Company Coverage
Praram 9 Hospital (PR9 TB): Robust And Healthy Earnings Expected In 2Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Bt18.00
Bt24.60
+36.7%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- PR9 is expected to report a net profit of Bt190m in 2Q26 (+4.3% yoy, +2.9% qoq), supported by the swift return of Middle Eastern patients.
- Foreign patient revenue is expected to show a robust mid-to-high single-digit yoy growth while Thai patient revenue should see a more subtle yoy growth.
- We maintain PR9 as one of our top picks for its strong upside in 2H26, supported by improving Middle Eastern patient numbers and the increase in treatment price in 3Q26. Maintain BUY with a target price of Bt24.60.
Analysis
- Expect earnings to grow strongly yoy and qoq in 2Q26. Praram 9 Hospital (PR9) is expected to report a strong net profit of Bt190m in 2Q26 (+4.3% yoy, +2.9% qoq). Top-line should come in at Bt1.32b (+3.0% yoy, +2.5% qoq), with the main contributor expected to be foreign patients. The key drivers are the swift return of Middle Eastern patients and strong growth of Myanmar patient revenue, which should drive foreign patient revenue in 2Q26 up by mid-to-high single digit syoy. Meanwhile, we expect the growth of Thai patient revenue to be more subtle in 2Q26. PR9 is actively reducing its SG&A expenses; hence, we expect SG&A to sales to drop yoy. Moreover, with PR9 having already stocked up its medical supplies until Jun 26 and realising the expenses in 1Q26, we expect both gross and EBITDA margins to expand significantly yoy and qoq.
Highlights
- PR9 is expected to report a net profit of Bt190m in 2Q26 (+4.3% yoy, +2.9% qoq), supported by the swift return of Middle Eastern patients.
- Foreign patient revenue is expected to show a robust mid-to-high single-digit yoy growth while Thai patient revenue should see a more subtle yoy growth.
- We maintain PR9 as one of our top picks for its strong upside in 2H26, supported by improving Middle Eastern patient numbers and the increase in treatment price in 3Q26. Maintain BUY with a target price of Bt24.60.
Analysis
- Expect earnings to grow strongly yoy and qoq in 2Q26. Praram 9 Hospital (PR9) is expected to report a strong net profit of Bt190m in 2Q26 (+4.3% yoy, +2.9% qoq). Top-line should come in at Bt1.32b (+3.0% yoy, +2.5% qoq), with the main contributor expected to be foreign patients. The key drivers are the swift return of Middle Eastern patients and strong growth of Myanmar patient revenue, which should drive foreign patient revenue in 2Q26 up by mid-to-high single digit syoy. Meanwhile, we expect the growth of Thai patient revenue to be more subtle in 2Q26. PR9 is actively reducing its SG&A expenses; hence, we expect SG&A to sales to drop yoy. Moreover, with PR9 having already stocked up its medical supplies until Jun 26 and realising the expenses in 1Q26, we expect both gross and EBITDA margins to expand significantly yoy and qoq.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt18.00
Bt24.60
+36.7%
Analyst
Analyst
Nonpawit Vathanadachakul
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