Cigna Expands AI Care Coordination and Pharmacy Forward Programs
The Cigna Group is expanding its use of artificial intelligence to identify emerging health needs earlier and guide members toward appropriate care as healthcare costs remain elevated. Cigna expects the expanded AI-enabled care coordination capabilities to reach 20% more customers with emerging complex health needs, and says customers participating in these programs have reduced medical costs by about $2,000 annually on average, while early engagement has contributed to a 42% reduction in avoidable inpatient stays. The company is also applying AI to specialty pharmacy through Pharmacy Forward, an initiative it expects to cut average time to therapy by half while reducing clinicians' documentation time by as much as 50%. Cigna said its medical cost trend remained elevated in the second quarter of 2026, with management expecting elevated trends through 2026 and 2027, while its MCR deteriorated 130 basis points year over year. Among competitors, UnitedHealth Group plans nearly $1.5 billion in AI-related investment in 2026, and Humana is using its Agent Assist solution, built on Google Cloud AI, to speed member support.
Ensign Group Declares $0.065 Quarterly Dividend, Forward Yield 0.15%
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 sets EKH target at 5.85 baht after Bloom mental health hospital opens
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.
MBK buys 20.03% big lot of VIH shares in push into medical business
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.
IVF takes 24% stake in ETERNITY, pushes ahead with building a full Healthcare Ecosystem
Inspire IVF Public Company Limited, or IVF, has acquired a 24% stake in Eternity Healthcare 369 Company Limited, or ETERNITY, and the two parties have begun discussing avenues for cooperation and are preparing cross-selling to connect their customer bases and expand joint business opportunities. Kesinee Kuldilok, Chief Executive Officer of IVF, said the partnership will reinforce the strengths of both sides, since ETERNITY specialises in men's health, particularly Urology, while IVF is strong in women's health and fertility treatment, covering egg freezing, IVF and ICSI, allowing the two to extend their health services to cover both women and men more comprehensively. The company has also expanded its services under Inspire IVF in the Wellness segment, which officially opened for service early last month on the G floor of the Ploenchit Center building, while the IVF centre is located on the 5th floor of the same building. The Wellness services cover vitamin infusions, blood tests, screening for 10 types of cancer, cell age testing and Hyperbaric Oxygen Therapy, targeting premium customers, who are currently mostly foreign clients, especially from the Middle East, whose per-capita spending is higher than that of Thai customers. For its second-half 2026 plan, the company will continue to market its IVF business, and in about two weeks it is preparing to market and hold roadshows in India in both B2B and B2C formats, bringing a team of doctors along to provide consultations, while in October it plans to travel to China to tap the B2B segment further, alongside driving the Wellness business and building synergies with ETERNITY.
Aevis Victoria H1 2026 NAV Rises 7% as Healthcare Margins Improve
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.
Centene Corporation reported second-quarter 2026 results showing a profitability recovery, with premium and service revenues up 4.5% year over year and adjusted EPS of $2.51 versus a loss of 16 cents a year ago. The insurer reaffirmed its 2026 adjusted EPS guidance floor above $4.80 and said its consolidated health benefits ratio improved to 89.6% from 93%. Centene expects its Marketplace business to generate a 4.5%-5% pretax margin in 2026, while its PDP business should deliver a pretax margin above 3% and Medicare Advantage moves closer to breakeven. Membership remains the main pressure point: Medicaid enrollment ended the second quarter of 2026 at 12.1 million, down 5.5% year over year, and the company projects full-year Medicaid membership to decline 8%-9% from year-end 2025. Centene raised its expected 2026 Medicaid rate increase to about 5%, which could cushion some of the impact as medical-cost trends remain in the mid-4% range.
BrightSpring Sees $200M IRA Revenue Hit to Home and Community Pharmacy
BrightSpring Health Services' Home and Community Pharmacy segment expects the Inflation Reduction Act to cut its full-year 2026 revenues by approximately $200 million, even as the company holds its estimated EBITDA impact to roughly $15 million. In the second quarter, segment revenues fell 8% year over year to $540 million, with management attributing part of the decline to an approximately $50 million IRA impact during the quarter alongside the exit from certain uneconomic customers. Home and Community Pharmacy EBITDA still increased year over year in the second quarter, which management credited to operational process enhancements and the deployment of new technologies, with technology, automation and AI, Lean initiatives and procurement improvements central to that efficiency strategy. BrightSpring estimates the 2027 IRA impact on the segment will be roughly 50% of the 2026 impact, while it pursues regulatory, payer-contracting and operational measures to mitigate the pressure. Among peers, Cardinal Health has entered fiscal 2027 facing an estimated 500-basis-point Pharma revenue headwind from IRA pricing changes but expects little to no profit impact, while CVS Health reported Pharmacy & Consumer Wellness revenue pressure from regulatory price reductions even as adjusted operating income rose more than 10% year over year.
