Health Care Facilities

Krungsri Securities said the Social Security Board approved a gradual increase in the wage ceiling for insured persons under Section 33, from 15,000 baht to 17,500 baht in 2026, 20,000 baht in 2029, and 23,000 baht in 2032. The research team estimates that raising the wage ceiling from 15,000 baht to 17,500 baht during 2026-28 will increase the contribution base by 16.7% and generate additional revenue for the fund of about 3,825 baht per insured person per year. Considering only the four-case fund, which directly supports health benefits, it will add revenue of approximately 1,350 baht per insured person per year. Based on a sensitivity analysis assuming a roughly 10% increase in social security medical treatment fees for capitation, IPD treatment, and chronic disease risk burden, similar to the most recent adjustment on May 1, 2023, it is estimated to add a burden to the fund of about 301 baht per insured person per year, or 22% of the incremental revenue of the four-case fund. This reflects that the fund's increased revenue exceeds the higher treatment burden and increases the likelihood of future adjustments to medical treatment rates, which would be an upside for BCH and CHG. On October 19, 2026, the ad hoc subcommittee to review the criteria and rates for medical service payments to contracted hospitals in the social security system will meet to finalize the proposal to adjust social security medical treatment fees after three meetings. It will then propose to the Medical Board and the Social Security Board. The research team assesses the impact on the 2027 earnings forecasts of BCH and CHG under two scenarios. In the first scenario, only the capitation rate is raised by 10%, with an assumed incremental margin of 80%, which would increase 2027 earnings of BCH and CHG by about 11% and 9%, respectively, with additional value from the target price of BCH of about 0.60-0.70 baht and CHG of about 0.10-0.15 baht. In the second scenario, all three items are raised by 10%, with an assumed incremental margin of 70%, which would increase earnings of BCH and CHG by about 13% and 11%, respectively, with additional value from the target price of BCH of about 0.80-1.00 baht and CHG of about 0.15-0.20 baht. The research team maintains a bullish view on the hospital sector, with top picks BDMS (Buy, target price 25 baht) and PR9 (Buy, target price 24 baht), while BCH (Buy, target price 12 baht) stands out in the social security hospital group due to earnings having passed the trough and a high chance of benefiting from the increase in social security medical treatment rates.

Krungsri Securities has issued an analysis of hospital sector stocks after the Social Security Board approved a gradual increase in the wage ceiling for insured persons under Section 33, from 15,000 baht to 17,500 baht in 2026, rising to 20,000 baht in 2029 and 23,000 baht in 2032. It views the increases during 2026-2028 as adding roughly 1,350 baht per insured person per year to the fund's revenue across four benefit cases. The research team estimates that the higher social security treatment payments will be an upside to the 2027 operating results of BCH and CHG under two assumptions. In the first case, only the per-head flat payment, or Basic Capitation, is raised by 10 percent, and with an assumed incremental margin of 80 percent, this would lift 2027 profits of BCH and CHG by about 11 percent and 9 percent respectively, with added value to the target price of about 0.60-0.70 baht for BCH and about 0.10-0.15 baht for CHG. In the second case, all three items are raised by 10 percent, namely Basic Capitation, IPD cases with an RW value greater than 2, and 26 chronic diseases, and with an assumed incremental margin of 70 percent, this would lift profits of BCH and CHG by about 13 percent and 11 percent respectively, higher than the first case because it covers a broader proportion of social security revenue, with added value to the target price of about 0.80-1.00 baht for BCH and about 0.15-0.20 baht for CHG. The research team maintains a bullish view on hospital sector stocks, selecting BDMS with a buy recommendation and a target price of 25 baht, and PR9 with a buy recommendation and a target price of 24 baht. BCH carries a buy recommendation with a target price of 12 baht and is seen as a standout among social security hospital stocks, given that profits have passed their trough and it stands to benefit greatly from the increase in social security treatment rates.

