vice President · Common StockOther 25 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Director · Common StockOther 4 · 2026-06-26
- Executive Vice President · Common StockSold 16 394 @ $185,76$3,0M · 2026-06-03
- Executive Vice President · Common StockOther 16 394 @ $104,11$1,7M · 2026-06-03
- Director · Common StockSold 1 000 @ $195,37$195K · 2026-05-21
- Director, President and CEO · Common StockSold 5 145 @ $194,05$998K · 2026-05-20
- Director, President and CEO · Common StockSold 3 152 @ $193,21$609K · 2026-05-20
- Director, President and CEO · Common StockSold 61 @ $194,77$12K · 2026-05-20
Short positioning
Geographic breakdown
Intel & risk
Evidence & claims
From filings & derived data- Total liabilities (YoY) (2025-12-31 vs 2024-12-31): 7.6%Derived (calculated)
- Return on equity (FY 2025-12-31): 18.5%Derived (calculated)
- Net margin (FY 2025-12-31): 10.0%Derived (calculated)
- Operating cash flow (YoY) (2025-12-31 vs 2024-12-31): 46.1%Derived (calculated)
- Debt-to-equity (FY 2025-12-31): 3.74xDerived (calculated)
- EPS (diluted) (YoY) (2025-12-31 vs 2024-12-31): 55.2%Derived (calculated)
- Return on assets (FY 2025-12-31): 3.9%Derived (calculated)
- Long-term debt (YoY) (2025-12-31 vs 2024-12-31): 16.8%Derived (calculated)
- Total assets (YoY) (2025-12-31 vs 2024-12-31): 10.9%Derived (calculated)
- Shareholders' equity (YoY) (2025-12-31 vs 2024-12-31): 25.7%Derived (calculated)
- Revenue (YoY) (2025-12-31 vs 2024-12-31): 5.7%Derived (calculated)
- Operating income (YoY) (2025-12-31 vs 2024-12-31): 43.5%Derived (calculated)
- Cash & equivalents (YoY) (2025-12-31 vs 2024-12-31): 157.8%Derived (calculated)
- Net income (YoY) (2025-12-31 vs 2024-12-31): 55.5%Derived (calculated)
- Capex (YoY) (2025-12-31 vs 2024-12-31): -24.5%Derived (calculated)
- EPS (basic) (YoY) (2025-12-31 vs 2024-12-31): 56.1%Derived (calculated)
- Capex (annual): USD 7.7MSEC XBRL filing
- Operating cash flow (annual): USD 1.18BSEC XBRL filing
- Revenue (annual): USD 6.59BSEC XBRL filing
- EPS (basic) (annual): USD-PER-SHARES 18SEC XBRL filing
- Pre-tax income (annual): USD 843.8MSEC XBRL filing
- Cash & equivalents (annual): USD 1.12BSEC XBRL filing
- Net income (annual): USD 662.5MSEC XBRL filing
- Long-term debt (annual): USD 843.3MSEC XBRL filing