Krungsri Securities Public Company Limited said its research team expects PR9's 3Q26F outlook to remain on a recovery path, forecasting healthcare revenue growth of 6% y-y, accelerating from 3% y-y in 1H26, driven by Thai patient revenue returning to stronger growth after rising only 1% y-y in 1H26, and supported by seasonal disease outbreaks. Foreign patient revenue remains constrained by a high base in the prior year. The research team expects 3Q26F net profit of about 230 million baht, up 3% y-y and 25% q-q, with an EBITDA margin of 23.9%, improving from 22.5% in 3Q25 and 22.2% in 2Q26, thanks to better operating leverage and efficient cost management. In 2Q26, EBITDA grew 6% y-y, outpacing revenue growth of 3% y-y, reflecting solid operating leverage. Krungsri maintains a Buy rating on PR9 with a target price of 24 baht, based on a DCF valuation at a WACC of 8.3%, and selects it as a top pick in the sector alongside BDMS. It also sees room for a higher payout ratio, supporting an average dividend yield of about 4% per year, while valuation remains attractive, with the current price trading at a 27F PE more than one standard deviation below the mean. The profit recovery is therefore seen as a key catalyst for a re-rating of the stock.
Praram 9 Hospital Public Company LimitedKrungsri maintains Buy rating and 24 baht target price, forecasting 3Q26F profit recovery and margin expansion as a re-rating catalyst
Bank of Ayudhya PCL
