Krungsri Securities maintains a Buy rating on Asia Medical and Agricultural Laboratory and Research Center, or AMARC, with a target price of 3.80 baht, based on a DCF valuation at a WACC of 8.1%, implying a 2026 P/E of 11 times. It views the revenue softness in the third quarter of 2026 as a short-term effect of price competition in durian export quality inspection services, expecting total service revenue to fall both year on year from 128 million baht in the third quarter of 2025 and quarter on quarter from 135 million baht in the second quarter of 2026. Meanwhile, 2027 profit has room to return to 8% year-on-year growth on a recovery in service revenue and margin expansion. The company targets instrument calibration service revenue in 2027 to grow at least 50% year on year, accelerating from this year's target of about 25-30% year on year, with calibration services currently accounting for roughly 4% of total service revenue. The company also announced the completion of its share buyback program for financial management, repurchasing a total of 20 million shares, or 4.76% of issued shares, for a total value of 65 million baht, or an average cost of 3.25 baht per share. It is expected to pay a dividend of 0.20 baht per share this year, a dividend yield of about 7%.
Asia Medical & Agricultural Laboratory & Research Center PCLKrungsri maintains Buy with 3.80 baht target and the company completed a 20-million-share buyback and expects a 0.20 baht dividend.