UnitedHealth Earns Zacks Rank #2 as Earnings Estimates Hold Steady
UnitedHealth Group holds a Zacks Rank #2 (Buy), with consensus estimates pointing to earnings of $4.03 per share for the current quarter, a year-over-year change of +38%. The Zacks Consensus Estimate for the quarter remained unchanged over the last 30 days, while the $19.82 consensus for the current fiscal year, indicating a year-over-year change of +21.2%, has moved +0.6% over the same period. For the next fiscal year, the consensus estimate of $22.54 implies a change of +13.7%, having risen +0.5% over the past month. Revenue consensus stands at $111.38 billion for the current quarter, a year-over-year change of -1.6%, with $446.78 billion and $458.33 billion expected for the current and next fiscal years, changes of -0.2% and +2.6% respectively. In the last reported quarter, UnitedHealth posted revenues of $112.03 billion, up +0.4% year over year, and EPS of $6.38 versus $4.08 a year earlier, beating the consensus revenue estimate of $110.12 billion by +1.74% and the EPS estimate by +29.15%. The stock carries a Zacks Value Style Score of B, indicating it trades at a discount to its peers.
Accendra Health names board member Kenneth Gardner-Smith as next CEO
Accendra Health has named board member Kenneth Gardner-Smith as its next president and chief executive officer, with the appointment expected to take effect early in Q4 2026. Gardner-Smith will succeed Edward A. Pesicka, who announced his retirement in August after more than seven years leading the company. Gardner-Smith has served on Accendra Health's board since March 2022 and is currently CEO of Veritas Veterinary Partners, where he has led a strategy reset and executive rebuild since 2024.
Asia Plus maintains Buy on PR9 with 23 baht target, citing strong 3Q69 momentum
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 unveils Connecting Care 2030, targets 3% annual growth by FY2029
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.
Cencora Tech Chief Says AI Halves Some Medical Treatment Decisions
Cencora is using artificial intelligence to roughly halve the time it takes to make some medical treatment decisions, according to the company's global chief data and information officer, Pawan Verma. Speaking with WSJ Leadership Institute President Alan Murray at the WSJLI Technology Council Summit, Verma described a retinal oncology use case in which doctors analyze large volumes of imaging data to determine treatment. He said Cencora is helping cut a decision process that can take 30 to 90 days roughly in half, speeding access to treatment.
UnitedHealth's turnaround is proceeding largely on plan, but commercial health plan medical costs are running modestly above the 11% the company had been expecting, while Medicare costs are tracking below its roughly 10% estimate for 2026 and Medicaid trend is broadly in line. Management credits benefit design, care management, network curation and a lighter respiratory season for Medicare landing below plan, and attributes the commercial overrun to the independent resolution process under the No Surprises Act, which it calls ineffective. On its earnings call, management said IDR dispute awards contributed approximately 50 basis points of incremental medical cost trend in 2026 and now account for at least 100 basis points of total cost, with roughly 60% of all arbitration cases brought by just five entities and average payouts to out-of-network providers now 11 times what Medicare would pay. The elevated trend has pushed the timeframe for full commercial margin recovery past 2027, which management calls a delay rather than a setback, and it still expects Medicaid margins to stay pressured for 2026. UnitedHealth lifted 2026 adjusted earnings per share guidance to $19.50 to $20 and reaffirmed its 13%-16% long-term growth rate, though its operating margin over the last twelve months, at 4.8%, remains below its three-year average of 7.1%.
