Medeze Group PCL

MEDEZE expects third-quarter 2026 results to recover from a year earlier after concerns over Cambodia eased and its advanced medical cell business progressed. The company has already received cell bank certification and is seeking GMP approval from the Thai FDA, with completion expected in the third to fourth quarter of 2026. It plans to begin clinical trials for knee osteoarthritis and skin rejuvenation products from the third quarter of 2026 through mid-2027, and expects to register its knee osteoarthritis stem cell product in the third quarter of 2027. Internationally, the company is expanding its cell banking business in the Philippines through a franchise model, with operations expected to begin in the third to fourth quarter of 2026. Meanwhile, a cell culture media factory under a joint venture will start commercial production in the first quarter of 2028, aiming to replace imports worth several hundred million baht per year.

Medeze Group Public Company Limited, or MEDEZE, has signed a memorandum of understanding with Bangkok Hospital Udon to develop innovative medical and holistic healthcare services. The collaboration covers personal stem cell storage, hair root cell storage, immune potential testing, as well as the promotion of anti-aging medicine and precision medicine at Bangkok Hospital Udon in Udon Thani province. MEDEZE is a leader in stem cell banking with internationally recognized standards and is the first in Thailand to achieve cell bank accreditation.

Gulf Energy Development Public Company Limited, or GULF, reported a record-high operating profit of 12.3 billion baht in the second quarter of 2026, up 74% from the same period last year, driven by its energy business and share of profit from ADVANC. In the second half, it plans to start commercial operation of an additional 700 megawatts of power plants and targets 12-15% growth in total revenue and EBITDA this year. ADVANC announced a second-quarter 2026 profit of 13.7 billion baht, up 25%, with its 5G user base surpassing 19.7 million and an interim dividend of 8.69 baht per share. TRUE is still awaiting clarity on the China Mobile issue. OR swung to a loss of over 1.77 billion baht in the second quarter of 2026 due to inventory valuation losses from falling global oil prices, even though revenue grew to 205 billion baht and Cafe Amazon achieved record sales of 117 million cups. MEDEZE reaffirmed its leadership in stem cell banking with international standards. NER is confident that third-quarter 2026 results will recover in line with rubber prices, despite cutting its sales volume target to 440,000-450,000 tons while maintaining its 2026 revenue target of 30 billion baht. KUN reported first-half revenue of 278 million baht, up 40%, driven by demand for detached houses priced at 5 million baht and above. TEKA reported a 66.8% surge in first-half 2026 profit to 40.46 million baht, with revenue exceeding one billion baht. SYNEX announced a second-quarter 2026 net profit of 224 million baht, up 17.8%, and an interim dividend of 0.10 baht per share, with the XD date set for August 19. PCE is confident that the palm oil industry will be supported by global palm prices and B7-B20 policies. TMI is accelerating resolution of power plant issues and sustaining its lighting equipment business. SPVI is unfazed by Apple's iPhone price adjustments, noting that it supports margins through selling price adjustments. POLY is benefiting from TOYOTA's sales dominance in the Thai auto market, pushing the revenue share of its automotive group past 60%. ALPHAX is expanding into the Lao financial sector with digital transformation and AI. AURA is preparing to offer its first bond issuance of 2026 to expand its gold ornament sale-with-repurchase portfolio.

MEDEZE Group Public Company Limited, or MEDEZE, is moving forward to reinforce its leadership in stem cells and regenerative medicine in Thailand by developing infrastructure that is certified both domestically and internationally. This covers a modern drug manufacturing license from the Food and Drug Administration, the country's first cell bank standard from the Ministry of Public Health, AABB and ISO accreditations, as well as participation in the Advanced Therapy Medicinal Products Regulatory Sandbox to help drive the development of advanced medical products in the country. Chief Executive Officer Dr. Veerapol Khemarangsan revealed that the company is committed to building confidence among the public, investors, and the medical community by developing comprehensive stem cell and advanced medical infrastructure under standards recognized both in Thailand and internationally. It is also continuously extending research, collaboration with medical institutions, and innovation in regenerative medicine to elevate Thailand's potential toward becoming a regional hub for regenerative medicine and medical innovation.

Asia Plus Securities says the Ministry of Public Health aims to push Thailand to become the regional hub for Advanced Therapy Medicinal Products, or ATMP Hub, within four years by upgrading ATMP industry standards covering cell production, storage, and transport, while requiring operators to meet GMP standards and obtain Cell Bank certification. The research team views this as directly positive for MEDEZE as the leader in Thailand's cell banking business, with over 50% market share and the country's first legally registered cell bank, reflecting readiness to expand into the ATMP business with leading medical institutions. If the ATMP Sandbox project makes concrete progress, it will be a key driver for the development of the anti-aging and regenerative medicine business, which has high growth potential. Currently, the company is awaiting registration of products for knee osteoarthritis and facial skin degeneration, and expects to start recognizing commercial revenue from 2027 onwards. Meanwhile, the growth of the ATMP industry provides structural support for the longevity business in the long term. BDMS stands out for expanding preventive health and anti-aging medicine services through WellEra and BDMS Wellness Clinic, covering anti-aging and regenerative medicine. Although the current revenue share is not high, it is a high-margin business that attracts high-purchasing-power customers. BH has a strength in VitalLife, which has been in the longevity business for over 20 years and is recognized by the premium medical tourism segment, thus also likely to benefit from the megatrend of anti-aging and health restoration medicine in the long term. The research team picks MEDEZE as the top stock for this theme due to the clearest growth potential in the ATMP business within the group, with a preliminary fair value of 8.00 baht based on historical P/E plus two standard deviations at 40.29 times, implying 22% upside, and recommends buying. BDMS and BH have opportunities to benefit from the long-term growth of the longevity and regenerative medicine business, with DCF-based fair values of 23.00 baht and 200.00 baht, respectively.