Kiatnakin Phatra Securities, or KKPS, said in an analysis dated October 8, 2026, that it maintains a Buy rating on Bangkok Dusit Medical Services, or BDMS, with a target price of 23.50 baht versus the current share price of 19.00 baht. It expects core profit in the third quarter of 2026 to grow 8% from the same period a year earlier to 4.6 billion baht, with a chance of setting a new quarterly record. KKPS expects revenue from Thai patients in the third quarter of 2026 to grow 6-7% from the same period a year earlier, supported by the influenza outbreak, while revenue from international patients is expected to grow about 10%, driven by patients from Myanmar, the United States and Bangladesh. However, revenue from Middle Eastern patients is likely to fall 5-10% from the same period a year earlier amid the conflict situation, though this is an improvement from the second quarter of 2026, when it dropped 24%. Revenue from Cambodian patients is expected to fall about 30%, but that is better than the previous decline of 70-80%. Excluding patients from the Middle East and Cambodia, international patient revenue is expected to grow 12-14% from the same period a year earlier, bringing total revenue in the third quarter of 2026 to an expected increase of about 7%, while the EBITDA margin is expected to improve 0.2 percentage points to 25.4%. For the fourth quarter of 2026, KKPS sees earnings continuing to grow even as the influenza outbreak eases, expecting revenue from Thai patients to still grow 3-5% from the same period a year earlier, while international patient revenue could still grow at a double-digit rate. In addition, BDMS had total extraordinary expenses of 416 million baht in the fourth quarter of 2025, keeping the year-earlier profit base low and opening the door for profit in the fourth quarter of 2026 to grow at a double-digit rate. On valuation, the research team views that BDMS currently trades at a 2026 P/E of about 19 times, below the regional average of about 29 times, while it expects net profit of 16.0 billion baht in 2026, rising to 17.5 billion baht in 2027 and 18.5 billion baht in 2028.

Ekchai Medical Public Company Limited, or EKH, reported that the overall hospital business in the third quarter of 2026 fell in a seasonally high period for patient volumes, and volatile weather also pushed up the number of patients. Its hospital in Samut Sakhon province was not affected by flooding, and bed occupancy currently stands at more than 50-70%, holding steady at a high level. Dr. Amnat Uea-areemitr, a director and the hospital's director, said EKH has a subsidiary called Ekchai Nursing Home Company Limited which, despite using the term nursing home in its registered name, operates as a hospital providing palliative and end-of-life care, along with a specialized hospital for the elderly called Qun, upgraded into a full-fledged hospital with proper licenses rather than a general elderly care facility. On the comprehensive specialized psychiatric hospital business under the name Bloom Hospital, it has a team of about 30 to 40 specialist psychiatrists and 50 single rooms. Since it began services on September 9, 2026, in less than one month, six to seven patients have been admitted as inpatients. As for the outlook for operating results in the second half of 2026, there is a chance of significantly better growth than in the first half, and for the full year 2026 the company is maintaining its target of double-digit revenue growth, or about 10%, compared with 1.28221 billion baht last year.

Brookdale Senior Living Inc. reported its occupancy for September 2026, with third quarter weighted average consolidated occupancy growing 130 basis points year-over-year to 83.1%. Sequential consolidated and same community weighted average occupancy both grew 70 basis points, outperforming the National Investment Center for Seniors Housing & Care stabilized senior housing market occupancy results for the same sequential period. The company operates 529 communities across 41 states with the ability to serve approximately 45,000 residents as of September 30, 2026. Brookdale's stock trades on the New York Stock Exchange under the ticker symbol BKD.

Dr. Surin Prasitthihiran, Managing Director of Ratchathani Hospital Public Company Limited, or RJH, disclosed that second-half operating results are expected to grow better than target, particularly in the third quarter of 2026, supported by a recovery in the gastric surgery patient group, the high season for the hospital business, and more efficient cost management. Revenue from health check-ups at the group's three hospitals rose compared with the same period last year. In the fourth quarter of 2026, revenue may slow seasonally, but the company is still maintaining good expense control efficiency. The highlight is Ratchathani Hospital Nong Khaek, a new hospital in the group, which has shown significant improvement. It had been expected to return to profit around the end of this year, but based on a preliminary assessment in September, it is now expected to turn profitable as early as the third quarter of 2026, about three months ahead of the original estimate. It currently operates one ward with 31 beds and has an average occupancy of about 20 beds. Meanwhile, Ratchathani Hospital Rojana, registered for 100 beds, actually operates 31 beds with an occupancy rate of about 70%. On social security, the medical service fees paid to contracted hospitals are under review, covering the per-head capitation payment, treatment of chronic diseases, and complex diseases with RW greater than 2. The review is expected to be completed by October 24, 2026. The current capitation rate stands at 1,808 baht per person per year. The three hospitals currently have a combined base of about 270,000 insured persons, and this is expected to rise to 280,000 by the end of this year. If the process proceeds within the expected framework, the increase in the social security capitation rate may be announced and take effect from January 1, 2027. The company targets revenue growth of no less than 10% this year.

