Health Care Facilities

Ensign Group has declared a quarterly dividend of $0.065 per share, in line with its previous payout. The dividend carries a forward yield of 0.15% and is payable Oct. 31 to shareholders of record as of Sept. 30, with the ex-dividend date also set for Sept. 30. The company has now announced a dividend of $0.065 for four consecutive quarters.

Yuanta Securities issued an analysis after visiting the Bloom Mental Wellness Hospital of Ekachai Medical Care Public Company Limited, or EKH, maintaining its "Trading" recommendation and a 2027 base value of 5.85 baht using a DCF method with a WACC of 8.6% and terminal growth of 2.5%. Bloom is a premium 50-bed hospital specialising in mental health and psychiatry, in which EKH holds a 58% stake. It began services in July 2026, targeting revenue of about 25-30 million baht in 2026 before rising to more than 100 million baht in 2027 and growing to roughly 400 million baht per year within the fourth to fifth year once it reaches maturity. Net margin is expected at around 16-18%, with a project IRR of about 16-17% and a payback period of about seven years. On the 3Q26 earnings outlook, the company said revenue in July-August 2026 grew at a double-digit rate year on year, driven by its specialised medical centres covering paediatrics, cardiology and vascular care, and IVF, as well as a rising number of cash-paying patients amid outbreaks of influenza and COVID-19. Profit is expected to grow both quarter on quarter and year on year even as it recognises losses from the new hospital. The brokerage maintained its 2026 profit forecast at 248 million baht, down 5% year on year, and expects a clear recovery in 2027 profit, anticipating that Bloom hospital will reach EBITDA breakeven from 1Q27. It also expects dividend yields of 5.5% in 2026 and 6.1% in 2027.

PRG Corporation Public Company Limited, part of MBK Public Company Limited, or MBK, has acquired a big lot of 125.66 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03%, from BBTV Equity Company Limited, the largest shareholder and a company of the Rattanarak family, owner of Channel 7HD, which has held VIH shares since 2014. Two days earlier, VIH shares jumped 10.71% to close at 9.30 baht amid reports of the big lot. VIH operates four hospitals: Vichaiyut International Hospital Om Noi, Vichaiyut International Hospital Nong Khaem, Vichaiyut International Hospital Samut Sakhon, and Vichaiyut Hospital Fai Chai, along with Srivichai Vocational School, and has consistently profitable operations, paying dividends every year, with the latest dividend yield at 4.24%. The acquisition marks MBK's advance into the medical and health business. MBK has six core businesses: rice production and distribution, contract manufacturing, food courts, property and real estate development, logistics, and energy. Synergies are expected, from opening comprehensive health centers or specialized clinics in the group's shopping malls such as MBK Center, Paradise Park, and The Nine Center, to expanding medical tourism with group hotels such as Pathumwan Princess Hotel, and linking customer databases and loyalty programs across the group's businesses.

Aevis Victoria reported a net asset value of CHF26.75 per share for H1 2026, up nearly 7% year-over-year and 2.3% versus the prior year-end level, while the discount to NAV remained above 50%, which management described as unprecedented in the group's history. Within the healthcare segment, Swiss Medical Network's EBITDA margin improved from 18.6% to 21.6%, and ambulatory services turned EBITDA-positive for the first time, with its margin rising from 7.1% to 11.8%. The company set a healthcare EBITDA margin target of 23% with organic growth of 2% to 3% per year, noting mature hospitals representing over 50% of the portfolio can reach more than 25% to 26% EBITDA margin while ramp-up hospitals sit at 10% to 20%. Interest expenses declined 43% year-over-year, consolidated net debt stood at CHF846 million with the bulk under Swiss Hotel Property, Swiss Medical Network's net debt-to-EBITDA was approximately 2.2x to 2.3x, and loan-to-value for the real estate business fell to 45%. Chief Financial Officer Michel Keusch cited three catalysts to narrow the discount to NAV: a next phase of value crystallization through selling stakes to strategic shareholders, including the officially announced search for strategic investors in Swiss Medical Network; enhanced investor relations with more roadshows, a Capital Markets Day and greater financial transparency; and a near-quintupling of average daily liquidity over the past two years.

Asia Plus Securities assessed PR9, noting that revenue from July to August grew 5-6% YoY, supported by Thai patients with influenza, COVID-19, and complex cases. Meanwhile, revenue from foreign patients rose 3-4% YoY on higher revenue per bill, particularly from Qatar and Myanmar, reflecting strong 3Q69 momentum. Combined with the absence of special expenses, this supports a recovery in net profit margin from 1Q69 and 2Q69. The company has begun offering Bi-Plane Angiography and HBOT services to accommodate complex cases, with additional depreciation of only 1 million baht per quarter. It will also add ICU and CCU beds in 4Q69 to support bed occupancy above 70%, as well as rising complex cases and strokes. On expanding its foreign patient base, the China market will focus on Premium IVF, while Indonesia is preparing to resume marketing late this year, with results expected to begin showing early next year. There is also upside from the opportunity to resume cooperation with Garuda airline. The research team maintains its 2026 net profit forecast at 842 million baht, up 2.3% YoY, on hospital revenue of 5,445 million baht, up 5.1% YoY, and keeps its Buy recommendation with a 2027 fair value of 23.00 baht. As for the EDGNEX Data Center, a joint venture between a Dubai capital group and PROEN, located next to Building B of Praram 9 Hospital, it has not yet received a license or begun operations. Although there are concerns about heat and electricity costs, there is still insufficient information to assess the impact, so it bears continued monitoring.