Cardinal Health Sees IRA Pricing Changes as Fiscal 2027 Pharma Revenue Headwind
Cardinal Health expects the annualization of 2026 Inflation Reduction Act price changes and the implementation of 2027 changes to create a revenue headwind for its Pharma business in fiscal 2027 comparable to the roughly 500-basis-point hit it took in the fourth quarter, though management expects no adverse profit impact. In the fourth quarter, IRA-related WACC changes represented an approximately 500-basis-point headwind to Pharma revenues, roughly offsetting a similarly sized GLP-1 tailwind. Management said the company aims to keep being compensated for the services it provides rather than absorbing the economics of regulatory changes, and pointed to the durability of its core distribution business, a major GMPD renewal and an extended Kroger relationship as sources of commercial stability. Among peers, BrightSpring Health Services expects the IRA to cut Home and Community Pharmacy revenues by approximately $200 million in 2026, or about $50 million per quarter, with an estimated EBITDA impact of only $15 million for the full year, while in Specialty and Infusion it sees roughly $175 million of revenue pressure and essentially no EBITDA impact. CVS Health did not separately quantify the IRA's specific margin impact, but said Pharmacy & Consumer Wellness revenues were pressured by regulatory-related price reductions on certain drugs, generic introductions and reimbursement pressure, even as adjusted operating income rose more than 10% year over year. Cardinal Health shares have gained 13.2% so far this year, and the Zacks Consensus Estimate for its fiscal 2027 earnings implies an 11.5% rise from the year-ago reported number.
Alluvium Global Fund Lifts McKesson Stake to 6.8% After Q2 Letter
Alluvium Asset Management raised its stake in McKesson Corporation to 6.8% of the Conventum – Alluvium Global Fund, according to the fund's second-quarter 2026 investor letter. The fund said McKesson, the Irving, Texas-based drug distributor, fell 12.6% in the quarter even though its full-year results came in perfectly in line with expectations, and management gave strong guidance for next year's earnings while reiterating 13%-16% long-term growth expectations. After feeding those numbers through its model, Alluvium said its valuation rose 18%, and with the share price trading below that level it bought a little more. McKesson closed at $899.56 per share on September 15, 2026, returning 5.37% over the past month and 29.95% over the past 52 weeks, with a market capitalization of $106.21 billion and a trading range of $687.68 to $999.00. The fund itself declined 1.4% in EUR terms, 2.2% in USD terms and 3.9% in AUD terms in the quarter, a period it described as a sharp shift from geopolitical uncertainty and oil market volatility to an equity rally led by semiconductor companies.
CVS Trades Near $94, 19% Below $116 Analyst Target After Guidance Raise
CVS Health is trading near $94, a 19% discount to the $116.28 average analyst price target and roughly 50% below the $141.05 base-case one-year target in 24/7 Wall St.'s own valuation model. Management raised full-year 2026 adjusted EPS guidance to a range of $7.90 to $8.10 from $7.30 to $7.50 and lifted operating cash flow guidance to at least $11.5 billion. Second-quarter 2026 adjusted EPS of $2.58 beat consensus by 37.97%, and Aetna's medical benefit ratio improved to 87.4% from 89.9%. Full-year 2026 consensus EPS has drawn 22 upward analyst revisions and zero downward revisions over the trailing 30 days. The bull case rests on Aetna's margin recovery proving durable, while PBM re-regulation, 340B pressure, and drug pricing rules remain the sharpest threats to the thesis. The next checkpoint is third-quarter 2026 earnings, expected November 4, 2026, a date not yet confirmed by the company.
KGI expects BDMS core profit in Q3 2026 to reach 4.51 billion baht, up 4.3%
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.
MBK sends PRG to hold 20.03% stake in Vichai Vej Hospital, becoming major shareholder
PRG Corporation Public Company Limited, or PRG, a subsidiary of MBK Public Company Limited, or MBK, has acquired 125.664 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03% of paid-up registered capital, or 20.0477% of paid-up shares after deducting treasury shares, through a big lot trading board on September 15, 2026. The seller was BBTV Equity Company Limited, or BBTV Equity, a former major shareholder, which sold all of its VIH shares to PRG. VIH stated that this transaction was between BBTV Equity and PRG, and that the company was not a counterparty or otherwise involved. The change in shareholder structure does not affect the company's management structure, business operations, or its objectives and policies, and the company continues to operate as normal. PRG's acquisition of this VIH stake has not yet reached the threshold requiring a tender offer for all of the company's securities under the Securities and Exchange Commission's rules on the acquisition of securities for control of a business.
Land and Houses recommends buying BDMS with a 25 baht target and GUNKUL with a 6.30 baht target
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 recommends buying SAFE with a 9.80 baht target, riding the IVF and surrogacy law trend
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.
