The Klinique Med Clinic PCL

DAOL Securities (Thailand) Public Company Limited has issued an analysis maintaining its "buy" recommendation on The Klinique Medical Clinic Public Company Limited, or KLINIQ, with a target price of 35.00 baht, based on a 2026 PER of 16 times. It kept its 2026 net profit forecast at 476 million baht, up 31% from the previous year, supported by revenue expected to grow 27% on branch expansion and same-store sales growth in the double digits, as well as a gross margin trending higher on product mix and more efficient cost control. The research team expects net profit in the second half of 2026 at 240 to 270 million baht, growing compared with the same period a year earlier and the first half. The company plans to open 10 additional branches in the third quarter of 2026 and another 3 branches in the fourth quarter of 2026. It has set a 2026 revenue target of 4.5 billion baht, up 27% from the previous year, and a net profit margin target of 11%. As for the surgical hospital investment plan, a long-term growth driver, contract details are currently being adjusted, with construction expected to begin immediately once the contract is completed, taking about 18 months to build. Initially, the investment budget is about 192 million baht for decoration work and the procurement of medical equipment. For 2027, DAOL expects KLINIQ to post a net profit of 578 million baht, up 22% from the previous year, on revenue expected to grow 20%.

Three brokerages issued their daily investment strategy views. Finansia Syrus Securities expects the SET Index to move sideways in a range of 1,572-1,585 points, with attention on tonight's Fed meeting, where the market assigns a 92% probability of a 25 basis point rate hike to 3.75-4%, while also watching the Fed Chair's statement and the Dot Plot for signals on the interest rate path in 2027. Crude oil prices also climbed to 109 US dollars per barrel on supply disruptions in Saudi Arabia and Libya. The recommended strategy is a Barbell approach, parking short-term funds in Commodity-Bank-Defensive plays and rotating into Value-Domestic Plays for the medium to long term. Today's top pick is BBL with a Buy recommendation and a target price of 240 baht, expecting loan growth to accelerate in the second half of 2026 and trading at a PBV of only 0.6 times, offering a dividend yield above 5% per year. Meanwhile, Kingsford Securities assesses the SET range at 1,567-1,629 points and recommends gradually accumulating Domestic Play names such as BBL, KKP, AMATA, GULF, BGRIM, GUNKUL, STECON and BEM, while giving TFG a trading Buy with an IAA Consensus target price of 12.50 baht, and BDMS a Buy with a target price of 25.00 baht. DAOL Securities expects the index to move sideways after DELTA weighed on the index yesterday. Today's top pick is KLINIQ with a Buy recommendation and a target price of 35.00 baht, with earnings in the second half of 2026 expected to grow year on year and half on half, supported by the expansion of 13 branches, double-digit same-store sales growth and gross margin expansion, maintaining its 2026 earnings forecast growth of 476 million baht, or up 31% year on year.

The research team at Asia Plus Securities stated that Thailand's surgical and aesthetic industry is shifting from price competition toward quality, favoring large operators with strong brands, capital, and customer bases. Under this theme, the research team sees KLINIQ and MASTER as the main beneficiaries. KLINIQ stands out with its mid-to-upper customer base, multi-brand strategy, and network of more than 84 branches, while MASTER stands out in specialized surgery with high revenue per case and high margins, along with upside from the recovery of medical tourism. The research team estimates that profits in the second half for both stocks are likely to accelerate. KLINIQ is expected to post year-on-year profit growth in the third quarter of 2026 on double-digit same-store sales growth and a gross margin above 51 percent, while MASTER is expected to show a strong profit recovery from a low base last year after hospital revenue in July and August grew at a low single digit year on year, with the fourth quarter of 2026 being the high season. The research team maintains buy recommendations on KLINIQ and MASTER with fair values estimated at 34.00 baht and 12.00 baht, implying upside of 18 percent and 42 percent respectively, as share prices have not yet fully reflected the profit recovery in the second half of 2026.

KLINIQ or The Clinic Clinic Medical Company Public Company Limited has raised its full-year 2026 revenue target from 4.15 billion baht to 4.50 billion baht, following a strong first-half performance, with revenue of 2.21 billion baht and net profit of 233 million baht, up 33% from the previous year. Dr. Apirut Thongwat, Chief Executive Officer of the group, revealed that the growth comes from the Multi-brand strategy and the expansion of core businesses, especially the Aesthetic and Wellness segment, which is a key revenue base. Meanwhile, the Plastic Surgery business has shown improvement, with second-quarter 2026 revenue of 198.3 million baht and net profit of 9.2 million baht. Same-store sales growth (SSSG) increased by 21.5%, and the company now has a total network of 84 branches, up from 77 branches in the previous year. The company aims to maintain double-digit SSSG growth and expand branches in high-potential areas to support the new revenue target.