Ramsay Santé Group unveiled "Connecting Care 2030," a new four-year strategic roadmap, at its 2026 Capital Markets Day in Paris. The plan targets revenue growth of between 2.0% and 3.0% in FY2027 with a stable EBITDA margin versus FY2026, and revenue growth of approximately 3.0% per annum with gradual EBITDA margin improvement by FY2029, alongside gross capex of about 4.0% of revenue on average over the FY2027 to FY2029 period. The group also targets continued deleveraging, with net debt to EBITDA on a pre-IFRS basis below 4.0x. The strategy rests on five pillars: strengthening the integrated and accessible healthcare offering, embracing digital transformation, active portfolio and contract management, continued cost initiatives, and accelerating profitable growth through new revenue streams. Separately, majority shareholder Ramsay Health Care, which holds 52.79% of Ramsay Santé Group, has announced its intention to distribute its entire stake to its own shareholders through an in-specie distribution expected in December of this year, and Ramsay Santé has applied for a foreign exempt listing on the Australian Securities Exchange through CHESS Depository Interests. Crédit Agricole Assurances, which holds 39.82% of the group, has reaffirmed its commitment as a long-term shareholder.

KGI Securities (Thailand) expects Bangkok Dusit Medical Services Public Company Limited, or BDMS, to post a strong recovery in its third-quarter 2026 results, forecasting core profit of 4.51 billion baht, up 4.3% year on year and up 38.7% quarter on quarter, driven by revenue growth of 8% year on year in July 2026 and 10% year on year in August. Revenue from domestic and international patients is expected to grow, as this is the high season for medical treatment, amid seasonal outbreaks of influenza and COVID-19, while the number of foreign patients continues to recover well, especially from the Middle East. KGI's research team maintains its 2026 profit forecast at 16.1 billion baht, up 1.7% year on year, and its 2027 forecast at 17.7 billion baht, a rise of 9.8% year on year, with margins improving from 34.0% in 2026 to 35.0% in 2027. Meanwhile, BDMS aims to raise the share of revenue from its wellness business to 20% by 2035, from 12% in 2025. Thailand's wellness market is worth 42.7 billion US dollars, ranking 24th in the world and 9th in the Asia-Pacific region, and is expected to grow 7-10% per year over the next two to three years. On investment strategy, KGI recommends buying BDMS shares with a 2027 target price of 23.50 baht, selecting it as one of its top picks in the hospital sector.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

Krungsri Securities Public Company Limited recommends buying shares of Safe Fertility Group Public Company Limited, or SAFE, with a 2027 target price of 9.80 baht based on a DCF valuation using a WACC of 9.7%. It views the stock's 2027 PE of 12 times as below the average forward PE by one standard deviation and below book value per share at a PBV of under 1 time, which limits downside relative to medium- to long-term recovery prospects. The main rationale is that the business sits within a megatrend of government support for childbearing in many countries. If Thailand relaxes its surrogacy law, it would help expand the market and raise the value of services per case over the long term, while foreign customer momentum looks set to recover in the second half. Management expects second-half revenue to grow better than the first half, driven by improving signs in service usage among foreign clients and better NGG revenue from joined embryonic chromosome screening under the National Health Security Office project. Meanwhile, Finansia Syrus Securities Public Company Limited expects profit in the second half of 2026 to recover continuously but only slightly, with first-half net profit accounting for about 45% of its 2026 net profit forecast, which is expected to grow 6% from the same period a year earlier. It maintains a target price of 7.25 baht and a hold recommendation, noting that although upside remains open, the IVF market is still recovering slowly and geopolitical risks continue to pressure foreign customers.

