Health Care Facilities

Asia Plus Securities estimates that Bangkok Hospital Bumrungrad Public Company Limited, or BH, will report net profit in the third quarter of 2569 of 2,111 million baht, up 3.7% year on year and 11.7% quarter on quarter, on hospital revenue expected to rise 3.2% year on year and 7.5% quarter on quarter, in line with management's target of 3% year on year. The growth is supported by both foreign and Thai patients, as well as a better patient mix and cost control. Foreign patients are the main driver, especially the Middle East group, which accounts for about 23% of hospital revenue and is recovering after the Iran war eased, reflected in Middle Eastern tourists in the third quarter of 2569 rising 12.9% year on year and 142.4% quarter on quarter. Meanwhile, patients from Myanmar, the United Kingdom, the United States and Bangladesh are gradually recovering. Thai patients are supported by seasonality, disease outbreaks and complex cases. Although flooding in Bangkok from 24-26 September caused some appointments to be postponed, they have been rescheduled. Meanwhile, the lower Cambodian patient base since mid-2568 supports year-on-year growth. Gross margin is expected to rise to 53.2% from 52.9% in the third quarter of 2568 and 52.0% in the second quarter of 2569, driven by a higher proportion of foreign patients and complex cases. SG&A to sales is expected at 15.9%, down from 16.3% in the third quarter of 2568, reflecting better earnings quality. If the third quarter of 2569 meets expectations, net profit for the first nine months of 2569 will be 74% of the full-year estimate, within a satisfactory range. The fourth quarter of 2569 is expected to show year-on-year profit growth, adding confidence to the 2569 profit estimate of 7,810 million baht, up 4.0% year on year, on revenue of 25,890 million baht, up 3.0% year on year, driven by the recovery of foreign patients, especially from the Middle East, which remains the main support. The fourth quarter of 2569 trend is expected to slow quarter on quarter but still grow year on year due to seasonality and the long December holiday. Foreign patients remain strong, while Thai patients are supported by complex cases and patients whose appointments were postponed by the flood gradually returning. The fourth quarter is also the high season for the health check-up business, and the rising trend of in-depth health checks is expected to help Health Check-up receive a better response than last year. Asia Plus Securities maintains a Buy recommendation with a 2570 fair value of 225.00 baht per share, based on DCF, representing 20% upside. It views the profit outlook as still strong on the recovery of foreign patients, especially from the Middle East, together with a high-margin patient mix and efficient cost control, supporting both growth and earnings quality.

Bualuang Securities said BDMS is expected to post a record core profit of 4.6 billion baht in the third quarter of 2026, up 7% year-on-year and 42% quarter-on-quarter, on revenue of 30.6 billion baht, up 8.5% year-on-year and 13.8% quarter-on-quarter. The growth is driven by the flu and COVID season, the absence of the weak Cambodia business base seen a year earlier, and a recovery in foreign patients. Thai patient revenue rose 12% year-on-year in August, while foreign patient revenue rose 10% year-on-year, led by Myanmar, Germany and the United States. Middle Eastern patients are another market to watch; normally they account for only 5% of hospital revenue, but their share of advance bookings rose to 9% in August from 6% in April. A higher share of complex cases is expected to help the EBITDA margin recover to 25% from 22.7% in the second quarter of 2026. The impact of late-September flooding remains limited, with an estimated 174 million baht in lost revenue, or 0.6% of September revenue, and a hit to core profit of only 25 to 70 million baht, or 0.5% to 1.5% of the 3Q26 forecast, as most of the impact was postponed check-ups and procedures. The postponed cases are likely to return in October and support 4Q26 revenue. The brokerage maintains its Buy rating with a target price of 23 baht for the end of 2027.

Analysts at Bualuang Securities expect BDMS's core profit in the third quarter of 2026 to reach a record high of 4.6 billion baht, up 7% from the same period last year and 42% from the previous quarter, on revenue of 30.6 billion baht, up 8.5% year-on-year and 13.8% quarter-on-quarter. The growth is driven by the flu and COVID season, the absence of the weak Cambodia business base seen a year earlier, and a recovery in foreign patients led by Myanmar, Germany and the United States. Revenue from Thai patients in August rose 12% year-on-year, while foreign patient revenue rose 10% year-on-year. For Middle Eastern patients, although they normally account for only 5% of hospital revenue, their share of advance bookings rose to 9% in August from 6% in April, and a higher share of complex cases is expected to help the EBITDA margin recover to 25% from 22.7% in the previous quarter. The impact of late-September flooding remains limited, with an estimated 174 million baht in lost revenue, or 0.6% of September revenue, and only 25 to 70 million baht shaved off core profit, or 0.5% to 1.5% of the third-quarter 2026 estimate, as most of the impact was postponed checkups and procedures. The postponed cases are likely to return in October and support fourth-quarter 2026 revenue. The brokerage recommends Buy with a year-end 2026 target price of 23 baht.

