Dialysis & Renal Care

KT Medical Service Public Company Limited, or KTMS, expects its operating performance in the fourth quarter of 2026 to improve as new branches gradually come into service. Chief Executive Officer Kanjana Pongpattanadecha told Than Hoon that branches already open have a utilisation rate of no less than 80% of total service space, reflecting demand for dialysis services that remains high. The company currently holds contracts for 11 branches and aims to open them gradually in line with its plan, with the timing of each opening depending on the government licensing process, which now takes about 120 days, up from roughly 90 days previously. This delays revenue recognition from new branches relative to plan, but it is a shift in timing rather than a loss of revenue. For the first half of 2026, the company reported revenue from the sale of goods and services of 350.63 million baht, up 7.77 million baht, or 2.27%, from the same period a year earlier, with net profit of 12.99 million baht. In the second quarter of 2026, revenue was 175.96 million baht, up 1.41% from the same period a year earlier, with net profit of 5.69 million baht.

Grace Water Med Public Company Limited, or GWM25, a leader in the development and distribution of comprehensive haemodialysis products, is preparing to launch a sachet-style ready-to-drink protein product in the fourth quarter of this year, while continuing to expand its kidney health business. Thongchai Pami, Chief Executive Officer, disclosed after presenting the company's operating results to investors at Opportunity Day that in the first six months of 2026 the company recorded total revenue of 104.68 million baht, an increase of 8.91 million baht, or 9.30%, from 95.77 million baht in the same period last year. Total liabilities fell to 78.86 million baht, while shareholders' equity rose to 64.16 million baht, bringing the debt-to-equity ratio down from 1.28 times to 1.23 times. The company currently has dialysate production capacity of approximately 240,000 gallons per month and has expanded its One-stop Service Solutions, covering everything from consultation on setting up dialysis centres, design and equipment procurement to the recruitment and training of personnel. For its second-half plan, the company is still negotiating with new partners to extend the business in several areas and will expand all products onto every online platform. The company is confident it can sustain growth in 2026, will open one dialysis centre, and will expand by 10 centres per year starting in 2027, in support of its plan to prepare for a listing on the mai stock exchange by 2028.

KTMS has announced a total revenue target of 800 million baht for 2026, driven by the rising trend of kidney disease patients boosting demand for hemodialysis. The company plans to open 11 new dialysis units in the second half of 2026, with 4 units in the third quarter and 7 more in preparation. It will also install an additional 36-64 dialysis machines, increasing from the current 541, to serve over 120,000 dialysis patients nationwide. Ms. Kanjana Pongpatthanadet, Chief Executive Officer, revealed that Thailand has approximately 8 million people at risk of chronic kidney disease, with about 120,000 patients requiring hemodialysis. Hemodialysis is the primary treatment method chosen by 80% of patients. In the first half of 2026, the company reported revenue of 350.63 million baht, up 2.27% from the same period last year, and a net profit of 12.99 million baht.

According to the latest long-term care insurance business report released by the Ministry of Health, Labour and Welfare on August 27, 2026, the number of people certified as requiring long-term care or support has reached 7.21 million, with approximately one in three people aged 75 or older receiving such certification. Based on calculations using the Ministry of Internal Affairs and Communications' 2025 average results, a household of a married couple aged 65 or older with no employment faces a monthly deficit of about 42,434 yen, resulting in a shortfall of approximately 15.28 million yen over 30 years. For single-person households, the monthly deficit is about 29,980 yen, totaling approximately 10.79 million yen over 30 years. Adding the average long-term care cost of about 5.42 million yen and a reserve fund of 3 million yen, the total exceeds 20 million yen, making the 20 million yen retirement figure a realistic defense line. Additionally, the number of insured persons aged 65 or older (Category 1 insured) was 35.84 million, a decrease of 50,000 from the previous year, but the number of certified persons increased by 120,000, indicating that while the overall elderly population is declining, the demand for long-term care continues to rise.

Bloomberg reports that Taiwan's population may decline to about 12.15 million by 2075, a drop of roughly 48% from 2026 levels, amid a continued decrease in births and young population, while the number of elderly rises significantly, posing long-term challenges to the labor market, economy, and defense capabilities. Estimates from Taiwan's National Development Council (NDC), based on household registration data, indicate that the working-age population will shrink by nearly two-thirds over the next 50 years. By 2075, the population aged 0-14 will be only 585,000, the working-age population (15-64) will be about 5.13 million, and those aged 65 and above will reach 6.43 million, meaning the elderly will outnumber the working-age population and account for more than half of the total population. These figures reflect risks after the population peaked at 23.6 million in 2019, and could also affect Taiwan's security, as the military still relies partly on conscription amid threats from China.

Praram 9 Hospital, or PR9, said its third-quarter 2026 operating performance is showing growth compared with a year earlier, driven by a rise in foreign patients, especially from the Middle East and Myanmar, as well as more Thai patients returning for treatment. Its second-half strategy is to upgrade care for complex diseases such as kidney disease, heart disease and brain disorders, along with robotic surgery, to attract foreign patients who fly in directly for treatment. Foreign patients currently account for about 27% of the total, with Myanmar and Middle Eastern patients together making up more than half of all foreign patients. The company is confident that 2026 revenue will grow by a single-digit percentage as planned, and is also watching opportunities from Moderna and Merck's mRNA cancer vaccines, as well as government policy that could shift civil servant welfare benefits to a health insurance system, which would create a new customer base for private hospitals.

Praram 9 Hospital is moving forward with upgrading itself into a regional specialty medical center to attract foreign patients seeking treatment for complex diseases. The Myanmar patient group grew 55.8% compared to the same period last year, setting a new quarterly record and helping drive a 6.8% increase in inpatients treated for complex conditions. The hospital is preparing to open a Biplane Cath Lab and a Hyperbaric Oxygen Therapy center, while investing in the da Vinci Xi surgical robot, a premium dialysis center, and new HIS and ERP systems. It maintains a debt-to-equity ratio of 0.2 times and has received the Asia Responsible Enterprise Awards 2026 in the Health Promotion category.