The research department of Asia Plus Securities said that fiscal 2027 budget disbursement, which will circulate through the economy and stimulate domestic GDP, will benefit four industries worth watching. The retail group, or COMM, gains from government measures that support purchasing power and grassroots-level consumption, with standout stocks CPALL, CPAXT and BJC. The tourism and services group, or TOURISM, receives support from tourism promotion budgets and airport infrastructure, with standout stocks AOT, CENTEL and THAI. The banking group, or BANK, grows in line with an overall GDP recovery driven by the budget injection, with standout stocks BBL, KBANK and KTB. The construction and construction materials group will unlock the investment cycle and disbursement of state mega-projects, with standout stocks SCC, SCCC, TPIPL, CK and STECON. In a highly volatile market, the research department selected standout stocks with their own specific positive factors. CK gains fully from the positive momentum of the fiscal 2027 Budget Act passing parliament, with expectations that state mega-projects will move forward. ERW is a tourism stock benefiting from the weaker baht, government stimulus programs such as Thai Tiew Thai Plus, and the Golden Week festival. BDMS is a medical stock whose current price has been slow to rise, or a laggard, but its third-quarter 2026 earnings are expected to recover strongly on both Thai and foreign patients.

KGI Securities (Thailand) preliminarily estimates that BDMS will report core profit for the third quarter of 2026 of 4.51 billion baht, up 4.3% year on year and 38.7% quarter on quarter, accounting for 28.0% of its full-year profit forecast. Revenue in July 2026 grew 8% year on year and August rose 10% year on year, bringing third-quarter 2026 revenue growth to an expected 9% year on year, at 29.8 billion baht, or an increase of 9.0% year on year and 15.1% quarter on quarter. Supporting factors came from the high season for medical treatment, the seasonal outbreak of influenza and COVID-19, and a solid recovery in foreign patient numbers, especially from the Middle East, in line with a rise in Middle Eastern tourists of 8.7% in July and 14.9% in August year on year. The gross margin is expected at 35.6%, up from 35.0% in the third quarter of 2025 and 31.2% in the second quarter of 2026. Thailand's wellness market is worth 42.7 billion US dollars, accounting for nearly 8% of GDP, and is expected to grow 7-10% per year over the next two to three years. BDMS aims to raise the share of revenue from the wellness business to 20% by 2035 from 12% in 2025. KGI maintained its 2026 profit forecast at 16.1 billion baht, up 1.7% year on year, and its 2027 forecast at 17.7 billion baht, up 9.8%, while keeping its buy recommendation with a 2027 target price of 23.50 baht.

Krungsri Securities recommends buying shares of Safe Fertility Group, or SAFE, with a 2027 target price of 9.80 baht based on a DCF valuation using a WACC of 9.7%. It calls the stock a megatrend play supported by child-promotion policies in several countries, while noting that if Thailand relaxes its surrogacy law it would help expand the market and raise the value of services per case over the long term. Foreign customer momentum also looks set to recover in the second half, reflecting the company's competitiveness in service quality and its high success rate. The stock trades at a 2027 PE of 12 times, or a forward PE more than 1.0 standard deviation below the mean, and below book value per share at a PBV of under 1 time. It sees limited downside relative to medium- to long-term recovery potential. Meanwhile, Finansia Syrus Securities expects second-half 2026 profit to continue recovering, though only slightly, with first-half net profit accounting for about 45% of its full-year 2026 net profit forecast, which it expects to grow 6% year on year. It maintains a target price of 7.25 baht with a hold rating, noting that although upside remains open, the IVF market is still recovering slowly and geopolitical risks continue to pressure foreign customers.

HCA Healthcare has completed its previously announced acquisition of The College of Health Care Professions. The Nashville-based hospital operator said the deal builds on its longstanding commitment to healthcare education and on decades of collaboration with CHCP through program advisory boards, clinical sites and career placement. CHCP serves more than 8,000 students at 10 campuses across Texas and through online programs, offering more than 20 accredited healthcare programs, and has helped prepare more than 52,000 students for healthcare careers since its founding in 1988. Eric Bing will continue to lead CHCP as Chancellor and CEO, and the college will preserve its mission, programs and focus on adult learners. HCA Healthcare, founded in 1968, comprises 190 hospitals and approximately 2,600 ambulatory sites of care in 19 states and the United Kingdom, and supports more than 365 Graduate Medical Education programs across 87 hospitals.

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.

Phillip Securities issued an analysis stating that PR9 is shifting its treatment focus from general diseases to core specialties, namely kidney disease, heart disease, and brain disease, aiming to concentrate on more complex treatments. It is also strengthening its capabilities with Bi-Plane Angiography and Hyperbaric Oxygen Therapy, which began offering services in the third quarter of 2026. The emphasis on complex disease groups is seen as having the potential to raise revenue per case and create differentiation from the competition. In the fourth quarter of 2026, PR9 plans to expand ICU, CCU, and Neuro beds from 24 to 31 to accommodate rising bed occupancy rates and complex-disease patients. If it can maintain high occupancy, the fixed costs already invested will be spread over higher revenue, helping profit grow faster than revenue. The company also targets a 27-28% share of revenue from international patients in 2026, pushing into the Myanmar, Indonesian, Middle Eastern, and Chinese markets, while keeping its marketing budget to no more than 3% of revenue and applying AI in medicine, marketing, and documentation. The research team maintains its "Buy" recommendation with a fundamental value of 24.00 baht per share.

