Phillip Securities issued an analysis stating that PR9 is shifting its treatment focus from general diseases to core specialties, namely kidney disease, heart disease, and brain disease, aiming to concentrate on more complex treatments. It is also strengthening its capabilities with Bi-Plane Angiography and Hyperbaric Oxygen Therapy, which began offering services in the third quarter of 2026. The emphasis on complex disease groups is seen as having the potential to raise revenue per case and create differentiation from the competition. In the fourth quarter of 2026, PR9 plans to expand ICU, CCU, and Neuro beds from 24 to 31 to accommodate rising bed occupancy rates and complex-disease patients. If it can maintain high occupancy, the fixed costs already invested will be spread over higher revenue, helping profit grow faster than revenue. The company also targets a 27-28% share of revenue from international patients in 2026, pushing into the Myanmar, Indonesian, Middle Eastern, and Chinese markets, while keeping its marketing budget to no more than 3% of revenue and applying AI in medicine, marketing, and documentation. The research team maintains its "Buy" recommendation with a fundamental value of 24.00 baht per share.
Praram 9 Hospital Public Company LimitedPhillip Securities maintains Buy with a 24.00 baht fundamental value, citing the shift to complex specialties and ICU/CCU/Neuro bed expansion.
