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.
Ekachai Medical Care Public Company LimitedYuanta maintains Trading recommendation with 5.85 baht DCF-based target after visiting EKH's Bloom Mental Wellness Hospital, and reiterates 2026 profit forecast of 248 million baht with dividend yields of 5.5-6.1%.