Tenet Healthcare has raised its 2026 adjusted EBITDA outlook to $4.83-$5.03 billion, citing higher-acuity services, strong commercial revenues and continued expansion of its ambulatory care platform, USPI. The Zacks Consensus Estimate for Tenet Healthcare's 2026 earnings is pegged at $21.04 per share, indicating a 25.4% year-over-year rise, while the consensus mark for revenues is pinned at $22.2 billion, indicating 4.2% year-over-year growth. In the second quarter of 2026, same-hospital adjusted admissions increased 2.6% year over year and same-hospital net patient service revenues per adjusted admission rose 3.3%, while USPI revenues grew 9.3% to $1.4 billion and surgical business same-facility system-wide net patient service revenues grew 5%. The company repurchased $1 billion of shares in the second quarter of 2026 and its board expanded the share repurchase authorization by $2 billion, leaving approximately $2.1 billion remaining as of July 23, 2026. Tenet Healthcare expects to exceed $300 million of ambulatory M&A spending in 2026, and its operating expenses rose 2.1% year over year in the second quarter of 2026 on elevated labor costs, higher medical supplies and increased patient acuity.

Krungsri Securities recommends buying shares of Bangkok Chain Hospital Public Company Limited, or BCH, with a target price of 12.00 baht, viewing the revenue recovery in the third quarter of 2026 as a short-term catalyst, while an adjustment to social security treatment fees and M&A are medium-term upside. Krungsri research expects medical revenue in the third quarter of 2026 to grow 6-7% year on year, driven by increased service usage among both Thai and foreign patients. A key highlight is that BCH derives as much as 38% of its total medical revenue from social security, or SSO. The research study indicates that a 10% increase in the flat-rate social security treatment fee from 1,808 baht would boost net profit by about 11% and add roughly 0.60 to 0.70 baht per share to the fair value. In addition, from September 1, 2026, BCH will begin consolidating the operating results of Rajavej Ubon Ratchathani Hospital, which has average revenue of about 400,000 to 500,000 baht per month, helping to expand its revenue base and extend long-term growth. BCH shares in the afternoon traded at 11.00 baht, up 0.10 baht, or 0.92%, with trading value of 12.65 million baht.

Pi Securities has issued an analysis recommending a buy on Bumrungrad Hospital, or BH, setting a 2027 fair value of 220 baht per share against the current price of 195.50 baht, an upside of 12.5%. The valuation uses a discounted cash flow method based on a WACC of 8.5% and terminal growth of 2.0%, equivalent to 21.7 times PE'27E, while the stock trades at 18.8 times, close to the hospital sector average of 18.4 times. Pi Securities expects BH's profit to grow 3.6% and 3.2% year on year in 2026 and 2027 respectively, driven mainly by a recovery in foreign patients, particularly from the Middle East and Myanmar. In 2027, additional support will come from the opening of Bumrungrad International Phuket, BH's second branch, with 212 beds and an investment of about 4.3 billion baht, fully funded by cash. The first phase will open for service within the third quarter of 2027, starting with 50 inpatient beds and targeting luxury customers. Management expects the branch to turn profitable within one to one and a half years of opening. Meanwhile, the main branch has an extension project in Soi Sukhumvit 1 that will be a new six-storey cancer treatment centre, expanding cancer examination rooms from 10 to 23, chemotherapy rooms from 18 to 30, and adding 59 inpatient beds in the cancer centre, with completion expected by the end of 2027. On results, BH reported second-quarter 2026 net profit of 1.889 billion baht, up 2% year on year and 6% above market expectations. Hospital operating revenue was 6.231 billion baht, up 4% year on year, with revenue from foreign patients, which accounts for 66% of revenue, up 7% year on year as Myanmar patients rose 28% year on year, Middle East patients rose 7% year on year, and American patients rose 19% year on year. Revenue from Thai patients, which accounts for 34%, fell 2% year on year. Pi Securities expects BH revenue of 26.0 billion baht in 2026 and 27.0 billion baht in 2027, up 3% and 4% respectively, with gross margins of 51.9% and 51.4%, the 2027 figure down 50 basis points because of the early-stage losses at the Phuket branch. Net profit is forecast at 7.803 billion baht in 2026 and 8.052 billion baht in 2027, up 3.9% and 3.2% respectively. Pi Securities views BH's ability to raise treatment prices by about 5% a year, above Thailand's average inflation of 1.1% a year over the past 10 years, as a factor supporting long-term value. Key risks include more intense competition in the premium healthcare market, reliance on foreign patients, and medical personnel risk.

