Aging Population

KT Medical Service Public Company Limited, or KTMS, expects its operating performance in the fourth quarter of 2026 to improve as new branches gradually come into service. Chief Executive Officer Kanjana Pongpattanadecha told Than Hoon that branches already open have a utilisation rate of no less than 80% of total service space, reflecting demand for dialysis services that remains high. The company currently holds contracts for 11 branches and aims to open them gradually in line with its plan, with the timing of each opening depending on the government licensing process, which now takes about 120 days, up from roughly 90 days previously. This delays revenue recognition from new branches relative to plan, but it is a shift in timing rather than a loss of revenue. For the first half of 2026, the company reported revenue from the sale of goods and services of 350.63 million baht, up 7.77 million baht, or 2.27%, from the same period a year earlier, with net profit of 12.99 million baht. In the second quarter of 2026, revenue was 175.96 million baht, up 1.41% from the same period a year earlier, with net profit of 5.69 million baht.

Medtronic reported first-quarter fiscal 2027 revenue of $9.76 billion, up 13.7% from a year earlier, and raised its full-year outlook, with adjusted diluted EPS climbing 15.1% to $1.45 and GAAP EPS rising 40.7% to $1.14. Management now expects organic revenue growth of 7.25%-7.75% for fiscal 2027, up from 6.75%-7.25% previously, and lifted adjusted EPS guidance to $5.94-$6.00. The quarter included an extra selling week that added about $570 million to revenue, so the headline growth rate should not be expected to repeat. Cardiovascular delivered strong growth, while Neuroscience, Medical Surgical and Diabetes also posted high-single-digit or double-digit organic growth. At a share price of around $89-$90, the stock trades at roughly 15 times the midpoint of the adjusted EPS forecast, versus about 22 times trailing earnings, while paying a quarterly dividend of $0.72 per share, or $2.88 a year, for a yield of roughly 3.2%-3.3%. Medtronic is also expanding its Affera cardiac mapping and ablation system, investing in Pi-Cardia and Cornerstone Robotics, and has acquired Scientia Vascular and SPR Therapeutics, with a planned separation of its Diabetes business.

AbbVie has secured FDA approval for Juvmo, a once-daily oral treatment for Parkinson's disease, with a commercial launch targeted for October 2026. Juvmo is the first selective D1/D5 dopamine receptor agonist that can be used both as a standalone treatment and in combination with levodopa, the current standard of care for Parkinson's symptoms. The approval expands AbbVie's Parkinson's portfolio, which already includes Vyalev and Duopa, and management expects the three therapies to collectively represent a peak-sales opportunity of more than $5 billion. Neuroscience now accounts for nearly a fifth of AbbVie's overall topline and generated $6.1 billion in revenues in the first half of 2026, up 22% year over year, with the company expecting approximately $12.7 billion in neuroscience revenues for the full year. The approval could also deliver a commercial payoff from AbbVie's approximately $8.7 billion acquisition of Cerevel Therapeutics in 2024, a deal that came under pressure after emraclidine failed in two registration-enabling phase II studies in schizophrenia and prompted a $3.5 billion impairment charge. AbbVie competes in neuroscience with Biogen, which markets Leqembi with Eisai and Zurzuvae, and Johnson & Johnson, whose portfolio is anchored by Spravato and Invega Sustenna and was strengthened by last year's acquisition of Intra-Cellular Therapies, adding Caplyta.

Bangkok Life Assurance has launched two new annuity products, BLA Pension 888 and BLA Pension and Care 888, marking the first time an annuity offers a first lump-sum payment of 30% of the sum assured at age 60, the highest rate allowed under the Revenue Department's new criteria. After that, policyholders receive an annuity of 8% of the sum assured each year from age 61 to 88, and premiums can be used for tax deductions of up to 300,000 baht per year. Chone Sophonpanich, President and Chief Executive Officer of Bangkok Life Assurance Public Company Limited, said Thais now live to an average age of about 78, and today's post-retirement years fall under what the World Health Organization defines as active aging, so financial planning must cover 20 to 30 years of life after stopping work. The BLA Pension and Care 888 plan also adds coverage for eight critical illnesses: if diagnosed with one of the eight critical illnesses, the policyholder receives an additional annual payment of 8% of the sum assured every year through age 88.

