Praram 9 Hospital Public Company Limited, or PR9, reported its second quarter 2026 results with a net profit of 184 million baht, up 1.3% from the same period last year, representing a net profit margin of 13.9%. Revenue from hospital operations was 1,311 million baht, up 2.7% year-on-year, driven by growth in inpatient revenue (IPD) of 6.8%, while outpatient revenue (OPD) decreased 0.8% due to a decline in general medical treatments. Foreign patient revenue grew 10.8%, particularly from the Middle East and Myanmar, increasing the proportion of foreign patient revenue to 29% from 27% in the previous year. Hospital operating costs stood at 64.3%, up from 63.6%, due to higher depreciation, while selling and administrative expenses as a percentage of revenue decreased to 20.0% from 20.7%. For the third quarter of 2026, growth is expected both year-on-year and quarter-on-quarter, supported by the tourism season and outbreaks of influenza and COVID in July. Hospital costs are expected to decline to 62.1% from 63.5% in the third quarter of 2025, due to better capacity utilization and a higher proportion of foreign patients. Despite investments in biplane angiography and hyperbaric oxygen therapy (HBOT), the depreciation impact is expected to be low. The company maintains its full-year revenue estimate of 5,390 million baht, up 1.9%, and net profit of 833 million baht, up 1.3%, with the first half accounting for 48.3% of revenue and 44.3% of net profit for the full year. The "Buy" recommendation is maintained with a fair value of 22.00 baht per share, based on the DCF method, with positive views on new medical equipment, the expansion of ICU and CCU towards the end of the year, and targeted marketing strategies that help control expenses well. A technical "accumulate" is recommended, with a short-term uptrend expected. Support is at 18.50-18.40 baht, with resistance at 19.10 baht; if it breaks through with increased trading volume, a short-term buy is recommended.
Praram 9 Hospital Public Company LimitedPR9 reported 2Q26 net profit up 1.3% YoY, maintained Buy rating with target price 22 baht.