Krungsri Securities stated that BCH's healthcare revenue continues to recover, with revenue in July 2026 growing 7% year-on-year and accelerating to roughly 8-9% year-on-year in August 2026, driven by both a recovery in patient volumes and a low base in August 2025 when the decline in Cambodia revenue began to take effect. September 2026 is also expected to grow well on both Thai and foreign patients. The research team expects 3Q26F revenue to grow about 6-7% year-on-year, compared with -1% year-on-year in 1H26, reflecting a clearly returning revenue momentum that will boost operating leverage and support the recovery in profit in 2H26F after being pressured in 1H26 by Cambodian patients and slowing self-pay Thai patients. Beyond the recovering revenue momentum, BCH also has upside from an increase in social security treatment fees and growth through M&A. From September 1, 2026, it will begin consolidating the operations of Ratchavej Ubon Ratchathani Hospital, which has average revenue of about 400,000 to 500,000 baht per month. Although the initial revenue contribution is small, it helps expand the revenue base and extend long-term growth. As for the increase in social security treatment fees, this is seen as significantly positive for BCH, since BCH derives as much as 38% of its total healthcare revenue from SSO revenue. The research team estimates that if the capitation rate rises 10% from 1,808 baht, it would lift SSO revenue by about 4% and net profit by about 11%, as well as adding about 0.60-0.70 baht of value to the target price. It views the social security fee increase as having a greater near-term positive impact on profit than M&A growth. The research team has a positive view on BCH based on three main factors: the clearly recovering 3Q26F revenue trend from increased service use by both Thai and foreign patients; the SSO revenue share of as much as 38% of total healthcare revenue, which makes the treatment fee increase fairly impactful on profit; and the consolidation of Ratchavej Ubon Ratchathani Hospital from late 3Q26F, which will help expand the revenue base and increase opportunities to extend the network over the medium to long term. It recommends Buy on BCH with a target price of 12.00, valued using DCF at a WACC of 7.7%, viewing the 3Q26F revenue recovery as a short-term catalyst, while the social security treatment fee increase and M&A are medium-term upside. BCH stands to benefit the most in the sector if social security treatment fees are raised, which would support profit growth and open the door to a re-rating of the stock.

Dental Corporation Public Company Limited, known as D, disclosed that its dental services market for foreign clients continues to expand by about 10%, with Chinese clients who reside and do business in Thailand moving up to become the number one client group, overtaking European clients. Dr. Pornsak Tantapakul, Chief Executive Officer, stated that these Chinese clients are not tourists from China but businesspeople and residents in Thailand, and the company is preparing Chinese interpreters and in-branch service systems to accommodate them. Meanwhile, the domestic market has slowed by about 4% amid weak economic conditions, but overall operating results remain positive, with the company maintaining growth of about 11% and keeping its operating growth target for this year at approximately 10-15%. As for expansion plans, the company is looking for locations to open about two additional branches, initially targeting one branch in Bangkok and one in Pattaya, but no conclusion on locations has been reached, as it prioritizes cost and the potential of each area.

Tisco Securities has raised its fair value for shares of Bangkok Chain Hospital Public Company Limited, or BCH, to 12.80 baht from 10.90 baht, maintaining its "Buy" recommendation and shifting its valuation base to the end of 2570. The research team raised its net profit forecasts for 2569-2571 by 4.6%, 4.7% and 5.3% respectively, to reflect actual results in the first half of 2569, a better outlook for the second half of 2569, and the inclusion of the acquisition of Rajavej Ubon Ratchathani Hospital in its estimates. It expects total revenue in 2569 to be flat compared with the previous year, while the margin will fall from 23.9% in 2568 to 22.7% in 2569 due to the loss of Cambodian patients and a decline in inpatient numbers. BCH also announced a special dividend of 0.20 baht per share, bringing total interim dividends to 0.35 baht per share, or a payout ratio of 142% for its first-half 2569 results. The research team therefore raised its full-year dividend per share forecast from 0.40 baht to 0.65 baht, and expects the special dividend to lift BCH's ROE to 9.4% in 2569F from a previous estimate of 8.8%, before recovering steadily to 9.8-9.9% in 2570-2571F. Key positive factors include the possibility that the SSO reimbursement rate will be raised as early as November 2569, as well as a recovery in the Cambodian and Kuwaiti markets.

Bualuang Securities estimates that Praram 9 Hospital Public Company Limited, or PR9, will report a record-high core profit in the third quarter of 2026 of 237 million baht, up 7% year on year and 29% quarter on quarter, on revenue of 1.44 billion baht, which grew 5% year on year and 10% quarter on quarter. Thai patient revenue is expected to grow 5% year on year and 11% quarter on quarter to 1.04 billion baht, while international patient revenue stands at 403 million baht, up 6% year on year and 7% quarter on quarter, driven by a broader-based recovery beyond the Middle East, with Qatar and Myanmar still standout markets, together with the rainy season boosting Thai patient volumes, especially for influenza. On margins, the gross margin is expected at 36.5%, flat year on year but up 85 basis points quarter on quarter, and the EBITDA margin rising to 23.4%, or up 100 basis points year on year and 110 basis points quarter on quarter. The second-half outlook also gets a boost from the dialysis centre, which is increasing its utilisation to full capacity, as well as new equipment in the third quarter of 2026 such as Bi-plane Angiography, Hyperbaric Oxygen Therapy and the Neuro ICU, which will help raise the share of higher-margin cases from the fourth quarter of 2026. The company is maintaining its 2026 revenue target of single-digit growth, in line with Bualuang's estimate of 5.5 billion baht, or 5% year-on-year growth. The research team maintains its Buy recommendation and 22 baht target price, based on a 2027 price-to-earnings ratio of 18 times. It sees PR9 entering a new profit upcycle, with the market still having room to re-rate the stock in line with record-high earnings. As for the data centre located near the hospital, management still sees no direct impact on current operations.