Grace Water Med Public Company Limited, or GWM25, a leader in the development and distribution of comprehensive haemodialysis products, is preparing to launch a sachet-style ready-to-drink protein product in the fourth quarter of this year, while continuing to expand its kidney health business. Thongchai Pami, Chief Executive Officer, disclosed after presenting the company's operating results to investors at Opportunity Day that in the first six months of 2026 the company recorded total revenue of 104.68 million baht, an increase of 8.91 million baht, or 9.30%, from 95.77 million baht in the same period last year. Total liabilities fell to 78.86 million baht, while shareholders' equity rose to 64.16 million baht, bringing the debt-to-equity ratio down from 1.28 times to 1.23 times. The company currently has dialysate production capacity of approximately 240,000 gallons per month and has expanded its One-stop Service Solutions, covering everything from consultation on setting up dialysis centres, design and equipment procurement to the recruitment and training of personnel. For its second-half plan, the company is still negotiating with new partners to extend the business in several areas and will expand all products onto every online platform. The company is confident it can sustain growth in 2026, will open one dialysis centre, and will expand by 10 centres per year starting in 2027, in support of its plan to prepare for a listing on the mai stock exchange by 2028.

Medtronic announced that the American Medical Association has approved new Category I Current Procedural Terminology codes for two of its technologies, the Altaviva implantable tibial neuromodulation device for urge urinary incontinence and the Symplicity Spyral renal denervation system for uncontrolled hypertension. The new codes, which replace existing Category III codes, take effect in January 2028. Category I codes are permanent codes assigned to procedures the AMA deems well established, widely performed across the United States, and supported by robust clinical evidence, and while they can help support physician payment and inform commercial payer coverage decisions, they do not determine coverage, reimbursement, clinical superiority, or patient access. The Altaviva device was approved by the U.S. Food and Drug Administration in September 2025 for urge urinary incontinence, a condition affecting 16 million adults in the United States, and is placed under the skin near the ankle in a minimally invasive procedure. The Symplicity Spyral system was finalized for Medicare coverage in October 2025, and Medtronic said its SPYRAL HTN global clinical program is the most comprehensive studying renal denervation, with more than 5,000 patients and experience in over 40,000 patients globally.

LTC Properties has declared a monthly common stock cash dividend of $0.19 per share for the fourth quarter of 2026, in line with its previous payout. The forward yield on the dividend stands at 5.32%. The first payment is payable Oct. 30 to shareholders of record Oct. 22, with an ex-dividend date of Oct. 22. The second is payable Nov. 30 to shareholders of record Nov. 20, ex-div Nov. 20, and the third is payable Dec. 31 to shareholders of record Dec. 23, ex-div Dec. 23.

AbbVie has landed on Zacks.com's list of the most searched stocks, drawing fresh attention to the drugmaker's near-term outlook. For the current quarter, AbbVie is expected to post earnings of $3.85 per share, a change of +107% from the year-ago quarter, while the Zacks Consensus Estimate has moved -0.1% over the last 30 days. The consensus earnings estimate of $14.05 for the current fiscal year indicates a year-over-year change of +40.5%, and the next fiscal year's consensus of $16.12 points to a change of +14.8%. On the top line, the consensus sales estimate for the current quarter of $17.36 billion indicates a year-over-year change of +10%, with current and next fiscal year estimates of $67.56 billion and $73.39 billion indicating changes of +10.5% and +8.6%. In the last reported quarter, AbbVie posted revenues of $16.99 billion, up +10.2% year over year, and EPS of $3.65 versus $2.97 a year ago, beating the Zacks Consensus Estimate of $16.81 billion by +1.07% on revenue with an EPS surprise of +0.27%. The recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for AbbVie, and the stock is graded C on the Zacks Value Style Score.

Orchestra BioMed Holdings has surpassed full enrollment in the BACKBEAT Global Pivotal Trial of AVIM Therapy, with 330 patients randomized as of September 30, 2026, exceeding the previously announced target of 316. The trial is evaluating Atrioventricular Interval Modulation Therapy in pacemaker-indicated patients with uncontrolled hypertension despite medication, and is being conducted with Medtronic, the company's strategic collaborator for the trial and, subject to regulatory approval, for commercialization of AVIM Therapy. Enrollment reached 330 patients at 81 sites across 13 countries, while the FDA-approved protocol specifies 284 evaluable randomized subjects for the primary endpoint analysis, with the 316-patient target accounting for potential loss to follow-up. Orchestra BioMed reiterated prior guidance that primary endpoint data will be submitted for late-breaking presentation consideration at a major cardiovascular conference in the second quarter of 2027, and assuming positive results, Medtronic plans to submit AVIM Therapy marketing applications to the FDA and other global regulatory agencies promptly. The trial's primary efficacy endpoint is the between-group difference in the change in 24-hour ambulatory systolic blood pressure at three-month follow-up from pre-randomization baseline, and the protocol-specified sample size provides greater than 90% statistical power to detect a between-group difference of at least 5 mmHg.