Ramsay Santé reported group revenue of €5,381.1m for the year ended 30 June 2026, up 3.3% on a reported basis and 2.3% like-for-like, with EBITDA rising 2.6% to €637.7m at an 11.9% margin. The group's net loss attributable to owners narrowed to €48.3m from €54.1m a year earlier, while net cash flow from operating activities fell €169m to €524.7m as working capital normalized, and net financial debt stood at €3,584.9m, including €1,638.7m of restated pre-IFRS16 net debt, leaving restated net leverage stable at 4.7x. Ramsay Santé said it will not propose a dividend for the year ending 30 June 2026, in line with recent years. Chief Executive Officer Pascal Roché credited the results to an integrated care offering and operational discipline, and the group used its 17 September Capital Markets Day to unveil a new strategic roadmap, Connecting Care 2030, targeting revenue growth of about 3.0% per annum and a gradually improving EBITDA margin through FY2029, alongside continued deleveraging toward pre-IFRS net debt to EBITDA below 4.0x. In Sweden, Capio began a new contract for St. Göran Hospital on 5 January 2026, awarded for at least eight years with an option to extend up to four more, worth an estimated €4.8bn over 12 years. Ramsay Santé also closed a €1.75bn senior debt refinancing on 22 July 2026, comprising a €1.55bn Term Loan B and a €200m revolving credit facility, extending senior debt maturities from 2031 to 2033, and has applied for a foreign exempt listing on the ASX through CDIs as shareholder Ramsay Health Care Limited proposes to distribute its 52.79% stake to its own shareholders.

The Ensign Group expanded its skilled nursing footprint through a coordinated set of acquisitions across Florida, Washington and Colorado. In Florida, it entered the state by adding eight operations with 713 skilled nursing beds and 66 independent living units, while separately buying the real estate and operations of a 118-bed Pensacola facility; it also added four Washington facilities totaling 532 skilled nursing beds and seven Colorado facilities with 760 skilled nursing beds and 47 independent living units. Most acquired operations will run under long-term triple-net leases, while Ensign's Standard Bearer REIT owns the Pensacola property and five additional real estate assets. After these transactions, Ensign said its portfolio reached 418 healthcare operations, including 50 senior living operations, across 18 states, and its subsidiaries including Standard Bearer now hold 189 real estate assets nationwide. As of June 30, 2026, Ensign held $262.3 million in cash and cash equivalents, with long-term debt excluding current maturities at $135.6 million and $591.6 million of available capacity under its line of credit, while net cash provided by operating activities reached $272.1 million in the first half of 2026, up from $228 million a year earlier.

Dental Corporation Public Company Limited, or D, is maintaining its target for total revenue growth in 2026 at around 10%. Chief Executive Officer Pornsak Tantapakul said foreign customers account for the main share, roughly 60-70% of total revenue, and their purchasing power remains strong with growth of nearly 10%. Thai customers account for about 30% of total revenue and have contracted by around 3-4% amid the economic slowdown. Growth in foreign customers has helped offset the slowdown in the domestic market. For the fourth quarter of 2026, the company expects operating results to continue growing on the back of foreign customers' purchasing power, and it will begin considering opening new branches again, focusing on locations that target foreign customers. Initially, it plans to open an average of about one branch per quarter. The company is continuing to pursue growth after meeting all the qualifications to move from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, which will help raise its profile, build confidence, and open up more opportunities to reach institutional investors. After listing on the SET, several securities firms have begun preparing analyst reports assessing its growth prospects over the next one to two years. Meanwhile, the major shareholder group, which holds about 50% of the shares, has no plans to sell its shares and does not intend to raise capital at this time. The company has a strong cash flow position and a policy of paying dividends every six months, representing a dividend yield of about 5-6% per year.

Pie Securities recommends buying shares of Bangkok Dusit Medical Services Public Company Limited, or BDMS, with a target price of 23 baht, expecting profit in 2026-2027 to grow about 2-4% per year, supported by three factors: annual increases in treatment fees of 2-3%, recovering domestic purchasing power, and Middle Eastern patients gradually returning for treatment after the Iran war. The research team expects net profit in 2026 at 16.234 billion baht, up 2.4%, and in 2027 at 16.893 billion baht, up 4.1%. Over these two years, hospital expansion will not yet have a significant impact on total revenue. BDMS is preparing to close its major WellEra project, with an investment value of 29 billion baht, an ultra-luxury project combining residences, a health rehabilitation center, retail space, and the BDMS Wellness Clinic. Management expects it to help generate additional revenue from normal operations of about 1% in 2030-2034, split into about 55% from residential sales and recurring revenue from the clinic, recovery accommodations, and retail. Meanwhile, the EBITDA margin in the third quarter of 2026 is expected to return to normal levels, and management maintains its target for revenue growth this year of 2-4% year on year. BDMS shares in the afternoon moved at 19.00 baht, unchanged, with trading value of 533.66 million baht.