Krungsri Securities Public Company Limited said its research team expects PR9's 3Q26F outlook to remain on a recovery path, forecasting healthcare revenue growth of 6% y-y, accelerating from 3% y-y in 1H26, driven by Thai patient revenue returning to stronger growth after rising only 1% y-y in 1H26, and supported by seasonal disease outbreaks. Foreign patient revenue remains constrained by a high base in the prior year. The research team expects 3Q26F net profit of about 230 million baht, up 3% y-y and 25% q-q, with an EBITDA margin of 23.9%, improving from 22.5% in 3Q25 and 22.2% in 2Q26, thanks to better operating leverage and efficient cost management. In 2Q26, EBITDA grew 6% y-y, outpacing revenue growth of 3% y-y, reflecting solid operating leverage. Krungsri maintains a Buy rating on PR9 with a target price of 24 baht, based on a DCF valuation at a WACC of 8.3%, and selects it as a top pick in the sector alongside BDMS. It also sees room for a higher payout ratio, supporting an average dividend yield of about 4% per year, while valuation remains attractive, with the current price trading at a 27F PE more than one standard deviation below the mean. The profit recovery is therefore seen as a key catalyst for a re-rating of the stock.

Krungsri Securities recommends buying shares of Bangkok Dusit Medical Services Public Company Limited, or BDMS, with a 2027 target price of 25 baht, and picks it as a top stock in the medical sector, citing its network of more than 50 hospitals, a diversified customer base, and a complete medical ecosystem. The research team expects net profit in the second half to grow compared with the same period last year and to recover from the first half of this year, driven by a recovery in Thai and foreign patients. Meanwhile, ROE is likely to rise from 14.8% in 2026 to 15.4% in 2028, and dividends are expected to increase from 0.75 baht per share in 2026 to 0.80 baht in 2028. For the third quarter of 2026, the research team preliminarily expects normal profit of 4,550 million baht, up 5% YoY and 43% QoQ, with medical revenue seen rising 8% YoY and 13% QoQ and the EBITDA margin recovering to 24.3% from 21.1% in the second quarter of 2026. Most recently, BDMS shares stood at 20.10 baht, up 0.30 baht, or 1.52%, with trading value of 1,114.27 million baht.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, CHG and CPALL. For CHG, it sets a target price of 1.91 baht, with support estimated at 1.48 and 1.52 baht and resistance at 1.7 and 1.8 baht. It views the prospect of an adjustment to the social security reimbursement rate as an additional positive factor for profit forecasts, though clarity on the rate and the timing of its implementation is still awaited. It also expects third-quarter 2026 profit trends to recover both year on year and quarter on quarter, driven by the arrival of the high season for seasonal diseases, higher service utilisation, and the beginnings of a recovery in revenue from foreign patients. Meanwhile, losses at Mae Sot Hospital are trending lower, helping to support the profit recovery in the second half of 2026. For CPALL, it recommends buying with a target price of 64 baht, estimating support at 45 and 46 baht and resistance at 48.5 and 49.5 baht. It expects same-store sales growth in the third quarter of 2026 to be positive on a quarter-to-date basis, supporting solid growth in the ready-to-drink beverage segment thanks to hot weather, while the impact of the Thai Plus project is limited and the rising share of higher-margin ready-to-drink and ready-to-eat products helps drive net margin expansion year on year. It expects third-quarter 2026 profit to slow quarter on quarter as the low season sets in, but to grow year on year, supported by collaboration campaigns and store expansion, with an additional boost from the continued recovery in Chinese tourists that should carry growth momentum into the high season in the fourth quarter of 2026.