The Kliniq Medical Clinic Public Company Limited, or KLINIQ, has raised its 2026 revenue target to 4.5 billion baht from the previous 4.15 billion baht, representing growth of nearly 27 percent from the prior year. This follows second-quarter 2026 revenue of 1.127 billion baht, up 32.4 percent year on year, and net profit of 111.9 million baht, up 24.9 percent. For the first six months, total revenue reached 2.2133 billion baht and net profit was 233.1 million baht, an increase of 33.7 percent. The company has set a 2026 capital expenditure budget of 300 to 320 million baht to open at least 13 new branches in the second half of the year, and expects full-year net profit margin of around 11 percent. Revenue from foreign customers currently accounts for 14 percent of total revenue, compared with a target of 20 percent by 2028.

Asia Plus Securities has warned that three risk factors are pressuring risky assets worldwide, dragging Asian equities sharply lower, and expressed concern over the Thai economy after the second-quarter current account deficit reached as high as 17.7 billion US dollars, or about 12 percent of GDP, the most severe compared with past crises. The brokerage recommends investors adjust portfolios defensively, focusing on commodities, energy, retail, and high-dividend stocks, while highlighting PTT, CPF, and KLINIQ as safe-haven picks. The three risk factors are tensions in the Strait of Hormuz, which pushed Brent crude to 91.3 US dollars per barrel, the highest in 25 days; the 10-year US Treasury yield rising to 4.71 percent and the 30-year yield touching 5.29 percent, pressuring technology stock valuations; and institutional investors increasing short positions in NASDAQ100 futures by more than 41 percent over two weeks to 109,700 contracts. That sent the NASDAQ index to its lowest in two weeks and dragged the KOSPI down 5.46 percent, the Nikkei down 2.37 percent, Taiwan down 1.20 percent, and Singapore down 1.16 percent. For the Thai economy, the current account in the second quarter of 2026 swung to a deficit for the first time in eight quarters, due to surging imported fuel costs and freight rates. The trade balance recorded a deficit of 12.1 billion US dollars, while the services balance deficit also widened, pressuring the baht. Foreign investors opened net short positions in TFEX as high as 23,212 contracts in a single day and have sold a net total of more than 6.2 billion baht in Thai equities since the start of the month. Asia Plus Securities recommends a selective buy strategy in three main groups: beneficiaries of higher oil prices and freight rates such as PTTEP, PSL, RCL, and PRM; companies with recovering third-quarter 2026 earnings and benefits from a weaker baht such as CPF, ITC, DELTA, HANA, KCE, BH, BDMS, and PR9; and domestic consumption, tourism, and advertising media names such as CPALL, CENTEL, ERW, and VGI. The top picks of the day are PTT, which benefits from oil prices and offers high dividends; CPF, which gains from the weaker baht and recovering meat prices and is set to trade ex-dividend on 31 August 2026 with an interim dividend of 0.45 baht per share; and KLINIQ, whose second-half outlook is strong with a chance of raising its sales target from the current expected growth of 20 percent year on year.

Kasikorn Securities forecasts that KLINIQ will report a normal profit of 115 million baht for the second quarter of 2026, up 29% from the same period last year, and expects an interim dividend payment for the first half of 2026 of 0.80 baht per share, an increase of 14% from the previous year. As a result, major shareholders Mr. Sathaporn Ngamruangphong and Mr. Paiboon Sereewiwattana will receive combined dividends of more than 15.25 million baht. Mr. Sathaporn holds 4,330,300 shares, representing a 1.97% stake, and will receive a pre-tax dividend of approximately 3.46 million baht, while Mr. Paiboon holds 14,737,882 shares, representing a 6.70% stake, and will receive a pre-tax dividend of approximately 11.79 million baht.

Two brokerages rate KLINIQ as the standout stock in the beauty business group, forecasting that 2026 revenue could grow beyond the 20% target, up from the 11% previously expected by research teams, after first-half results came in above target. Krungsri Securities sets a target price of 33 baht and maintains a buy recommendation, estimating full-year 2026 profit at 403 million baht. Another research house gives a fair value of 30 baht and keeps a speculative buy rating, with a full-year 2026 net profit forecast of 458 million baht, up 26% from the previous year, driven by same-store sales growth, new branch openings, and a recovery in gross margin. They also project a dividend yield as high as 5.6%.