Company Coverage
Praram 9 Hospital (PR9 TB): Expect A Record High Net Profit In 3Q26
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.00
Bt24.60
+29.5%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- PR9 is expected to report a strong net profit of Bt232m in 3Q26 (+3.7% yoy, +25.7% qoq).
- The main contributor is Thai patients, who could show a 9% yoy revenue growth driven by the epidemic and increasing revenue intensity.
- We remain optimistic about PR9 and maintain it as our top pick, given the positive earnings outlook for 4Q26, supported by improving patient arrivals from the Middle East and pent-up demand following the floods.
- Maintain BUY with a target price of Bt24.60.
Analysis
- Expect robust yoy and qoq growth in 3Q26. Praram 9 Hospital (PR9) is likely to report a strong net profit of Bt232m in 3Q26 (+3.7% yoy, +25.7% qoq). Top-line should reach Bt1.44b (+5.3% yoy, +9.5% qoq), primarily driven by Thai patients across both the self-pay and insured segments. The key drivers are the epidemic and increased revenue intensity per patient, which should drive Thai patient revenue in 3Q26 up by 9% yoy. On the other hand, we project that the foreign patient revenue will slightly decline in 3Q26 due to a drop in Middle Eastern patients’ volume from the unrest situation. PR9 is actively controlling its SG&A expenses, hence we estimate that SG&A to sales will drop yoy. We foresee no tax benefit in 3Q26. At the same tax rate, earnings in 3Q26 should show a robust growth of 11.1% yoy. We expect both gross margins and EBITDA margins to expand significantly yoy and qoq.
Highlights
- PR9 is expected to report a strong net profit of Bt232m in 3Q26 (+3.7% yoy, +25.7% qoq).
- The main contributor is Thai patients, who could show a 9% yoy revenue growth driven by the epidemic and increasing revenue intensity.
- We remain optimistic about PR9 and maintain it as our top pick, given the positive earnings outlook for 4Q26, supported by improving patient arrivals from the Middle East and pent-up demand following the floods.
- Maintain BUY with a target price of Bt24.60.
Analysis
- Expect robust yoy and qoq growth in 3Q26. Praram 9 Hospital (PR9) is likely to report a strong net profit of Bt232m in 3Q26 (+3.7% yoy, +25.7% qoq). Top-line should reach Bt1.44b (+5.3% yoy, +9.5% qoq), primarily driven by Thai patients across both the self-pay and insured segments. The key drivers are the epidemic and increased revenue intensity per patient, which should drive Thai patient revenue in 3Q26 up by 9% yoy. On the other hand, we project that the foreign patient revenue will slightly decline in 3Q26 due to a drop in Middle Eastern patients’ volume from the unrest situation. PR9 is actively controlling its SG&A expenses, hence we estimate that SG&A to sales will drop yoy. We foresee no tax benefit in 3Q26. At the same tax rate, earnings in 3Q26 should show a robust growth of 11.1% yoy. We expect both gross margins and EBITDA margins to expand significantly yoy and qoq.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.00
Bt24.60
+29.5%
Analyst
Analyst
Nonpawit Vathanadachakul
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
