Master Style PCL

The research team at Asia Plus Securities stated that Thailand's surgical and aesthetic industry is shifting from price competition toward quality, favoring large operators with strong brands, capital, and customer bases. Under this theme, the research team sees KLINIQ and MASTER as the main beneficiaries. KLINIQ stands out with its mid-to-upper customer base, multi-brand strategy, and network of more than 84 branches, while MASTER stands out in specialized surgery with high revenue per case and high margins, along with upside from the recovery of medical tourism. The research team estimates that profits in the second half for both stocks are likely to accelerate. KLINIQ is expected to post year-on-year profit growth in the third quarter of 2026 on double-digit same-store sales growth and a gross margin above 51 percent, while MASTER is expected to show a strong profit recovery from a low base last year after hospital revenue in July and August grew at a low single digit year on year, with the fourth quarter of 2026 being the high season. The research team maintains buy recommendations on KLINIQ and MASTER with fair values estimated at 34.00 baht and 12.00 baht, implying upside of 18 percent and 42 percent respectively, as share prices have not yet fully reflected the profit recovery in the second half of 2026.

Master Style Public Company Limited (MASTER) reported its operating results for the second quarter of 2026, with hospital revenue of 456.61 million baht, down 7.7% from the same period last year but up 4.6% from the first quarter of 2026. Net profit stood at 64.86 million baht, up 22.9% from the previous year, reflecting the company's ability to manage costs and improve operational efficiency. The net profit margin increased to 14.2% from 10.7% in the same period last year. For the second half of the year, the company continues to enhance internal efficiency while creating synergies among its business units to maximize the utilization of its existing business base, laying the foundation for growth, especially in the fourth quarter of 2026, which is the high season for the business and is expected to be the quarter with the highest revenue of the year.

MASTER has revealed that its performance has passed the bottom, expressing confidence in maintaining a full-year gross profit margin of 53-54%, with upside potential if service utilization returns to 60-70%, which would boost net profit margin to 18-19%. Meanwhile, the fourth quarter is set to fully benefit from the high season, following a dense booking queue for services. Brokers expect 2026 profits to grow 30% to 258 million baht, recommending a buy with a target price of 10.30 baht.

Dao Securities has raised its profit forecast for MASTER and upgraded its recommendation to buy, with a new target price of THB 10.30, up from THB 9.00. It expects second-quarter 2026 net profit of 63 million baht, up 19% from a year earlier and 3% from the previous quarter, better than its earlier estimate of 53 million baht, thanks to better cost control and a recovery in income from associates. Full-year 2026 profit is forecast at 258 million baht, up 30%, and 2027 profit at 299 million baht, up 16%. The broker assesses that profit troughed in the first quarter and will continue to recover.

Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.