Kasikorn Securities maintains its "Buy" rating on Rajthanee Hospital Public Company Limited, or RJH, and has raised its mid-2027 target price to 17.70 baht from 17.20 baht after revising up its profit forecasts. It expects normalized profit in the third quarter of 2026 to grow a strong 63% year on year to 134 million baht, driven by revenue growth from the Social Security Office, or SSO, and margin expansion, even as revenue from cash-paying patients weakens. Management is maintaining its revenue growth target of more than 10% amid weak economic conditions and purchasing power. The research team values the stock using a DCF method with a WACC of 7.7%, based on 293 million shares outstanding, excluding treasury shares, reflecting a PER of 12.2 times in 2026 and 12.7 times in 2027, versus RJH's nine-year historical average of 19.7 times and one standard deviation below the average at 9.5 times. It also implies a dividend yield of 5.1% in 2026 and 2027. If the SSO does not raise its service rates, the DCF-derived value would fall 5% to 16.90 baht from 17.70 baht. RJH trades at a PER of only 10 to 11 times in 2026 and 2027, the lowest in the sector, with a dividend yield of 5.9%. Downside risks include weaker-than-expected purchasing power in Phra Nakhon Si Ayutthaya province, no increase in SSO service rates, and negative regulatory changes.

Hospital stocks moved higher in unison, with Bangkok Chain Hospital, or BCH, standing at 11.90 baht, up 0.40 baht, or 3.48%, on trading value of 132.34 million baht. Rajthanee Hospital, or RJH, was at 15.80 baht, up 0.60 baht, or 3.95%. Chularat Hospital, or CHG, was at 1.64 baht, up 0.04 baht, or 2.50%. Bumrungrad Hospital, or BH, was at 190.50 baht, up 3.00 baht, or 1.60%. And Bangkok Dusit Medical Services, or BDMS, was at 19.20 baht, up 0.20 baht, or 1.05%. Meanwhile, KGI Securities (Thailand), or KGI, estimates BCH's net profit for the third quarter of 2026 at 376 million baht, up 8.2% from the same period a year earlier and up 9.5% from the previous quarter. It expects revenue to grow 8.0% year on year and 9.9% quarter on quarter, and forecasts the gross margin rising to 28.8% from 27.6% in the third quarter of 2025 and 28.7% in the second quarter of 2026. KGI said BCH is one of the main beneficiaries of the Social Security Office's increase in the per-head capitation rate, and that a 10% increase would add roughly 10.2% upside to its 2027 profit forecast, with a final meeting to conclude the matter set for October 24, 2026. KGI maintained its 2026 net profit forecast at 1.33 billion baht, up 1.3%, and its 2027 forecast at 1.41 billion baht, up 6.0%. It also maintained its Buy recommendation and its 2027 DCF-based target price of 12.50 baht, using a WACC of 8.5% and terminal growth of 1%.

Finansia Syrus Securities Public Company Limited, or FSS, said in an analysis dated 8 October 2026 that it recommends "Buy" on shares of Bangkok Chain Hospital Public Company Limited, or BCH, with a target price of 13.60 baht, and selected it as the top pick of the day, citing expectations that its operating results will return to a new expansion cycle. FSS preliminarily estimates that BCH will post a third-quarter 2026 profit of about 380 million baht, up 11% from the previous quarter and up 22% from the same period a year earlier, supported by revenue momentum expected to accelerate by 7-8% from the same period a year earlier. Margins are also likely to recover on the back of operating leverage, which the research team sees as possibly the start of a new earnings upcycle for BCH. In addition, BCH has a key catalyst in the potential increase in the per-head capitation rate paid by the Social Security Office, which is expected to be concluded on 24 October 2026. If the rate is raised as expected, it would be an upside to BCH's profit forecasts from 2027 onward. On the technical side, FSS gives support levels at 11.30 baht and 11.00-10.80 baht, with resistance at 11.70 baht and 12.30 baht, while maintaining its "Buy" recommendation and 13.60 baht target price.

