The Klinique Med Clinic PCL

The Kliniq Medical Clinic Public Company Limited, or KLINIQ, has raised its 2026 revenue target to 4.5 billion baht from the previous 4.15 billion baht, representing growth of nearly 27 percent from the prior year. This follows second-quarter 2026 revenue of 1.127 billion baht, up 32.4 percent year on year, and net profit of 111.9 million baht, up 24.9 percent. For the first six months, total revenue reached 2.2133 billion baht and net profit was 233.1 million baht, an increase of 33.7 percent. The company has set a 2026 capital expenditure budget of 300 to 320 million baht to open at least 13 new branches in the second half of the year, and expects full-year net profit margin of around 11 percent. Revenue from foreign customers currently accounts for 14 percent of total revenue, compared with a target of 20 percent by 2028.

Asia Plus Securities has warned that three risk factors are pressuring risky assets worldwide, dragging Asian equities sharply lower, and expressed concern over the Thai economy after the second-quarter current account deficit reached as high as 17.7 billion US dollars, or about 12 percent of GDP, the most severe compared with past crises. The brokerage recommends investors adjust portfolios defensively, focusing on commodities, energy, retail, and high-dividend stocks, while highlighting PTT, CPF, and KLINIQ as safe-haven picks. The three risk factors are tensions in the Strait of Hormuz, which pushed Brent crude to 91.3 US dollars per barrel, the highest in 25 days; the 10-year US Treasury yield rising to 4.71 percent and the 30-year yield touching 5.29 percent, pressuring technology stock valuations; and institutional investors increasing short positions in NASDAQ100 futures by more than 41 percent over two weeks to 109,700 contracts. That sent the NASDAQ index to its lowest in two weeks and dragged the KOSPI down 5.46 percent, the Nikkei down 2.37 percent, Taiwan down 1.20 percent, and Singapore down 1.16 percent. For the Thai economy, the current account in the second quarter of 2026 swung to a deficit for the first time in eight quarters, due to surging imported fuel costs and freight rates. The trade balance recorded a deficit of 12.1 billion US dollars, while the services balance deficit also widened, pressuring the baht. Foreign investors opened net short positions in TFEX as high as 23,212 contracts in a single day and have sold a net total of more than 6.2 billion baht in Thai equities since the start of the month. Asia Plus Securities recommends a selective buy strategy in three main groups: beneficiaries of higher oil prices and freight rates such as PTTEP, PSL, RCL, and PRM; companies with recovering third-quarter 2026 earnings and benefits from a weaker baht such as CPF, ITC, DELTA, HANA, KCE, BH, BDMS, and PR9; and domestic consumption, tourism, and advertising media names such as CPALL, CENTEL, ERW, and VGI. The top picks of the day are PTT, which benefits from oil prices and offers high dividends; CPF, which gains from the weaker baht and recovering meat prices and is set to trade ex-dividend on 31 August 2026 with an interim dividend of 0.45 baht per share; and KLINIQ, whose second-half outlook is strong with a chance of raising its sales target from the current expected growth of 20 percent year on year.

Kasikorn Securities forecasts that KLINIQ will report a normal profit of 115 million baht for the second quarter of 2026, up 29% from the same period last year, and expects an interim dividend payment for the first half of 2026 of 0.80 baht per share, an increase of 14% from the previous year. As a result, major shareholders Mr. Sathaporn Ngamruangphong and Mr. Paiboon Sereewiwattana will receive combined dividends of more than 15.25 million baht. Mr. Sathaporn holds 4,330,300 shares, representing a 1.97% stake, and will receive a pre-tax dividend of approximately 3.46 million baht, while Mr. Paiboon holds 14,737,882 shares, representing a 6.70% stake, and will receive a pre-tax dividend of approximately 11.79 million baht.

Two brokerages rate KLINIQ as the standout stock in the beauty business group, forecasting that 2026 revenue could grow beyond the 20% target, up from the 11% previously expected by research teams, after first-half results came in above target. Krungsri Securities sets a target price of 33 baht and maintains a buy recommendation, estimating full-year 2026 profit at 403 million baht. Another research house gives a fair value of 30 baht and keeps a speculative buy rating, with a full-year 2026 net profit forecast of 458 million baht, up 26% from the previous year, driven by same-store sales growth, new branch openings, and a recovery in gross margin. They also project a dividend yield as high as 5.6%.