DAOL Securities (Thailand) Public Company Limited has issued an analysis maintaining its "buy" recommendation on The Klinique Medical Clinic Public Company Limited, or KLINIQ, with a target price of 35.00 baht, based on a 2026 PER of 16 times. It kept its 2026 net profit forecast at 476 million baht, up 31% from the previous year, supported by revenue expected to grow 27% on branch expansion and same-store sales growth in the double digits, as well as a gross margin trending higher on product mix and more efficient cost control. The research team expects net profit in the second half of 2026 at 240 to 270 million baht, growing compared with the same period a year earlier and the first half. The company plans to open 10 additional branches in the third quarter of 2026 and another 3 branches in the fourth quarter of 2026. It has set a 2026 revenue target of 4.5 billion baht, up 27% from the previous year, and a net profit margin target of 11%. As for the surgical hospital investment plan, a long-term growth driver, contract details are currently being adjusted, with construction expected to begin immediately once the contract is completed, taking about 18 months to build. Initially, the investment budget is about 192 million baht for decoration work and the procurement of medical equipment. For 2027, DAOL expects KLINIQ to post a net profit of 578 million baht, up 22% from the previous year, on revenue expected to grow 20%.
The Klinique Med Clinic PCLDAOL maintains buy rating with 35 baht target and forecasts 2026 net profit up 31% to 476 million baht.