Asia Plus flags 4 stock groups set to benefit from fiscal 2027 budget disbursement, recommends CK, ERW, BDMS
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.
VIH notifies that BBTV Equity sold a 20.03% big lot to PRG, making it the largest shareholder
Sriwichaiwej Wiwat Co., Ltd. (Public), or VIH, notified the Stock Exchange of Thailand that BBTV Equity Co., Ltd. sold all of its 125,664,000 ordinary shares to PRG Corporation Co., Ltd. (Public), or PRG, through a big lot trading board on September 15, 2026, representing 20.03% of the company's paid-up registered capital, or 20.0477% of the number of paid-up shares excluding treasury shares. PRG's holding at this proportion has not yet reached the threshold requiring a tender offer for all of the company's securities under the relevant Capital Market Supervisory Board notification. The company stated that this change in shareholding structure does not affect its management structure, business operations, or the objectives and business operation policies of the company, and the company continues to operate its business as usual.
VIH shareholder sells 20.03% block to PRG of the MBK group
Sriwichaiwej Wiwat Co., Ltd. (Public Company Limited), or VIH, informed the Stock Exchange of Thailand that BBT Equity Co., Ltd., the seller, disposed of all 1,256,640,000 ordinary shares of VIH it held to PRG Corporation Public Company Limited, or PRG, through the Big Lot Board on 15 September 2026, representing 20.03 percent of the company's paid-up registered capital, or 20.0477 percent of the number of paid-up shares excluding treasury shares. PRG's holding at that proportion remains below the threshold requiring a tender offer for all of the company's securities under the rules on the acquisition of securities for business takeover of the Capital Market Supervisory Board.
KGI expects BDMS core profit to rebound strongly in Q3 2026 to 4.51 billion baht
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.
Sanbo Brain Hospital's actual controllers plan to donate shares worth 100 million yuan
Sanbo Brain Hospital's controlling shareholders and actual controllers Zhang Yang, Yu Chunjiang, Shi Xiang'en, and Luan Guoming plan to donate shares they hold in the company to the Capital Medical University Education Foundation, with a total market value of 100 million yuan. On September 16, the above joint actual controllers signed a donation agreement with the Capital Medical University Education Foundation. The donation will be made in three batches, and the donated shares are all unrestricted tradable shares, to be used to support the development of education at Capital Medical University, fund talent cultivation, education and teaching, medical research, academic exchanges, and school construction, and reward excellence and assist students. The joint actual controllers do not have a concert-party relationship with the Capital Medical University Education Foundation. As of the date the agreement was signed, the joint actual controllers held a combined stake of 21.86 percent. Sanbo Brain Hospital was founded in 2003 by Luan Guoming, Yu Chunjiang, Shi Xiang'en, Zhang Yang, and others. It is a medical services group specializing in neurology and was listed on the Shenzhen Stock Exchange in May 2023. In the first half of this year, the company achieved revenue of 971 million yuan, up 17.42 percent year on year, while net profit attributable to the parent company was 32.7491 million yuan, down 53 percent year on year. As of the close on September 16, Sanbo Brain Hospital reported 49.12 yuan per share, up 0.66 percent, with a total market value of 10.118 billion yuan.
Brokerages recommend buying SAFE with a top target of 9.80 baht, betting on relaxed surrogacy law to boost the IVF market
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.
Medicare Advantage Prior Authorization Bill Sinks Insurer Stocks
Bipartisan lawmakers introduced the Protecting Approved Care Act, legislation aimed at reforming prior authorization and payment rules in Medicare Advantage plans, sending several health insurer stocks lower in the morning session. The bill, which received key backing from the American Association of Orthopaedic Surgeons, would require Medicare Advantage health plans to honor initial prior authorizations and strictly prohibit retroactive payment clawbacks. If enacted, the legislation would curtail insurers' ability to adjust or deny reimbursements post-treatment, potentially increasing medical loss ratios and raising administrative compliance burdens across managed care organizations. Among the stocks impacted, Alignment Healthcare fell 12.6%, Clover Health fell 4.8%, Novavax fell 3.6%, and Astrana Health fell 2.7%. Alignment Healthcare's shares are very volatile and have had 23 moves greater than 5% over the last year, and the stock is down 49% since the beginning of the year, trading at $10.32 per share, 58% below its 52-week high of $24.56 from July 2026.
