Bualuang expects PR9 to post a record Q3 2026 core profit of 237 million baht, supporting a 22 baht target price

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Bualuang Securities estimates that Praram 9 Hospital Public Company Limited, or PR9, will report a record-high core profit in the third quarter of 2026 of 237 million baht, up 7% year on year and 29% quarter on quarter, on revenue of 1.44 billion baht, which grew 5% year on year and 10% quarter on quarter. Thai patient revenue is expected to grow 5% year on year and 11% quarter on quarter to 1.04 billion baht, while international patient revenue stands at 403 million baht, up 6% year on year and 7% quarter on quarter, driven by a broader-based recovery beyond the Middle East, with Qatar and Myanmar still standout markets, together with the rainy season boosting Thai patient volumes, especially for influenza. On margins, the gross margin is expected at 36.5%, flat year on year but up 85 basis points quarter on quarter, and the EBITDA margin rising to 23.4%, or up 100 basis points year on year and 110 basis points quarter on quarter. The second-half outlook also gets a boost from the dialysis centre, which is increasing its utilisation to full capacity, as well as new equipment in the third quarter of 2026 such as Bi-plane Angiography, Hyperbaric Oxygen Therapy and the Neuro ICU, which will help raise the share of higher-margin cases from the fourth quarter of 2026. The company is maintaining its 2026 revenue target of single-digit growth, in line with Bualuang's estimate of 5.5 billion baht, or 5% year-on-year growth. The research team maintains its Buy recommendation and 22 baht target price, based on a 2027 price-to-earnings ratio of 18 times. It sees PR9 entering a new profit upcycle, with the market still having room to re-rate the stock in line with record-high earnings. As for the data centre located near the hospital, management still sees no direct impact on current operations.

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