Safe Fertility Group Public Company Limited, or SAFE, disclosed that it is studying ways to expand cooperation with the National Health Security Office, or NHSO, on a project to screen for fetal chromosomal abnormalities from maternal blood, known as NIPT, in order to add revenue channels and extend its business, with clarity expected within next year. As for its operating performance trend in 2027, the company targets revenue growth of about 10-15% from 2026, when revenue is expected to be close to the previous year's 900 million baht, driven by expanding its business scope into genetic testing laboratories under Next Generation Genomic Company Limited, which provides testing services in reproductive medicine and maternal and child medicine to leading public and private healthcare facilities, as well as obstetrics and gynecology clinics both domestically and overseas. At present, SAFE's customer base is split roughly 50% Thai customers and 50% foreign customers, but in terms of revenue, about 60% comes from foreign customers and about 40% from Thai customers, because service rates for foreign customers are about 15-20% higher. It is also looking for opportunities to expand into the Bangladesh and Indonesia markets in the future. In addition, SAFE aims to expand its family care base from 40,000 families to 50,000 families within the next 3-5 years, while driving average revenue growth of 10-15% per year through its Preserve and Prevent market growth strategies and by expanding its foreign patient base, which currently accounts for as much as 50% of all patients. Over the longer term, in the next 5-10 years, SAFE's goal is to push Thailand to become a Regional Fertility Hub that families across the region trust.

Dental Corporation Public Company Limited, or D, has met the criteria of the Stock Exchange of Thailand and will move from the Market for Alternative Investment, or mai, to trade on the SET in the Services industry group, Medical business sector, starting October 1, 2026, after more than 9 years listed on mai. Chief Executive Officer Pornsak Tantapakul, together with the company's board and executives, joined in congratulating the occasion. The company stated that the move to the SET reflects the organization's growth and potential, from its beginnings as a Thai family business to a listed company in the capital market, and that over the past 9 years it has used funds raised to expand its business, generating growth in revenue, net profit, and shareholders' equity. The Dental Corporation group operates a full-service dental business, covering dental hospitals, the Bangkok International Dental Hospital, or BIDH, dental centers, Smile Signature dental clinics, and Dental Planet dental clinics, as well as Dental Vision Company Limited, a subsidiary that distributes dental materials and equipment.

Safe Fertility Group Public Company Limited, or SAFE, has announced a three-to-five-year plan to expand its family care base from 40,000 families to 50,000 families, while driving average revenue growth of 10-15% per year from 2027 onward, after revenue in 2026 is expected to hold steady from the 900 million baht recorded in 2025. Dr. Wiwat Kwangkananurak, Chief Executive Officer, said the growth strategy comes from the Preserve and Prevent markets, as younger generations increasingly turn to egg freezing, sperm freezing, and genetic testing, as well as from expanding the base of international patients, who currently account for 50% of all patients. The company is also broadening its business scope into genetic analysis laboratories under Next Generation Genomic Company Limited, providing reproductive medicine and maternal and child medicine analysis services to leading public and private healthcare providers, as well as obstetrics and gynecology clinics both domestically and overseas. It is also in discussions on cooperation with the National Health Security Office, or NHSO, on a project to screen for fetal chromosomal abnormalities from maternal blood, known as NIPT, with services under the NHSO project expected to begin in 2027. It is also discussing ways to provide intrauterine insemination, or IUI, for holders of universal health coverage rights, or the 30-baht scheme, to broaden access to treatment more comprehensively.

Safe Fertility Group Public Company Limited, or SAFE, has announced a business plan under the concept The Next Chapter of Fertility, riding the trend of younger generations marrying and having children later in life. The company aims to grow its customer base from roughly 40,000 families today to 50,000 families within 3-5 years, and targets average revenue growth of 10-15% per year through two main strategies: expanding the Preserve and Prevent market, which covers egg freezing, sperm freezing and genetic testing, and expanding its international customer base into new markets. International customers currently account for about 50% of the company's total patient base. In Thailand's assisted reproductive technology, or IVF, market, Kasikorn Research Center estimates the value at approximately 6 billion baht, while the global IVF market is worth more than 30 billion US dollars. SAFE cited Japan as an example, where the number of newborns has fallen below 700,000, yet children born through assisted reproductive technology now make up about one in eight of all births. The company has also expanded into genetic analysis laboratories through Next Generation Genomic Company Limited, and has set a long-term goal of 5-10 years to elevate Thailand into a Regional Fertility Hub.

Dental Corporation Public Company Limited, or D, has moved from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, in the Services industry group, Medical sector, effective October 1, 2026, after being listed on mai for more than 9 years. Chief Executive Officer Pornsak Tantapakul, along with the company's board and executives, joined in congratulating the company on meeting the SET's listing criteria. The move to the SET reflects the organization's growth and potential, from its beginnings as a Thai family business to a listed company in the capital market. Over the past 9 years, the company has used funds raised to expand its business, driving growth in revenue, net profit, and shareholders' equity. D operates a comprehensive dental services business covering dental hospitals, the Bangkok International Dental Hospital, or BIDH, dental centers, Smile Signature dental clinics, and Dental Planet dental clinics, as well as Dental Vision Company Limited, a subsidiary that distributes dental materials and equipment.

Asia Plus Securities said the number of Middle Eastern tourists in September rose 18.8% year on year, though it fell 43.1% from the previous month on seasonal factors. That brought the third quarter of 2026 up 12.9% year on year and 142.4% quarter on quarter, reflecting a gradual return of travel to normal and a positive signal for the Middle Eastern patient trend at private hospital groups. The research team views this as a positive factor for third-quarter 2026 earnings after Middle Eastern patients began to recover from the impact of the Iran war, with most returning patients being complex and critical cases that carry high revenue per case and high margins, supporting the prospect that profits will recover faster than revenue. This is consistent with the number of Middle Eastern tourists in the third quarter of 2026, with the UAE up 29.8% year on year and Saudi Arabia up 21% year on year, while Qatar and Oman rose 1% and 4% year on year respectively. The research team maintained an overweight stance on the hospital group and buy ratings on BH, PR9 and BDMS, choosing BH as the top pick because it has the highest share of revenue from Middle Eastern patients in the group at about 23%, followed by PR9 at about 10% and BDMS at about 4%. It kept 2027 target prices at 225.00 baht, 23.00 baht and 25.00 baht respectively.

