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TNH Hospital Group (TNH VN) – 9M 2025 Earnings – Strategic Restructuring Resets Long-Term Growth
Summary of 9M 2025 results and outlook of TNH Hospital Group (TNH VN)
Comprehensive restructuring under the new Board:
- Since taking office in June 2025, the new Board has undertaken a comprehensive reassessment of TNH’s operations, investment plans, and organizational structure.
- A refreshed Board now benefits from significantly enhanced oversight capabilities, supported by the appointment of seasoned industry leaders who bring both deep local insights and international experience, and the establishment of new sub-committees in Internal Audit, Planning & Budgeting, and Procurement.
- Concurrently, TNH has bolstered its management team across key functions, including Finance, Human Resources, Procurement, and Patient Services & Business Development, to improve operational delivery.
- On the business front, TNH is expanding service offerings, enhancing marketing efforts and partnerships with 50 insurance providers to drive patient visit growth and brand visibility.
- The Board has also de-risked the project pipeline. The Hanoi project, with VND20bn invested, was transferred at VND28bn after reaching the licensing stage. Potential divestments of the Danang oncology and Thai Nguyen ophthalmic projects are being evaluated, with limited capital exposure and no expected loss. Resources are now concentrated on operating hospitals to accelerate profitability, while upcoming facilities benefit from stronger governance and standardized procedures.
9M/2025 Results & Outlook
- Net revenue rose 6.7% y/y to VND355bn, led by Viet Yen GH (in Bac Ninh)’s higher contribution, which offset TIGH and YBGH’s softer results in Thai Nguyen. TIGH & YBGH’s revenue declined 2.6% y/y to VND315bn on lower outpatient visits, though a shift toward higher-value treatments improved the outpatient-to-inpatient transition rate (8.0%→9.5%). Viet Yen GH, operational since Nov 2024, but became eligible for national insurance patients in July 2025. This raised patient accessibility, leading to 9M revenue to VND40bn. TNH reported a VND76bn net loss, reflecting Viet Yen GH’s early-stage losses, TIGH & YBGH’s higher staffing costs.
- Long-term Outlook: In 2026F, restructuring measures are projected to have full effect. Existing hospitals should improve, though losses from new facilities will likely soften the group’s return to profitability. Viet Yen GH and Maternity center are projected to become profitable in 2027F, followed by Lang Son GH in 2029F with group’s net profit gradually grows by 2030F as full contribution of five-hospital network.