SpyGlass Pharma, Inc. announced today it has acquired all outstanding shares of common stock of Advanced Vision Science, Inc., an ophthalmic medical device company and manufacturer of intraocular lenses and lens materials, for approximately $13 million in cash. AVS was a wholly owned subsidiary of Santen Pharmaceutical Co., Ltd. and is the current supplier of the intraocular lens used in SpyGlass Pharma's two Phase 3 registrational trials evaluating the BIM-IOL System. The acquisition secures scalable commercial intraocular lens manufacturing capacity for SpyGlass Pharma's lead product candidate and accelerates its pathway to adding premium lens options into its intraocular-lens-based drug delivery system. Under the agreement, AVS will be the exclusive manufacturer and supplier of several types of intraocular lenses to Santen for commercialization in Japan, and will continue to license its glistening-free hydrophobic acrylic lens material to Bausch + Lomb for use in the enVista intraocular lens line and manufacture products for other global intraocular lens companies. SpyGlass Pharma said it intends to continue supporting AVS customers and licensees utilizing their proprietary intraocular lens material technology, such as Santen, Bausch + Lomb, and other global intraocular lens companies.

Neuromod Devices has announced the appointment of Joe Ghiz as Chief Commercial Officer and Shannon Basham as VP of Channel Development. Ghiz joins Neuromod's senior management team and will lead the company's global commercial function as it continues to strengthen its position as the category creator in tinnitus care, with CEO Dr. Ross O'Neill citing robust clinical evidence, global regulatory approval, and broad commercial adoption as positioning the company for rapid scaling to address the needs of 740 million tinnitus sufferers worldwide. Ghiz joins from Align Technology, the company behind Invisalign, where he helped create and scale the clear aligner category and built a $10 billion company, and previously spent over a decade at Johnson & Johnson Vision Care in leadership roles spanning sales, marketing, and business development. Basham brings more than 20 years of experience in the hearing care industry, having most recently served as Senior Director of Audiology for Sonova Group in the United States of America, where she was the market-facing head of audiology for the Phonak and Unitron wholesale businesses. The appointments support Neuromod's goal of positioning its non-invasive bimodal neuromodulation tinnitus treatment device, Lenire, as a new standard of care in ENT and audiology practices.

Eli Lilly and Company said post-hoc analyses of the ATTAIN-1 trial showed its oral GLP-1 Foundayo, or orforglipron, was associated with significant reductions in predicted 10-year risk of type 2 diabetes and cardiovascular disease in adults with obesity or overweight with a weight-related medical problem. At 72 weeks, participants taking Foundayo 5.5 mg, 9 mg and 17.2 mg showed estimated reductions in predicted type 2 diabetes risk versus placebo of 45.0%, 50.0% and 57.0%, respectively, while those taking Foundayo 17.2 mg also showed an estimated 18.0% reduction in predicted cardiovascular disease risk versus placebo. The findings were published in Diabetes, Obesity and Metabolism. Thomas Seck, M.D., senior vice president of product development at Lilly Cardiometabolic Health, said the analyses showed Foundayo was associated with a lower predicted long-term risk of both conditions in addition to meaningful weight loss, and that treating obesity and reducing downstream consequences can meaningfully lower healthcare costs. ATTAIN-1 was a Phase 3, 72-week, randomized, double-blind, placebo-controlled trial that randomized 3,127 participants across the U.S., Brazil, China, India, Japan, South Korea, Puerto Rico, Slovakia, Spain and Taiwan. Foundayo is FDA-approved for adults with obesity, or some adults with overweight who also have weight-related medical problems, and orforglipron was discovered by Chugai Pharmaceutical Co., Ltd. and licensed by Lilly in 2018.

Novo Nordisk said new real-world data from its COMPETE SWITCH Cardiovascular study found that type II diabetes patients who increased their Ozempic dose had a lower observed risk of major adverse cardiovascular events than those who switched to Eli Lilly's Mounjaro. In the study, 67.2% of patients remained on Ozempic 1 mg within 365 days, 29.2% increased their dose to 2 mg and 3.6% switched to Mounjaro; by 720 days, 57.4% remained on semaglutide 1 mg, 36.9% had escalated to 2 mg and 5.7% had switched to Mounjaro. After adjustment for between-group differences, patients who increased their dose to Ozempic 2 mg had a statistically significant 6% lower risk of MACE than those who switched to Mounjaro, including doses of up to 15 mg, with MACE defined as all-cause death, heart attack and stroke. Novo cautioned that the study showed an association, not proof, that Ozempic 2 mg directly reduces cardiovascular risk more than Mounjaro, and that safety outcomes were not evaluated. Year to date, Novo shares have lost 22.2% against the industry's 14.9% growth.

