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.
The Klinique Med Clinic PCLAsia Plus maintains buy on KLINIQ with 34.00 baht fair value, citing profit recovery and 18% upside.
Master Style PCLAsia Plus maintains buy on MASTER with 12.00 baht fair value, citing profit recovery and 42% upside.
