Asia Plus Group Holdings PCLASP
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Asia Plus Group Holdings PCLAsia Plus Highlights KLINIQ and MASTER as Standouts in the Quality Beauty Trend, With Second-Half Profit Growth
AnalystAnalyst
Asia Plus Securities said in an analysis dated September 15, 2026, that Thailand's plastic surgery and beauty industry is shifting from price competition to quality competition, a positive for the premium market, medical tourism, and non-surgical services. The research team views The Clinic Clinic Vejchakam Public Company Limited, or KLINIQ, and Master Style Public Company Limited, or MASTER, as the main beneficiaries. KLINIQ's strengths lie in its mid-to-upper customer base, its multi-brand strategy, and a network of more than 84 branches, while MASTER stands out in specialised surgery, which carries higher revenue per case and higher margins, and stands to benefit from the recovery in medical tourism. Asia Plus expects profit momentum for both KLINIQ and MASTER to accelerate in the second half of 2026, with third-quarter 2026 profit likely to grow year on year and to accelerate further in the fourth quarter of 2026, the business's high season. KLINIQ is expected to be driven by double-digit same-store sales growth and a gross margin above 51%, while MASTER's profit is expected to recover strongly from a low base a year earlier after hospital revenue in July and August grew at a low-single-digit rate, supported by Thai customers and an improved product mix that helps offset the impact of roughly 10% higher costs for silicone and medical equipment. On valuation, the research team said MASTER, at a closing price of 8.40 baht, trades at a 2026 PER of about 10.1 times and a PBV of 0.7 times, with a dividend yield of about 7.1%, while KLINIQ, at a closing price of 28.50 baht, has a PER of about 13.3 times, a PBV of 3.3 times, and a dividend yield of about 6.8%. It maintains a Buy rating on MASTER with a fair value of 12 baht, implying 42.9% upside, and on KLINIQ with a fair value of 34 baht, implying 19.3% upside, and believes share prices have not yet fully reflected the second-half 2026 profit recovery.
Asia Plus Group Holdings PCL