CVS Health Rolls Out Updated 2026 to 2027 COVID-19 Vaccines Nationwide
CVS Health announced the rollout of updated 2026 to 2027 COVID-19 vaccines across its CVS Pharmacy and MinuteClinic locations. The vaccines are positioned for broad availability through the company's nationwide network of retail pharmacies and in-store clinics, which CVS Health framed as part of its role in supporting ongoing COVID-19 management and wider public health efforts. The US-based healthcare group, which carries a reported market value of about $121.1b, uses those pharmacies and clinics to distribute vaccines and other preventive services that feed into its broader health solutions offering. The rollout keeps CVS Health aligned with a value-based, preventive care narrative rather than rewriting it, as making updated COVID, flu, RSV and routine shots available in a single visit leans into the company's push to use its clinics and pharmacies as an entry point into its wider health solutions. The real proof point will come through disclosed vaccination volumes and related pharmacy script trends in upcoming quarters, especially any commentary from CVS Health at events such as the Wells Fargo healthcare conference on how multi-vaccine appointments are feeding into its wider care delivery and insurance ecosystem.
BrightSpring Health Services Sees 2026 Earnings Estimate Rise to $1.82 Per Share
Zacks Investment Research has raised its 2026 consensus earnings estimate for BrightSpring Health Services by 16 cents to $1.82 per share, implying 82% growth over the prior-year reported level, while the 2026 revenue consensus stands at $15.26 billion, an 18.2% improvement. The Louisville, Kentucky-based home and community-based healthcare platform, which carries a Zacks Rank #1 (Strong Buy) and an $11.62 billion market capitalization, is banking on expanding specialty pharmacy beyond oncology, infusion growth into another 12 to 15 states over the next five years, and deeper payer and hospital system relationships in Provider Services. BrightSpring shares have rallied 61% year to date, against a 3.2% gain for the industry and an 11.1% rise for the S&P 500, leaving its forward P/E of 32.35 well above the industry average of 16.92. Management expects the 2027 Inflation Reduction Act impact on Home and Community Pharmacy to be roughly half of the 2026 impact, though Specialty Pharmacy will continue to face revenue pressure, and integration of Amedisys and LHC plus automation and AI investments carry execution risk through 2026.
CVS Health Services Revenue Climbs 11.5% to $51.80 Billion in Q2 2026
CVS Health's Health Services segment posted second-quarter 2026 revenues of $51.80 billion, up 11.5% year over year, while adjusted operating income rose 10% to $1.73 billion. The company reiterated its full-year 2026 adjusted operating income outlook despite updating its view of the 340B program, supported by performance across the broader Pharmacy Services business. The 2026 selling season generated more than $6 billion in new sales, well above the company's historical average, and Caremark's Humira biosimilar strategy has delivered more than $1.8 billion in client savings. Health Care Delivery revenues rose nearly 23% year over year in the quarter, primarily driven by Oak Street Health, as CVS makes technology infrastructure changes, refines payer contracts and adopts a more selective clinic footprint. For comparison, UnitedHealth's Optum health services business reached $129.4 billion in the first half of 2026, and Elevance Health's Carelon posted first-half 2026 revenues of $37.2 billion, up 7.1% year over year.
HCA Healthcare Completes Acquisition of College of Health Care Professions
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.
Centene and Archer-Daniels-Midland Raise 2026 Guidance on Strong Valuations
Centene Corp. and Archer-Daniels-Midland Co. each raised their 2026 guidance while trading at valuations below their industries and the S&P 500. Centene now expects premium and service revenues of $173-$177 billion for 2026, up from a prior range of $171-$175 billion, and total revenues of $193.5-$197.5 billion, up from $187.5-$191.5 billion, with adjusted EPS expected to exceed $4.80 versus the prior guidance of greater than $3.40, a surge of more than 130.8% from 2025. Archer-Daniels-Midland raised its 2026 adjusted earnings guidance to approximately $5.15-$5.60 per share from a previous range of $4.15-$4.70, citing finalized renewable volume obligations under the U.S. Renewable Fuel Standard, global trade dynamics and higher energy prices, and continues to project 2026 capital expenditures of $1.3-$1.5 billion. Centene shares have jumped 68.7% year to date and carry a forward P/E of 13.58X, below the industry's 22.23X and the S&P 500's 18.03X, while Archer-Daniels-Midland shares have surged 50.4% year to date with a forward P/E of 16.60X. Both stocks hold a Zacks Rank #1 (Strong Buy), and their Zacks Consensus Estimates for current-year earnings have improved 40.9% and 8.5%, respectively, over the last 60 days.
