Krungsri Securities has raised its 2026 revenue forecast for KLINIQ to 27% growth from 20% previously, supported by still-strong same-store sales growth and an increase in minimum new branch openings from 13 to 15 locations, covering The Klinique, L.A.B.X, L'Clinic and Acne Labs brands. In the third quarter, the company will open 10 new branches at once. Although the company is confident it will not face the same early-stage cost problems seen in early 2024, the research team is maintaining cautious assumptions because selling and administrative expenses remain high. Meanwhile, the new hospital is nearing a conclusion, with the company investing 192 million baht in decoration and medical equipment, and it still expects to pay dividends at 85% of profit. The research team has raised its 2026 to 2028 profit forecasts by an average of 16%, with 2026 profit at 459 million baht, up 24%, and 2027 profit at 521 million baht, up 14%. It maintains a buy recommendation and raises the target price to 40 baht, based on a 2027 price-to-earnings ratio of 17 times.
The Klinique Med Clinic PCLKrungsri Securities raised 2026 revenue and profit forecasts, maintained buy rating, and increased target price to 40 baht.
