Chularat Hospital
Chularat Hospital (SET: CHG) operates a network of hospitals concentrated in Samut Prakan and Chachoengsao, serving the Eastern Economic Corridor (EEC) industrial-estate worker base plus Bangkok outer-ring residents. FY2024 revenue ~THB 7B. The franchise is built around Social Security Scheme (SSS) contract volume, occupational-health services for factories, and corporate-client contracts — a different competitive position from central Bangkok private hospitals.
Snapshot
Headline numbers a buyer checks first.
FY2024 revenue
~THB 7B
FY2024
Geographic focus
Samut Prakan, Chachoengsao (EEC)
FY2024
Payor mix
SSS, corporate, UCS
FY2024
Listing
SET: CHG
2013
What this company actually does
Chularat operates a network of hospitals, clinics concentrated in Samut Prakan and Chachoengsao provinces, serving the Eastern Economic Corridor (EEC) industrial-estate worker base (auto-parts, electronics, chemical, petrochemical workers) plus Bangkok overflow residents. SSS contract volume from these factory workforces is the stable revenue foundation; occupational-health services (pre-employment screening, industrial-accident response, corporate wellness) add complementary revenue from direct corporate-client contracts with EEC manufacturers.[]
The strategic read: CHG is the single listed operator with the cleanest exposure to EEC economic dynamics. If EEC investment expands (per BOI's 2023, 2024 approvals in the automotive, electronics clusters), CHG's factory-worker contract volume grows. If EEC investment softens or automation reduces worker density, CHG's growth trajectory slows. The concentration is both the differentiator and the risk.[]
Business segments
Core
Samut Prakan hospital network
Primary hospital cluster in Samut Prakan — Bang Phli and nearby sites serving EEC industrial-estate worker base. Secondary care, general medicine, occupational health. ~ $202.9M FY2024 revenue driven by SSS contract patient volume.
Specialty
Occupational health services
Pre-employment screening, industrial-accident response, corporate wellness programmes for EEC manufacturers. Direct corporate-client contracts with auto, electronics, chemical, petrochemical factory operators add complementary revenue above SSS capitation.
Geographic
Chachoengsao clinic network
Secondary hospital, clinic operations in Chachoengsao serving EEC expansion zones. BOI's 2023-2024 EEC FDI approvals (automotive, electronics clusters) create medium-term volume tailwind with 1-2 year lag.
Payor mix
SSS contract — dominant revenue
Social Security Scheme contract volumes from EEC factory workers are the stable base. SSS capitation-rate decisions by SSO directly determine per-patient reimbursement; rate sensitivity is the primary margin risk alongside EEC industrial cycle.
Watchpoints for the next annual report
EEC investment pipeline
BOI EEC approvals flow through to factory-worker hospital volume with 1-2 year lag.
Corporate-client contract renewals
Large-factory contracts are lumpy; renewal terms move revenue.
SSS capitation-rate moves
Same sensitivity as BCH — rebasing flows directly through margins.
Automation impact
Factory automation reduces worker headcount over time; long-term structural trend.
EEC industrial-estate hospital demand drivers
EEC workforce (Samut Prakan, Chachoengsao)
Estimate
~800K–1M workers
Note
BOI EEC cluster FDI worker base
SSS capitation rate sensitivity
Estimate
High
Note
Rate changes flow directly through margins
| Metric | Estimate | Note |
|---|---|---|
| EEC workforce (Samut Prakan, Chachoengsao) | ~800K–1M workers | BOI EEC cluster FDI worker base |
| Chularat revenue (FY2024) | ~ $202.9M | SSS, corporate, UCS contracts |
| Peer BCH revenue | ~ $434.8M | Broader BMR network; more hospital units |
| SSS capitation rate sensitivity | High | Rate changes flow directly through margins |
Related Market profiles
Peers, parents, partners, agencies, and other Hospitals & Medical Tourism actors.
Competitor
Bangkok Chain Hospital
Mid-market SSS, UCS contract peer.
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Competitor
Bangkok Dusit Medical Services
Larger scale; competitive Bangkok-metro overlap.
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Sector peer
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Sector peer
Bangkok Hospital
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Sources + data provenance
Every filing, filing-adjacent register, or trusted industry source cited in this profile.
Chularat Hospital (SET: CHG) FY2024 Form 56-1 One Report
| Source | Publisher | Grade | As of |
|---|---|---|---|
| Chularat Hospital (SET: CHG) FY2024 Form 56-1 One Report | Chularat Hospital PCL | Primary | 2025-03-15 |
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