McKesson Raises Full-Year EPS Guidance and Plans Wellverse IPO
McKesson raised its full-year EPS guidance, projecting approximately 13%–15% growth, or 15%–17% excluding certain prior-year items. The company also outlined plans to rebrand its Medical-Surgical unit as Wellverse, with a potential IPO targeted for the second half of 2027. Alongside that, McKesson has a pending acquisition of Precision Medicine Group to expand oncology and biopharma-services capabilities, subject to regulatory approval. The combination of upgraded earnings expectations, portfolio reshaping around higher-value oncology and biopharma services, and the potential separation of Wellverse marks a meaningful shift in how McKesson positions its future business mix and profit drivers.
Asia Plus recommends buying KLINIQ and MASTER with target prices of 34.00 and 12.00 baht
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.
AMN Healthcare Swings to $21.2 Million Profit as Two Segments Keep Sliding
AMN Healthcare Services reported second quarter revenue of $673.2 million, up 2% from a year earlier, alongside net income of $21.2 million and adjusted earnings per share of $0.77, more than double the $0.30 posted in the same quarter of 2025. Within the business, the Nurse and Allied Solutions segment, which includes travel nurse and allied staffing, posted $422 million in revenue, an 11% increase from a year ago, with travel nurse staffing revenue up 10% and the allied division up 8%, while search revenue climbed 27% year over year. Two other segments kept shrinking: Physician and Leadership Solutions revenue fell 6% year over year to $165 million, and Technology and Workforce Solutions revenue dropped 15% to $87 million, dragged down by a 20% decline in vendor management systems revenue. AMN's third-quarter guidance projects Physician and Leadership Solutions down 5% to 7% and Technology and Workforce Solutions down 11% to 13% year over year. Adjusted EBITDA rose 26% year over year to $73.4 million, and the company ended the quarter with $362 million in cash, a leverage ratio of 1.5x, and nothing drawn on its revolving credit facility, though operating cash flow was negative $190 million as AMN returned client deposits tied to first-quarter labor disruption events.
Phillip recommends buying PR9 with a 24 baht target, citing ICU expansion and complex disease plans
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.
UnitedHealth Sells TPG Stake in Florida WellMed Clinics to Aid Optum Turnaround
UnitedHealth Group has sold an interest in some of its Optum Health operations in Florida to private-equity firm TPG, specifically involving its WellMed clinics that focus heavily on older patients. The company's CFO said the move is not about raising cash but about bringing in a partner that can provide local operating expertise and help the Florida business grow faster while UnitedHealth concentrates on its broader Optum Health turnaround. The timing is significant because Optum Health posted a negative operating margin in 2025 as medical costs rose and Medicare-related economics weakened, and UnitedHealth is now targeting an Optum Health margin of roughly 2% in 2026, 4% in 2027, and 6% in 2028. Optum says its Florida operations serve more than 240,000 patients across nearly 600 locations, and UnitedHealth is still opening roughly 15 clinics a year in Florida. The partnership does not eliminate the underlying pressures that caused Optum Health's problems: the division generated a $1.1 billion operating loss in 2025, compared with $6.9 billion of operating income the year before.
Labcorp Holdings presented a long-term growth strategy and financial forecast at its 2026 Investor Day, reaffirming full-year 2026 adjusted earnings per share guidance of $18.10 to $18.55, above the Wall Street estimate of $18.01, and 2026 sales of $14.710 billion to $14.827 billion, edging past the $14.707 billion estimate. That 2026 revenue guidance comprises Diagnostics Laboratories sales of $11.45 billion to $11.53 billion and Biopharma Laboratory Services sales of $3.269 billion to $3.30 billion. Looking to 2029, management targets a compound annual revenue growth rate of 5% to 8% and compound annual adjusted EPS growth of 8.5% to 11.5%, with adjusted operating margin expanding by 75 to 150 basis points by the end of 2029 and compound annual free cash flow growth mirroring adjusted earnings growth. The company set four strategic priorities: leading specialty testing in oncology, neurology, autoimmune diseases and women's health; becoming a preferred partner for health systems and pharmaceutical companies; advancing personalized health solutions; and integrating artificial intelligence and robotics into its operations.
Tenet Healthcare Lifts 2026 EBITDA Outlook on Stronger USPI Growth
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.