KGI Securities (Thailand) expects BCH to report third-quarter net profit of 376 million baht, up 8.2% year on year and 9.5% quarter on quarter, with no extraordinary items. The main driver is higher Thai and foreign patient volumes during the high season for the hospital business. Revenue is expected to grow 8% year on year and 9.9% quarter on quarter after monthly revenue continued to recover, with July up 7% and August up 9%, while the number of Middle Eastern patients requiring complex treatment increased. The gross margin is expected at 28.8%, up from 27.6% a year earlier. The research team maintains its 2026 profit forecast at 1.33 billion baht, up 1.3%, and its 2027 forecast at 1.41 billion baht, up 6%. It sees upside for BCH if the Social Security Office raises the per-head capitation rate, with a 10% increase potentially adding another 10.2% to 2027 profit. It rates the stock a buy with a target price of 12.50 baht, noting BCH remains a top pick in the hospital sector on the recovery in foreign patients and the opportunity to benefit from an SSO rate adjustment.

Hospital stocks rose to lead the market, with BCH surging 4.35% to 12.00 baht, RJH up 3.29% to 15.70 baht, CHG up 1.88% to 1.63 baht, BH up 0.80% to 189.00 baht, and BDMS up 0.53% to 19.10 baht. Analysts at KGI Securities (Thailand) expect BCH's third-quarter 2026 profit to remain strong at 376 million baht, up 8.2% year-on-year and 9.5% quarter-on-quarter, with no extraordinary items. If achieved, this would represent 28.2% of the full-year profit forecast of 1.33 billion baht, up 1.3% year-on-year, and would put the nine-month 2026 forecast net profit at 74.0% of the full-year figure. The results are driven by a higher number of Thai and foreign patients during the peak medical treatment period. Third-quarter 2026 revenue is expected to rise 8.0% year-on-year and 9.9% quarter-on-quarter, while the gross margin is forecast at 28.8%, up from 27.6% in the third quarter of 2025 and 28.7% in the second quarter of 2026. The SG&A-to-sales ratio is expected at 13.5%. The company maintains its 2026 profit forecast at 1.33 billion baht and its 2027 forecast at 1.41 billion baht. It views that if the Social Security Office raises the per-head capitation rate by 10%, it would boost 2027 profit by a further 10.2%. The company has scheduled its results announcement for October 24, 2026, and maintains a buy recommendation with a 2027 forecast DCF-based target price of 12.50 baht.

Analysts at Yuanta Securities (Thailand) said the Social Security Office is reviewing the medical service fees it pays to contracted hospitals, covering per-head capitation, treatment of chronic diseases, and complex cases with RW>2. The review is expected to be completed by 24 October 2026. The per-head capitation rate currently stands at 1,808 baht per person per year, while the size of the increase and the date it takes effect have not yet been officially concluded. The brokerage views this as a positive sentiment and an upside to profit forecasts for hospital stocks with a high share of Social Security revenue, namely RJH at about 49% of revenue, BCH at 36%, CHG at 28%, CMR at 27%, and BDMS at 3%. If the per-head capitation rate rises 1%, it is expected to lift profits by about 3.1% for RJH, 2.6% for BCH, 1.91% for CHG, 0.36% for CMR, and 0.16% for BDMS, and if it rises 5%, it would lift profits by about 15.3%, 13.0%, 9.55%, 1.81%, and 0.81% respectively. The brokerage has not yet included this upside in its forecasts until the new rate and effective date are clear, so it maintains an overweight stance on the sector, picks CHG as its top stock, and recommends buying with a fundamental value of 2.15 baht.

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.

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.

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.

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.