Analysts at Asia Plus Securities see the return of Middle Eastern tourists as a positive factor for the earnings of private hospital operators in the third quarter of 2026. The number of Middle Eastern tourists in September rose 18.8% year on year, though it fell 43.1% from the previous month on seasonal factors, bringing the third quarter of 2026 up 12.9% year on year and 142.4% from the previous quarter. This reflects travel gradually returning to normal after Middle Eastern patients began recovering from the impact of the Iran war. Although patient numbers at some hospitals have yet to return to last year's levels, most of those coming back are complex and serious cases with high revenue per case and high margins, supporting the prospect that profits will recover faster than revenue. In the third quarter of 2026, tourists from the UAE rose 29.8% and those from Saudi Arabia rose 21%, while Qatar and Oman rose 1% and 4% respectively. BH benefits the most, with Middle Eastern patients accounting for about 23% of its revenue, followed by PR9 and BDMS at about 10% and 4%. Normalised profits for private hospital operators in the third quarter of 2026 are expected to be the strongest of the year, driven by recovering foreign patients, a rise in Thai patients from influenza and COVID-19, and the return of complex cases. The Bangkok floods from 24 to 26 September are expected to have a limited impact.

SAFE Fertility Group, or SAFE, has announced its corporate direction under the concept "The Next Chapter of Fertility" on the occasion of celebrating its 20th year. Dr. Wiwat Kwangkananurak, founder and Chief Executive Officer, said the company aims to expand its family care base from 40,000 families to 50,000 families within the next 3-5 years, while driving average revenue growth of 10-15% per year. Key strategies include growth in the Preserve and Prevent markets, as younger generations increasingly turn to egg freezing, sperm freezing, and genetic testing, and expansion of its international patient base, which currently accounts for as much as 50% of all the company's patients, into additional new markets. The concept covers three areas: Prepare, readiness through health and hormone assessments; Preserve, alternative treatment through egg and sperm freezing technology; and Prevent, advance prevention through comprehensive genetic disease screening. The company is also expanding into genetic analysis laboratories under Next Generation Genomic Co., Ltd. Over the longer term of 5-10 years, SAFE aims to propel Thailand to become a Regional Fertility Hub trusted by families across the region.

Phillip Securities (Thailand) Public Company Limited estimates that Bumrungrad Hospital Public Company Limited, or BH, will have hospital revenue of approximately 6.75 billion baht in the third quarter of 2026, up 8.3% from the previous quarter and 4.0% from the same period last year, exceeding management's guidance of about 3% year-on-year revenue growth. International patient revenue is expected at 4.579 billion baht, up 10.7% quarter-on-quarter and 5.6% year-on-year, driven by an accelerating number of travelers from the Middle East to Thailand, with about 70,000 such tourists in September 2026, growing 18.8% year-on-year. Thai patient revenue is expected at 2.17 billion baht, up 8.3% quarter-on-quarter and 0.7% year-on-year. Core profit for the third quarter of 2026 is expected at 2.088 billion baht, up 10.5% quarter-on-quarter and 2.4% year-on-year, on total revenue of approximately 6.77 billion baht. The gross margin is expected to rise to 53.2% from 53.0% in the third quarter of 2025, and the EBITDA margin is expected at 41.4%, up from 40.9% in the same period last year. Phillip views the third quarter of 2026 as the best quarter of the year, with the second quarter of 2026 likely marking the bottom of performance. Core profit for the nine months of 2026 is expected at approximately 5.759 billion baht, up 2.3% year-on-year, representing 72.7% of the full-year profit forecast. It maintains a buy recommendation on BH with a year-end 2026 target price of 200 baht per share. The business expansion plan continues with the opening of a hospital in Phuket in two phases. The first phase, spanning years one to five, or approximately the second half of 2027 to 2032, will gradually open 120 beds, and the second phase, spanning years six to ten, or approximately 2032 to 2037, will add another 92 beds, for a total of 212 beds, following a hub-and-spoke model. Factors to monitor include the slow recovery in domestic purchasing power and the conflict situation in the Middle East, which may affect the number of international patients and BH's revenue trend going forward.

Dental Corporation Public Company Limited, or D, a full-service dental care provider, is preparing to move from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, in the Services industry group, Medical business sector, starting from October 1, 2026, after meeting the qualifications under SET criteria. Mr. Pornsak Tantapakul, Chief Executive Officer, disclosed that in 2025 the group had total revenue of 1.047 billion baht, an increase of 92.6 million baht, and net profit of 85.8 million baht, an increase of 35.3 million baht. In the first half of this year, total revenue was 554 million baht and net profit was 39.5 million baht. This move to the SET will help expand the base of new investor groups, especially domestic and foreign institutions that previously faced restrictions on investing in mai, as well as retail investors, and will help strengthen confidence in the company's image and credibility, while also increasing liquidity in trading of the company's securities.

