SAFE bets on surrogacy law, NHSO tie-up and 2027 growth despite Q2 profit dip
Q2 profit slipped year-on-year SAFE's second-quarter 2026 net profit fell to 29.39 million baht from 34.00 million a year earlier, and first-half profit eased to 63.36 million baht. A weaker bottom line is a real counterweight to the growth story and can hold the share price back.
It is the main negative fact in the period and the honest counterweight to the bullish plans.
New Chiang Rai lab and technology push SAFE is opening a new IVF laboratory at Chiang Rai Prachanukroh Hospital in October 2026, widening access to treatment in the north. It is also promoting PGTSeq-A genetic testing technology that raises pregnancy rates and cuts miscarriages, supporting demand.
It is a concrete new capacity and technology step that can lift patient numbers and revenue.
Brokers see cheap valuation and surrogacy upside Krungsri Securities rates SAFE a buy with a 9.80 baht target, calling it cheap below book value and a play on relaxed surrogacy rules that would expand the market and raise value per case. Finansia keeps a hold at 7.25 baht, noting a slow IVF recovery and geopolitical pressure on foreign patients.
It shows the analyst view driving sentiment, including the cautious counterpoint.
NHSO NIPT talks and 2027 growth plan SAFE is in talks with the NHSO to provide NIPT fetal screening, with clarity expected next year, and targets 10-15% yearly revenue growth from 2027 while growing its family care base from 40,000 to 50,000. It also eyes Bangladesh and Indonesia.
It is the newest concrete plan for new revenue channels and long-term growth.