Krungsri Securities Public Company Limited recommends buying shares of Safe Fertility Group Public Company Limited, or SAFE, with a 2027 target price of 9.80 baht based on a DCF valuation using a WACC of 9.7%. It views the stock's 2027 PE of 12 times as below the average forward PE by one standard deviation and below book value per share at a PBV of under 1 time, which limits downside relative to medium- to long-term recovery prospects. The main rationale is that the business sits within a megatrend of government support for childbearing in many countries. If Thailand relaxes its surrogacy law, it would help expand the market and raise the value of services per case over the long term, while foreign customer momentum looks set to recover in the second half. Management expects second-half revenue to grow better than the first half, driven by improving signs in service usage among foreign clients and better NGG revenue from joined embryonic chromosome screening under the National Health Security Office project. Meanwhile, Finansia Syrus Securities Public Company Limited expects profit in the second half of 2026 to recover continuously but only slightly, with first-half net profit accounting for about 45% of its 2026 net profit forecast, which is expected to grow 6% from the same period a year earlier. It maintains a target price of 7.25 baht and a hold recommendation, noting that although upside remains open, the IVF market is still recovering slowly and geopolitical risks continue to pressure foreign customers.
Safe Fertility Group Public Company LimitedKrungsri recommends buying SAFE with a 9.80 baht DCF-based target, citing cheap 2027 PE/PBV
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