Land and Houses Securities issued an analysis recommending a buy on BDMS shares with a target of 25.0 baht, assessing support at 19.3/19.5 baht and resistance at 20.4/21.0 baht. July revenue accelerated 8% year on year, up from only about 1% year on year in the first half of 2026, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. The research team expects third-quarter 2026 profit to recover both year on year and quarter on quarter, viewing the second quarter of 2026 as this year's profit trough. For BGRIM shares, it recommends a buy with a target of 21.5 baht, assessing support at 18.0/18.4 baht and resistance at 20.0/20.8 baht. It sees the new Power Development Plan, due to take effect soon, as increasingly positive given rising electricity demand from data centers, with expectations of 300 to 500 megawatts of new generating capacity. Meanwhile, the NAKWOL 1 project, a wind project in South Korea, is 92% complete and will be a key turning point in raising the renewable share to reduce reliance on profit from small power producers. The first and second phases of the data center business are already 100% fully contracted with customers, with commercial operation dates expected by the third quarter of 2027, along with plans to expand to 300 megawatts both domestically and overseas.

Dental Corporation Public Company Limited, or D, is preparing to move the trading of its shares from the Market for Alternative Investment, or mai, to the Stock Exchange of Thailand, or SET, in the services industry group, medical business sector, starting from 1 October 2026, after meeting the qualifications under SET criteria. Pornsak Tantapakul, Chief Executive Officer, revealed that all businesses of the D group have grown strongly, especially the dental business. For its 2025 operating results, the group had total revenue of 1.047 billion baht, an increase of 92.6 million baht, and net profit of 85.8 million baht, an increase of 35.3 million baht. In the first half of this year, the group had total revenue of 554 million baht and net profit of 39.5 million baht. This move to the SET will open opportunities to expand its base of new investor groups, especially institutional investors both domestic and foreign that previously faced restrictions on investing in the mai market, as well as to expand its base of retail investors further.

Dental Corporation, known as D, a full-service dental care provider, is preparing to move from the Market for Alternative Investment, or mai, to the Stock Exchange of Thailand, or SET, in the services industry group, medical business sector, starting October 1, 2026, after meeting the SET's listing criteria. Pornsak Tantapakul, Chief Executive Officer, said the board migration reflects the strength of all business groups, especially dental services, which has driven continuous growth in both revenue and net profit. For 2025 results, the group reported total revenue of 1.047 billion baht, an increase of 92.6 million baht, and net profit of 85.8 million baht, an increase of 35.3 million baht. In the first half of 2026, total revenue was 554 million baht and net profit was 39.5 million baht. Listing on the SET will help open opportunities to expand its investor base, particularly institutional investors both domestic and foreign, as well as enhance credibility, corporate image, and increase liquidity in trading of the company's shares.

Dental Corporation Public Company Limited, or D, a full-service dental care provider, is preparing to move from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, in the Services industry group, Health Care sector, starting 1 October 2026, after meeting the qualifications under the Stock Exchange of Thailand's criteria. Chief Executive Officer Pornsak Tantapakul said that in 2025 the group reported total revenue of 1.047 billion baht, an increase of 92.6 million baht, and net profit of 85.8 million baht, an increase of 35.3 million baht, representing profit growth of 70%. For the first half of this year, the group has already recorded total revenue of 554 million baht and net profit of 39.5 million baht, with growth driven by its strong dental business. The move to trade on the SET will help broaden the investor base to new groups, including domestic and foreign institutions that previously faced restrictions on investing in the mai market, as well as retail investors, and will also strengthen confidence in the company's image and credibility while increasing liquidity in trading of its securities.

Dental Corporation Public Company Limited, or D, a full-service dental care provider, is preparing to move from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, in the Services industry group, Medical business sector, starting from 1 October 2026, after meeting the qualifications under SET's criteria. Mr. Pornsak Tantapakul, Chief Executive Officer, disclosed that in 2025 the group's total revenue was 1.047 billion baht, an increase of 92.6 million baht, with net profit of 85.8 million baht, up 35.3 million baht. In the first half of this year, total revenue was 554 million baht and net profit was 39.5 million baht. The move to the SET this time will help expand the company's new investor base, especially domestic and foreign institutions that previously faced restrictions on investing in the mai market, as well as retail investors, and will also strengthen confidence in its image and credibility, while increasing liquidity in trading of the company's securities.

Dental Corporation Public Company Limited, or D, is preparing to move from the Market for Alternative Investment, or mai, to trade on the Stock Exchange of Thailand, or SET, in the Services industry group, Medical business sector, starting from October 1, 2026, after meeting the qualifications under SET's criteria. Mr. Pornsak Tantapakul, Chief Executive Officer, disclosed that operating results have continued to grow, especially in the dental business. For the 2025 performance, the group had total revenue of 1.047 billion baht, an increase of 92.6 million baht, and net profit of 85.8 million baht, an increase of 35.3 million baht. In the first half of this year, total revenue was 554 million baht and net profit was 39.5 million baht. This move to trade on the SET is expected to help expand the investor base, including domestic institutional, foreign, and retail investors, as well as strengthen image and confidence and increase liquidity in the trading of the company's securities.

