Brokerages recommend buying SAFE with a top target of 9.80 baht, betting on relaxed surrogacy law to boost the IVF market

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Summary · why it matters

Krungsri Securities recommends buying shares of Safe Fertility Group, or SAFE, with a 2027 target price of 9.80 baht based on a DCF valuation using a WACC of 9.7%. It calls the stock a megatrend play supported by child-promotion policies in several countries, while noting that if Thailand relaxes its surrogacy law it would help expand the market and raise the value of services per case over the long term. Foreign customer momentum also looks set to recover in the second half, reflecting the company's competitiveness in service quality and its high success rate. The stock trades at a 2027 PE of 12 times, or a forward PE more than 1.0 standard deviation below the mean, and below book value per share at a PBV of under 1 time. It sees limited downside relative to medium- to long-term recovery potential. Meanwhile, Finansia Syrus Securities expects second-half 2026 profit to continue recovering, though only slightly, with first-half net profit accounting for about 45% of its full-year 2026 net profit forecast, which it expects to grow 6% year on year. It maintains a target price of 7.25 baht with a hold rating, noting that although upside remains open, the IVF market is still recovering slowly and geopolitical risks continue to pressure foreign customers.

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