Shares of Bangkok Dusit Medical Services, or BDMS, rose 2.02% to 20.20 baht at 11:48 a.m. on September 10, 2026, on trading value of 1.00392 billion baht, after Krungsri Securities said in an analysis that it views BDMS as a top pick, maintaining a "Buy" recommendation with a 25 baht target price on earnings momentum that is showing signs of recovery. It expects net profit in the third quarter of 2026 from normal operations to come in at 4.55 billion baht, up 5% from the same period a year earlier and 43% from the previous quarter, setting a new record, driven by healthcare revenue expected to grow 8% year on year and 13% quarter on quarter, as well as an EBITDA margin expected to recover to 24.3% from 21.1% in the second quarter of 2026. The supporting factors come from a recovery in Thai patients outside the social security group, which accounts for roughly 67-68% of healthcare revenue. Healthcare revenue in July 2026 grew 8% year on year, split between 9% growth in Thai patients and 6% growth in foreign patients, while August 2026 showed growth momentum of about 9-10%. In the foreign patient market, which accounts for about 30% of healthcare revenue, pressure is gradually easing, with revenue from Middle Eastern patients in August 2026 contracting by less than 10%, an improvement from a 10% contraction in July, and it is expected to return to year-on-year growth in the fourth quarter of 2026 on pent-up demand for treatment. Krungsri Securities also expects ROE to rise from 14.8% in 2026 to 15.4% in 2028, and dividends to increase from 0.75 baht per share in 2026 to 0.80 baht per share in 2028, with the current share price offering an average total return of about 4% per year.

Shares of Bangkok Dusit Medical Services, or BDMS, rose 2.02%, or 0.40 baht, to 20.20 baht at 11:15 a.m., with trading value of 965.12 million baht, after Krungsri Securities picked BDMS as a top pick, maintaining a buy rating and a 25 baht target price, citing the strength of its network of more than 50 hospitals, a diversified customer base, and a complete medical ecosystem. The broker expects net profit in the second half of 2026 to grow from a year earlier and recover from the first half, driven by a strong rebound in Thai patients and continued growth in international patients. The Thai non-Social Security patient market, which accounts for roughly 67-68% of medical revenue, saw revenue grow 8% year on year in July 2026 and accelerate to about 9-10% in August 2026. The international patient market, which accounts for roughly 30% of medical revenue, is seeing pressure ease, with revenue from Middle Eastern patients in August 2026 down less than 10% from a year earlier, an improvement from July 2026. For the third quarter of 2026, core profit is initially expected at 4.55 billion baht, up 5% from a year earlier and 43% from the previous quarter, a record high, on medical revenue expected to grow 8% year on year and an EBITDA margin recovering to 24.3% from 21.1% in the second quarter of 2026. ROE is expected to rise from 14.8% in 2026 to 15.4% in 2028, and dividends to increase from 0.75 baht per share in 2026 to 0.80 baht in 2028.

Krungsri Securities estimates that BDMS will post a net profit of 3.585 billion baht in the second quarter of 2026, up 3% year on year but down 12% quarter on quarter. Excluding a special item from flood insurance claims of 72 million baht net of tax, equivalent to 90 million baht before tax, normalized profit is expected at 3.513 billion baht, up 1% year on year and down 13% quarter on quarter. Healthcare revenue is expected to grow 1% year on year, driven by Thai patient revenue offsetting a temporary slowdown in foreign patients from Cambodia and the Middle East. The gross margin is expected at 32.6%, while the EBITDA margin is expected at 19%, flat year on year. If normalized profit in the second quarter of 2026 meets expectations, first-half normalized profit would represent 45% of the full-year 2026 estimate of 16.785 billion baht, up 4% year on year. Third-quarter 2026 earnings are expected to grow year on year and accelerate quarter on quarter on the arrival of high season, the recovery of Thai patients, and the return of foreign patients, especially from the Middle East. The research team maintains a Buy rating on BDMS with a 2026 target price of 27 baht, based on a discounted cash flow valuation with a weighted average cost of capital of 6.7%, and names it a top pick, viewing its diversified revenue base as making it a defensive growth stock with steady cash flow and dividends. Return on equity is expected to rise from 15.7% in 2026 to 16.3% in 2028.

Ekchai Medical Public Company Limited, or EKH, has launched Bloom Mental Wellness Hospital, a 50-bed facility specialising in mental health, with an investment value of over 400 million baht. Outpatient services began in July 2026, with inpatient services opening in August 2026. Currently, the hospital receives an average of 10 to 15 outpatients per day and has an average inpatient bed occupancy of 2 to 3 beds per day. It aims by the end of 2026 to average 20 to 30 outpatients per day and 5 to 10 inpatient beds occupied per day. First-year revenue is projected at around 50 million baht, rising to 100 million baht in the second year, and increasing to 400 million baht within 4 to 5 years. The net profit margin is expected at approximately 17 to 18%, supported by tax privileges from the Board of Investment for 8 years, while the internal rate of return stands at 16 to 17%, with payback expected within 7 years. As for the operating performance trend in the third quarter, the EKH group has improved both quarter on quarter, driven by the high season for the hospital business, and year on year, due to the seasonal outbreak situation of COVID-19 and other infectious diseases that have returned to spread again. In the first half, the group already generated revenue of 661 million baht, up 13.36% year on year, and is confident that revenue in 2026 will grow in line with its target of 10%. Meanwhile, Dr Jatupat Khunsong, director of Bloom Mental Wellness Hospital, noted that Thailand currently has approximately 4 million people with mental health conditions, while the total number of private psychiatric beds nationwide is fewer than 100, whereas actual demand in the system exceeds 5,000 beds. He expects that in another 2 to 3 years the number of patients could rise to 7 to 8 million. The company is preparing an aggressive marketing plan targeting the B2B segment, including private organisations, private schools, and international schools, alongside its main revenue from the B2C segment.