Praram 9 Hospital, or PR9, has expanded its use of telemedicine for patients with mild symptoms and arranged ambulances to pick up patients facing travel restrictions, in a bid to maintain continuity of care amid heavy rain and flooding. Dr. Witthaya Wanpen, Deputy Managing Director of the Business Development and Strategic Planning Office, told the Stock Vision news team that although some patients asked to postpone appointments on September 26-27, 2026, due to travel disruptions, the hospital continues to operate as normal, and bed occupancy currently stands at around 70%, leaving sufficient capacity to handle major surgery and emergency cases. Foreign patients also continue to travel in for treatment, particularly those from the Middle East seeking care for kidney disease, diabetes and diabetic wounds, patients from Myanmar requiring cancer surgery and robot-assisted procedures using the da Vinci Robot, and patients from China seeking consultations for infertility or IVF. Operating results for the third quarter of 2026 remain in line with targets, and the company aims for single-digit revenue growth in 2026, with the fourth quarter seen as the high season for the hospital business, which is expected to help support full-year growth in line with the set target.

Dr. Chalerm Harnphanich, Chief Executive Officer of Bangkok Chain Hospital Public Company Limited, or BCH, disclosed that the Election Committee for Employer Representatives and Insured Person Representatives resolved to postpone the election date for the Social Security Board from September 27 to October 11, 2026, due to flood situations in many areas. This does not affect the certification of the meeting results of the Subcommittee on Medical Treatment Fee Rates, which is expected to reach a conclusion on adjusting service rates before October 24, and is expected to take effect in the fourth quarter of 2026 or at the latest on January 1, 2027. The company has not yet included this matter in its 2026 growth projections. Meanwhile, the flood situation in Bangkok and its vicinity affected the number of patients seeking services only slightly, specifically during periods of heavy rain, and both Thai and foreign patients quickly returned to normal service use. Only the Chaengwattana branch is in a near-flood condition, while the bed occupancy rate remains at a high level. For the third-quarter 2026 outlook, continued growth is expected from the high season. The subcommittee is scheduled to hold its third meeting on October 5, and if no conclusion is reached, a fourth meeting may be held before October 24, which is the date the subcommittee's term expires. Kasikorn Securities assesses that the new Social Security Board is likely to begin operations within November, compared with the previous expectation of October, and maintains a neutral view on the hospital group, with an assumption of a 5% increase in the flat-rate payment rate starting in 2027. It recommends buying BCH with a target price of 12.50 baht and RJH with a target price of 17.20 baht, and recommends holding CHG with a target price of 1.69 baht.

Asia Plus Securities said GLP-1 drugs, used to treat type 2 diabetes and, in some formulations, to control weight in obese patients, are becoming a theme that supports private hospital operators, after Thailand's Food and Drug Administration upgraded GLP-1 injectables to specially controlled drugs from 15 September 2026, requiring them to be dispensed by prescription and using a Track & Trace system to monitor distribution and reduce leakage outside the system. Novo Nordisk is pressing ahead with expanding the obesity and diabetes market, including clinical research in Thailand, after investing about 370 million baht in research and development between 2019 and 2023. The research team holds a slightly positive view on private hospitals, because tighter regulation is likely to shift the channels through which the drugs are accessed rather than reduce demand, and should draw users toward standardised hospitals and clinics. Business opportunities extend to consultation fees, laboratory tests, follow-up and care for comorbidities. The effect on short-term profit is limited, given a still-low revenue base and constraints on drug prices, access and competition. The research team keeps an overweight stance on the hospital sector and sees BDMS and PR9 as standout beneficiaries. BDMS is advantaged by a diverse patient base and a large hospital network, while PR9 stands out for its cash-paying patient base, service accessibility, value for money and specialised services. BH also benefits from a cash-paying patient base and high-spending customers, but the quantitative benefit is expected to be smaller. It maintains Buy ratings on BDMS, PR9 and BH, with 2027 fair values of 25.00 baht, 3.00 baht and 225.00 baht respectively.

Several brokers are unanimous in recommending a "buy" on shares of Praram 9 Hospital, or PR9, expecting second-half operating results to grow by leaps and bounds on the momentum of the high season in the third quarter, a period when influenza spreads and more domestic patients return to use services. At the same time, foreign customer groups, especially from the Middle East, Myanmar and Laos, have begun traveling back for continuing treatment. The health check-up service portfolio also remains strong, and the company is pressing ahead with expanding its new customer base in China through Premium IVF services, as well as returning to market to Indonesian customer groups late this year. Prasit Rattanakitkamon, assistant managing director at Asia Plus Securities, gives a "buy" recommendation with a target price of 23 baht per share, while Teerapol Udomwet, an analyst at Kiatnakin Phatra Securities, gives a target price of 24.50 baht per share, and an analysis by KGI Securities Thailand gives a target price of 21 baht per share. PR9 shares closed yesterday at 19.30 baht.

