Top Stories
Company Results | Siam Cement (SCC TB/BUY/Bt259.00/Target: Bt320.00)
SCC reported a 2Q26 net profit of Bt11.54b, up 85% qoq, exceeding both our and market forecasts. The earnings recovery was driven by improving olefins spreads at SCGC and a recovery in SCGP's selling prices and sales volumes. Meanwhile, the company's financial position strengthened after using proceeds from the partial divestment of its stake in CAP to repay debt, reducing both its net debt-to-equity and net debt-to-EBITDA ratios to healthy levels. Maintain BUY. Target price: Bt320.00.
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt19.70/Target: Bt27.00)
BDMS is expected to report yoy flattish 2Q26 earnings as the recovery in Thai patient revenue will be offset by weaker Middle Eastern patient volumes and ongoing cost pressures. Middle Eastern patient trends have improved steadily since Apr 26 and are expected to normalise in 3Q26, supporting a stronger 2H26 outlook. Management introduced new packages while raising prices to support the earnings. We maintain BUY with a Bt27.00 target price, as we remain positive with the strong upside in 2H26.
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt184.00/Target: Bt236.00)
BH is expected to deliver resilient 2Q26 earnings of Bt1.88b (+1.4% yoy, +5.2% qoq) despite Middle Eastern patient arrivals not having fully recovered, supported by strong demand from high-acuity treatments and effective cost management. Management expects international patient volumes to continue recovering following better air connectivity, providing a solid outlook for the 3Q26 peak season. With medical supply costs largely locked in and margins remaining resilient, we maintain our BUY recommendation and Bt236.00 target price.
Company Update | KCE (Thailand) (KCE TB/HOLD/Bt41.75/Target: Bt40.00)
We expect KCE to report a 2Q26 net profit of Bt212m (+16% yoy, -10% qoq), marking its weakest quarter this year due to continued cost headwinds. 2H26 earnings could improve, as KCE could raise PCB prices by 10-12% for most customers in 3Q26. Downgrade to HOLD with a higher target price of Bt40.00, as we believe the valuation has already priced in the strong 2H26 earnings outlook. We believe a share price of Bt44-50 is expensive in 2H26.
Top Stories
Company Results | Siam Cement (SCC TB/BUY/Bt259.00/Target: Bt320.00)
SCC reported a 2Q26 net profit of Bt11.54b, up 85% qoq, exceeding both our and market forecasts. The earnings recovery was driven by improving olefins spreads at SCGC and a recovery in SCGP's selling prices and sales volumes. Meanwhile, the company's financial position strengthened after using proceeds from the partial divestment of its stake in CAP to repay debt, reducing both its net debt-to-equity and net debt-to-EBITDA ratios to healthy levels. Maintain BUY. Target price: Bt320.00.
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt19.70/Target: Bt27.00)
BDMS is expected to report yoy flattish 2Q26 earnings as the recovery in Thai patient revenue will be offset by weaker Middle Eastern patient volumes and ongoing cost pressures. Middle Eastern patient trends have improved steadily since Apr 26 and are expected to normalise in 3Q26, supporting a stronger 2H26 outlook. Management introduced new packages while raising prices to support the earnings. We maintain BUY with a Bt27.00 target price, as we remain positive with the strong upside in 2H26.
Company Update | Bumrungrad Hospital (BH TB/BUY/Bt184.00/Target: Bt236.00)
BH is expected to deliver resilient 2Q26 earnings of Bt1.88b (+1.4% yoy, +5.2% qoq) despite Middle Eastern patient arrivals not having fully recovered, supported by strong demand from high-acuity treatments and effective cost management. Management expects international patient volumes to continue recovering following better air connectivity, providing a solid outlook for the 3Q26 peak season. With medical supply costs largely locked in and margins remaining resilient, we maintain our BUY recommendation and Bt236.00 target price.
Company Update | KCE (Thailand) (KCE TB/HOLD/Bt41.75/Target: Bt40.00)
We expect KCE to report a 2Q26 net profit of Bt212m (+16% yoy, -10% qoq), marking its weakest quarter this year due to continued cost headwinds. 2H26 earnings could improve, as KCE could raise PCB prices by 10-12% for most customers in 3Q26. Downgrade to HOLD with a higher target price of Bt40.00, as we believe the valuation has already priced in the strong 2H26 earnings outlook. We believe a share price of Bt44-50 is expensive in 2H26.
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