Smith+Nephew has launched the EVOS PELVIC Plating System, expanding its EVOS trauma platform into pelvic and acetabular fracture management. The system is designed to address a broad range of pelvic and acetabular fracture patterns, with pre-contoured options for the posterior wall, quadrilateral surface and pubic symphysis, along with locking and non-locking utility plates, and a dedicated cannulated screw platform and specialized instruments for fracture exposure, reduction and implant placement. The company said the integrated design allows surgeons to obtain and fine-tune fracture reduction before maintaining fixation through the healing process, which it believes could make complex pelvic procedures more efficient and reproducible. The EVOS PELVIC System is currently available in the United States, while timing and availability in other markets will vary. According to Data Insights Reports, the global pelvic trauma management market was valued at $2.81 billion in 2025 and is projected to reach $4.79 billion by 2034, expanding at a 6.1% CAGR. Smith+Nephew, which has a market capitalization of $11.37 billion, in August announced the launch of the FLOW FLEXTEND COBLATION Wand, a new RF resection technology for complex hip procedures.

Merck reported second-quarter revenues of $16.61 billion, up 5.1% year on year and 2.1% above analysts' expectations, as the nine branded pharmaceuticals stocks tracked by the report collectively beat consensus revenue estimates by 6.6%. The company beat analysts' EPS estimates but missed analysts' full-year EPS guidance estimates, and its stock is up 16.2% since reporting, trading at $148.50. Among peers, Corcept Therapeutics posted the group's best quarter with revenues of $256.1 million, up 31.7% year on year and 21.6% above expectations, while Zoetis delivered the weakest performance with revenues of $2.47 billion, flat year on year and 1.5% below expectations. Collegium Pharmaceutical reported revenues of $199.9 million, up 6.3% year on year but 0.7% below expectations, and Pfizer reported revenues of $15.03 billion, up 2.6% year on year and 4.4% above expectations. As a group, share prices of the tracked companies have held steady, up 2.1% on average since the latest earnings results.

Eli Lilly shares edged 1% higher in morning trading Tuesday after new data showed its oral Foundayo treatment produced greater weight and blood-sugar reductions than oral semaglutide at higher doses. The analysis examined 17.2 mg of Foundayo, or orforglipron, in adults with type 2 diabetes, and at week 52 patients receiving the Lilly drug recorded 1.5% more body-weight reduction than those taking 25 mg of oral semaglutide. The blood-sugar measure A1C also moved in Lilly's favor, with the analysis showing a further 0.3% reduction compared with the semaglutide group. The findings were presented during the European Association for the Study of Diabetes meeting in Milan, where EASD materials listed additional studies involving the treatment. Lilly has been developing Foundayo across its diabetes program as competition in oral GLP-1 medicines expands, though the comparison comes from separate studies rather than a direct head-to-head trial.

Eli Lilly says higher doses of Zepbound may have widened its weight-loss advantage over Novo Nordisk's Wegovy. A new indirect analysis found that patients receiving Zepbound 15 mg and 10 mg had 4.5 percentage points and 3.2 percentage points more weight loss, respectively, over 72 weeks than patients taking high-dose Wegovy. According to Lilly, patients receiving Zepbound 15 mg were three times more likely to lose at least 20% of their body weight compared with those receiving Wegovy HD, and the difference was even more pronounced among people reaching larger weight-loss goals. Discontinuation rates because of adverse events were comparable across the Zepbound 10 mg, Zepbound 15 mg and Wegovy HD groups. Lilly cautioned that the results did not come from a direct head-to-head trial, comparing data from its Phase 3 SURMOUNT-1 study with Novo Nordisk's STEP UP studies. Novo shares were down about 1.3% in Tuesday premarket trading, while Lilly was up roughly 0.4%.