Ekachai Medical Care, or EKH, announced progress under its healthcare business expansion plan by joining hands with Narai Property and a group of medical professionals to establish Coon Bangna Company Limited to operate a 45–50 bed specialised palliative care hospital, with a project value of 270 million baht. It expects to open for full service in 2028. Dr. Amnat Ua-areemitr, an EKH executive, said he is confident this investment will help expand the revenue base and support steady growth. Meanwhile, Medeze Group, or MEDEZE, reported that Dr. Weerapon Khemarangson, its Chief Executive Officer, received a good rating with a score of 96 points in the 2026 AGM Checklist assessment, conducted by the Thai Investors Association together with the Stock Exchange of Thailand. Charoen Industrial, or CH, signalled a positive third quarter of 2026 with a clear recovery through a strategy of launching new products, penetrating the domestic market, and expanding its new customer base in the United States and Europe, while upgrading its factories with LEAN systems and machinery technology to reduce costs. Chao Sua Foods Industry, or CHAO, announced its success in receiving an excellent rating in the 2026 AGM Checklist assessment, worthy of being an example, for the first year, with a full score of 100 points, or 5 stars, from the project assessing the quality of annual general meetings of listed companies on the Stock Exchange of Thailand, organised by the Thai Investors Association together with the Securities and Exchange Commission and the Stock Exchange of Thailand.

Aesthetic Connect Public Company Limited, or TRP, is pushing ahead with new services in hair transplantation and the longevity market, while stepping up aggressive marketing to capture international clients across both Europe and Asia. Chief Executive Officer Pornpiwan Niramoncherdchai said the company will maintain its existing strength in facial plastic surgery, which generates nearly all of its revenue, and build on it with specialised medical teams and well-equipped medical facilities. The hair transplant service is now available and is expected to offer customers more options and open the door to new target groups distinct from facial surgery clients. Meanwhile, the longevity market, which covers long-term health care, anti-aging and preventive care, represents another opportunity to extend the beauty business into services that better meet customer needs and to create a new revenue base in the future. On marketing strategy, the company will take a more aggressive approach to reach customers across a range of ages, lifestyles and service needs, tailoring its marketing to each area rather than applying the same strategy across all markets. The company also expects to stay on track with its financial targets under the strategy of its new CEO, which focuses on preserving the strength of the facial surgery business as the core business while generating new growth from new services and expanding its international customer base.

Community Health Systems reported second-quarter 2026 same-store net revenues up 2.4% year over year and adjusted admissions up 2.9%, but roughly half of that admission growth came from uninsured patients, limiting the revenue benefit. Same-store net revenue per adjusted admission declined 0.5% on weaker service and payer mix, and same-store surgeries fell 0.1% with inpatient surgeries down 3.8% as orthopedic and cardiac procedures stayed soft. Adjusted EBITDA declined to $330 million in the second quarter from $380 million a year earlier, also reflecting divestitures and differences in state-directed payment benefits, while operating cash flow was $87 million. The company now expects 2026 revenues of $11.4-$11.6 billion and adjusted EBITDA of $1.30-$1.375 billion. Among peers, HCA Healthcare posted same-facility admissions up 2.5% and revenue per equivalent admission up 6.4%, while Tenet Healthcare reported net operating revenues up 6% and same-hospital net patient service revenue per adjusted admission up 3.3%.

Medeze Group Public Company Limited, or MEDEZE, announced that the company has received a Good Manufacturing and Distribution Practice Certificate, or GMDP Certificate, from the Food and Drug Administration. The certification followed an assessment of its manufacturing facility under good manufacturing practice standards, in line with the Pharmaceutical Inspection Co-operation Scheme, or PIC/S GMP. The certified scope covers the manufacture of modern medicines for Phase 1 and Phase 2 human research in the biological products category, specifically the cell therapy product Mesenchymal Stem Cells (Human Adipose Tissue-Derived MSC), for use in human clinical research. Pharmacist Supatra Boonserm, Secretary-General of the Food and Drug Administration, said the FDA has a policy of supporting Advanced Therapy Medicinal Products, or ATMPs, which are among the future medical technologies and have the potential to extend treatment to complex diseases, rare diseases, and chronic diseases for which conventional treatments still have limitations. Dr. Weerapon Khemarangsan, Chief Executive Officer of MEDEZE, said receiving this certificate marks another important step for the company in developing its cell manufacturing process under an auditable quality system, from control of facilities and personnel to production procedures and quality inspection processes. Currently, MEDEZE has structured its business from cell storage, research, and manufacturing process development, in order to connect its knowledge in cell banking to the development of cell therapy products in the future. The company has also passed cell bank standards under the criteria of the Department of Medical Sciences, as well as AABB accreditation and the ISO 9001:2015 quality management system, and uses the AXP AutoXpress Platform and cryopreservation technology in the process of isolating and storing cells from cord blood, umbilical cord tissue, fat, hair roots, and natural killer cells, or NK Cells.

