Asia Plus maintains Buy on PR9 with 23 baht target, citing strong 3Q69 momentum

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โดย HoonVision·

Summary · why it matters

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.

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