AbbVie secured FDA approval for Juvmo, a once-daily Parkinson's treatment, though its shares slipped nearly 0.8% to $264.29. Juvmo works through D1/D5 dopamine receptors, a different target from older dopamine agonists. In the TEMPO-3 trial, patients taking it alongside levodopa gained 1.7 hours a day with symptoms controlled and no troublesome involuntary movement, compared with 0.6 hours for those given a placebo. AbbVie expects U.S. availability in October but has not disclosed Juvmo's price or a sales forecast, and nausea, dizziness and hallucinations are among the treatment concerns physicians must weigh. At $264.29, the stock sits 19.43% above its $221.28 GF Value estimate.

BofA Securities raised its price target on Johnson & Johnson to $278 from $263 while keeping a Neutral rating, lifting its forecasts for Icotyde and updating its model for recent in-process research and development charges. The new target applies 22x BofA's 2027 earnings estimate excluding those charges, up from 20.33x, which the firm tied to a sector re-rating for defensive stocks. For the third quarter, BofA expects sales of $25.5 billion, in line with consensus, and EPS of $2.53, 12% below the Street, with J&J having disclosed $0.64 of in-process R&D dilution for 2026, mostly falling in the third quarter. BofA models 6% revenue growth, with Pharma up 7% and MedTech up 4%, and points to IQVIA data showing four-week rolling prescriptions up 50% year over year for Tremfya in inflammatory bowel disease and 60% for Caplyta in major depressive disorder. Separately, J&J is reportedly in talks with Apollo Global Management over a potential sale of its orthopedics unit, which could be valued at nearly $20 billion.

Marsh & McLennan Companies has launched Archer by Marsh, a new service that helps life and annuity insurers, asset managers and capital providers create and run reinsurance businesses globally. Archer takes Marsh beyond traditional advisory work by supporting the full process, from product, asset and capital decisions to regulatory approval, setup and ongoing operations, with clients able to use Marsh's shared infrastructure while keeping ownership and strategic control. The offering combines actuarial, capital, risk, reinsurance, insurance management and regulatory expertise and can support standalone reinsurance vehicles, special purpose reinsurers and dedicated cells, and Marsh also formed Bermuda-based Mangrove ISAC Life Re to facilitate sidecar and affiliate reinsurance solutions. Marsh brings scale to the offering, reporting about $27 billion in annual revenues, more than 95,000 employees and operations across 130 countries. The move is likely to broaden Marsh's revenue mix beyond brokerage and consulting by adding recurring, service-based income from operating reinsurance vehicles after launch, and could create a more durable revenue stream tied to the ongoing operation of reinsurance businesses if adoption grows.

Kasikorn Securities assesses that the two-week delay in the election of the Social Security Office board is unlikely to affect the approval of adjustments to medical treatment service rates, which are currently under review by the subcommittee considering medical treatment rate levels. The new SSO board is expected to begin work within November, later than the previously expected October, and the board will be the one to approve the subcommittee's meeting results and set the effective date of the new service rates. Currently, the subcommittee is scheduled to hold its third meeting on October 5, at which a conclusion on the rate adjustment is expected. If no conclusion is reached, a fourth meeting may be needed on October 24, which must be held before that date because it is when the subcommittee's term expires. The research team maintains a neutral view on the hospital sector, with PR9 as its top pick, and holds a positive view that the subcommittee will consider raising the flat-rate payment by 5%, assuming the flat-rate adjustment takes effect from 2027 onward in its profit forecasts for the three social security hospital stocks under coverage. It recommends buying BCH with a target price of 12.50 baht and RJH with a target price of 17.20 baht, and recommends holding CHG with a target price of 1.69 baht. However, if the Social Security Office does not raise service rates at all, the DCF value would fall 5% for BCH to 11.9 baht, fall 4% for RJH to 16.50 baht, and fall 4% for CHG to 1.69 baht.

Eli Lilly CEO David Ricks said about 700,000 new seniors have started GLP-1 treatment since Medicare began covering obesity drugs in July, with roughly 70% using Lilly medicines. The temporary Medicare Bridge program lets eligible beneficiaries obtain obesity treatments for a $50 monthly co-pay, giving Zepbound and Foundayo access to a population that previously faced limited Medicare coverage. The early uptake matters because Zepbound generated $9.09 billion in revenue in the first half of 2026, up 60% year over year, while Mounjaro generated $18.61 billion, up 106%, with the two drugs together representing 65% of Lilly's total revenue in the period. Ricks said Zepbound remains popular among patients with higher body weight and more complications, while one-third of new oral GLP-1 patients are taking Foundayo, which Reuters reported had captured more than 30% of new U.S. oral obesity-drug patients. Medicare's Bridge program also covers Novo Nordisk's Wegovy and runs through December 2027, and Lilly has said higher volumes of Mounjaro and Zepbound have come with lower realized prices.