MEDEZE Group Public Company Limited, or MEDEZE, announced that its manufacturing facility passed an assessment under the Good Manufacturing Practice guidelines, receiving the GMDP PIC/S Certificate for Investigational Cell Therapy Product from the Food and Drug Administration, or FDA, covering the manufacture of modern medicines for Phase 1 and Phase 2 human research in the biological products category, specifically the cell therapy product group Mesenchymal Stem Cells (Human Adipose Tissue-Derived MSC) for clinical research. Pharmacist Supatra Boonserm, Secretary-General of the Food and Drug Administration, said at the certificate presentation ceremony that the FDA has a policy of supporting advanced therapy medicinal products, or ATMPs, which represent the future of medical innovation, shifting treatment from symptom management to addressing root causes. Dr. Weerapon Khemarangsan, Chief Executive Officer of MEDEZE, stated that the scope of the certificate covers the manufacture of modern medicines for Phase 1 and Phase 2 human research and aligns with PIC/S GMP guidelines. The company has built its business foundation from cell storage, research, and manufacturing process development in order to connect knowledge in cell banking to the future development of cell therapy products. In addition to the GMDP certificate, MEDEZE has also passed cell bank standards under the criteria of the Department of Medical Sciences and holds AABB accreditation along with the ISO 9001:2015 quality management system, according to information the company previously disclosed.

Medeze Group Public Company Limited, or MEDEZE, Thailand's only private cell bank, has received a Good Manufacturing Practice and Good Distribution Practice certificate, or GMDP Certificate, from the Food and Drug Administration (FDA). The manufacturing facility passed assessment under the Pharmaceutical Inspection Co-operation Scheme, or PIC/S GMP, in the scope of manufacturing modern medicines for Phase 1 and Phase 2 human research in the biological products category, specifically the cell therapy product Mesenchymal Stem Cells (Human Adipose Tissue-Derived MSC) for clinical research. Pharmacist Supatra Boonserm, Secretary-General of the Food and Drug Administration, said the FDA places importance on promoting the country's medical innovation ecosystem so that Thai people can access quality, safe treatment innovations that meet international standards, and supports the Thai biopharmaceutical industry in researching, developing, and producing medical innovations domestically. Doctor Weerapon Khemarangsan, Chief Executive Officer of Medeze Group Public Company Limited, disclosed that the company has laid its business foundation starting from cell storage, research, and development of manufacturing processes, in order to connect cell bank knowledge to the future development of cell therapy products, and that this certification enhances its readiness to work with research agencies and medical institutions. In addition to the manufacturing standard certificate, MEDEZE has also passed cell bank standard certification under the criteria of the Department of Medical Sciences, and holds AABB certification along with the ISO 9001:2015 quality management system, according to information the company previously stated.

Krungsri Securities has a positive view on Bangkok Chain Hospital, or BCH, maintaining a Buy recommendation with a target price of 12.00 baht from a closing price of 10.90 baht, implying 10% upside. It expects healthcare revenue in the third quarter of 2026 to recover 6-7% from the same period a year earlier, after a 1% decline in the first half of 2026. In July 2026, revenue grew 7% and accelerated to about 8-9% in August 2026. On social security revenue, which accounts for 38% of total healthcare revenue, Krungsri estimates that a 10% increase in the capitation rate from 1,808 baht would lift SSO revenue by about 4% and net profit by about 11%, while adding roughly 0.60-0.70 baht to the target price. Meanwhile, from September 1, 2026, BCH began consolidating the operating results of Rajavej Ubon Ratchathani Hospital, which has average revenue of about 400,000 to 500,000 baht per month. Krungsri expects BCH revenue of 12.284 billion baht in 2026, up from 11.913 billion baht in 2025, and net profit of 1.338 billion baht in 2026, from 1.316 billion baht in 2025, before rising to 1.425 billion baht in 2027. It values the company using a DCF method with a WACC of 7.7% and a 2027 target price of 12.00 baht.

Krungsri Securities, or KSS, said in an analysis that healthcare stocks remain attractive, supported by cooperation between insurers and private hospitals that is evolving into a Healthcare Ecosystem covering prevention, screening, treatment and rehabilitation. This should draw Thai patients back for continuous service use and build a stable long-term revenue base. A survey found that domestic insurance revenue for BDMS, BH, PR9 and BCH grew at average rates of 12%, 16%, 12% and 7% respectively during 2023-2025. In the first half of 2026, domestic insurance revenue at BDMS, BH and PR9 still grew 2%, 1% and 8% respectively year on year, while BCH fell 6%. The share of domestic insurance revenue in total revenue, ranked from highest to lowest, was BDMS at 31%, PR9 at 26%, BCH at 24% and BH at 14%. The research team assesses that hospital sector earnings have passed their bottom in the second quarter of 2026 and are entering the high season for domestic service use, and therefore selects BDMS with a target price of 25 baht, PR9 with a target price of 24 baht and BCH with a target price of 12 baht as its top picks. Tisco Securities raised its fair value for PR9 to 24.00 baht from 22.70 baht and maintained its buy recommendation, expecting core business revenue in the third quarter of 2026 to be 1.47 billion baht, up 6% year on year and 11% quarter on quarter. Net profit is expected at 225 million baht, up 1% year on year and 22% quarter on quarter, while EBITDA is expected at 372 million baht, up 13% year on year and 19% quarter on quarter. It also raised its 2026-2028 net profit forecasts by 2.9%, 3.7% and 4.9% respectively. CGS International (Thailand), or CGSI, estimates that combined net profit for the hospitals under its coverage will rise 11% year on year and 31% quarter on quarter, and recommends a take-profit level for PR9 at 20.00 baht and a stop-loss at 19.20 baht.