KTMS has announced a total revenue target of 800 million baht for 2026, driven by the rising trend of kidney disease patients boosting demand for hemodialysis. The company plans to open 11 new dialysis units in the second half of 2026, with 4 units in the third quarter and 7 more in preparation. It will also install an additional 36-64 dialysis machines, increasing from the current 541, to serve over 120,000 dialysis patients nationwide. Ms. Kanjana Pongpatthanadet, Chief Executive Officer, revealed that Thailand has approximately 8 million people at risk of chronic kidney disease, with about 120,000 patients requiring hemodialysis. Hemodialysis is the primary treatment method chosen by 80% of patients. In the first half of 2026, the company reported revenue of 350.63 million baht, up 2.27% from the same period last year, and a net profit of 12.99 million baht.

Ekachai Medical Care Public Company Limited (EKH) has launched a premium mental health and psychiatric hospital, "Bloom Mental Wellness Hospital," with an investment of over 400 million baht. Located on Phetkasem Road near The Mall Bang Khae, the hospital has 50 beds. EKH holds a 58% stake, with Narai Property Company Limited holding 25%, and the remaining 17% held by a team of doctors, nurses, and specialist staff. The hospital aims to provide comprehensive mental health care, from prevention and treatment to rehabilitation, for all ages, covering depression, burnout in the workplace, ADHD in children, and addiction. It is staffed by more than 30 specialized psychiatrists, along with psychologists and multidisciplinary professionals who design personalized treatment plans. Dr. Chatupat Khunsong, the hospital director, stated that mental health issues in Thailand are on the rise, but there is a shortage of specialized hospitals. This launch is part of addressing that problem.

KT Medical Service Public Company Limited (KTMS) announced an accelerated business expansion with the opening of 11 new hemodialysis units in the second half of 2026 to meet the growing demand for dialysis services. This is expected to bring total revenue in 2026 to 800 million baht, according to Chief Executive Officer Kanchana Pongpatthanadet and Chief Financial Officer Supanut Promsiriphong at a listed company meeting with investors. The company will open 4 branches in the third quarter of 2026, with 7 more in preparation, and will install an additional 36-64 dialysis machines, bringing the total from the current 541. Meanwhile, Thailand has approximately 120,000 patients requiring dialysis and 1,206 dialysis units nationwide, reflecting sustained high demand. Hemodialysis is the primary method chosen by 80% of patients. For the first half of 2026, the company reported revenue of 350.63 million baht, up 2.27%, and net profit of 12.99 million baht.

KTMS announced the expansion of its hemodialysis services with 11 additional branches in the second half of 2026, comprising 4 branches to be opened in the third quarter and 7 more in preparation. It will also install an additional 36-64 dialysis machines, on top of the current 541, to meet rising demand. This follows Thailand having approximately 8 million people at risk of chronic kidney disease and around 120,000 patients requiring dialysis, with hemodialysis accounting for 80% of primary treatment methods. The company targets total revenue of 800 million baht in 2026, having posted first-half revenue of 350.63 million baht, up 2.27%, and net profit of 12.99 million baht. In the second quarter, revenue was 175.96 million baht, up 1.41%, with net profit of 5.69 million baht.

KT Medical Service Public Company Limited (KTMS) signals strong performance in the third quarter of 2026, supporting significant growth in the second half of the year after accelerating the opening of 11 new dialysis units and installing an additional 36-64 dialysis machines, bringing the total to 541 machines, to accommodate the increasing number of chronic kidney disease patients. The company targets total revenue of 800 million baht in 2026, while in the first half of the year it recorded revenue of 350.63 million baht, up 2.27%, and net profit of 12.99 million baht.

Ekachai Medical Care Public Company Limited (EKH) has launched Bloom Mental Wellness Hospital, a 50-bed specialized mental health hospital with an investment value exceeding 400 million baht. EKH holds a 58% stake, alongside Narai Property with 25%, and a team of doctors, nurses, and specialized personnel holding the remaining 17%. The hospital is located on Phetkasem Road, near The Mall Bang Khae, and cares for individuals with depression, burnout in the working-age population, ADHD in children, and addiction disorders. It features more than 30 specialized psychiatrists and an architectural design focused on emotional well-being. Dr. Jatupat Khunsong, the hospital director, stated that Thailand lacks specialized mental health hospitals, and this facility will help address that issue.