Thailand's insurance business is adapting to the longevity trend as the country enters a fully aged society. Teerapol Udomvej, an analyst at Kiatnakin Phatra Securities, or KKPS, cited a study by the Thailand Development Research Institute, or TDRI, estimating that the share of Thais aged 60 and over will rise from 17% in 2016 to 29% in 2032. Meanwhile, the National Institute of Development Administration, or NIDA, estimates that Thailand's health expenditure during 2023-2032 will grow at an average of 4-5% per year, while TDRI puts it at 6-7% per year. Sara Lamsam, chief executive officer of Muang Thai Life Assurance, or MTL, said longevity is not just a trend but a major challenge for Thailand, with the number of newborns falling from 736,532 in 2015 to 416,574 in 2025, and Thailand likely to enter a super-aged society by 2029. He also expects Thailand's population to shrink by about half to roughly 33 million by 2083. Chone Sophonpanich, president and chief executive officer of Bangkok Life Assurance, or BLA, noted that longevity risk is the risk of living longer than one's savings, meaning retirement planning must link retirement funds to health and long-term care. About 30% of Thais have no retirement savings, and the gap between lifespan and healthspan averages about 11 years.

Bernstein has named Sonova as its short-term top pick and Alcon as its preferred long-term idea in a new H2 playbook for European medtech, assigning both "outperform" ratings with price targets of CHF 275 and CHF 76.15, respectively. Sonova, the world's No. 1 player in the $7.7 billion hearing aid wholesale market with roughly a 25% unit share, is expected to benefit from a multi-pronged growth setup into its H1 2026/27E results in November, with Bernstein forecasting H1 wholesale organic growth of 10.1% versus consensus at 8% and Group organic growth of 6.5% versus consensus of 4.9%. The bull case rests on continued strength from the EON Sphere launch, further share gains at Costco, where the Infinio-based device only entered the channel in March 2026, and another seven months of tailwind from Virto R hearing aid sales, plus a sharp H2 improvement in the Cochlear Implant business and accelerating M&A contribution in Retail as rivals Demant and Amplifon remain financially constrained. Bernstein's core EBIT estimates sit 5-8% above consensus across 2026/27E-2028/29E. On Alcon, the dominant ophthalmology player holding #1 or #2 positions across most of its sub-markets, Bernstein argues investor sentiment on the intraocular lens and consumables businesses has become "overly negative" and that the pressure is "largely transitory," expecting implantables growth to accelerate to 4% in 2027. Bernstein's constant-currency revenue growth estimates run 38-112 bps above consensus for 2026E-2028E, with core EPS estimates 1-9% higher, and at roughly 17x NTM P/E it sees an attractive entry point into what it calls a "multi-year compounding business."

Krungsri Securities, or KSS, said in an analysis that healthcare stocks remain attractive, supported by cooperation between insurers and private hospitals that is evolving into a Healthcare Ecosystem covering prevention, screening, treatment and rehabilitation. This should draw Thai patients back for continuous service use and build a stable long-term revenue base. A survey found that domestic insurance revenue for BDMS, BH, PR9 and BCH grew at average rates of 12%, 16%, 12% and 7% respectively during 2023-2025. In the first half of 2026, domestic insurance revenue at BDMS, BH and PR9 still grew 2%, 1% and 8% respectively year on year, while BCH fell 6%. The share of domestic insurance revenue in total revenue, ranked from highest to lowest, was BDMS at 31%, PR9 at 26%, BCH at 24% and BH at 14%. The research team assesses that hospital sector earnings have passed their bottom in the second quarter of 2026 and are entering the high season for domestic service use, and therefore selects BDMS with a target price of 25 baht, PR9 with a target price of 24 baht and BCH with a target price of 12 baht as its top picks. Tisco Securities raised its fair value for PR9 to 24.00 baht from 22.70 baht and maintained its buy recommendation, expecting core business revenue in the third quarter of 2026 to be 1.47 billion baht, up 6% year on year and 11% quarter on quarter. Net profit is expected at 225 million baht, up 1% year on year and 22% quarter on quarter, while EBITDA is expected at 372 million baht, up 13% year on year and 19% quarter on quarter. It also raised its 2026-2028 net profit forecasts by 2.9%, 3.7% and 4.9% respectively. CGS International (Thailand), or CGSI, estimates that combined net profit for the hospitals under its coverage will rise 11% year on year and 31% quarter on quarter, and recommends a take-profit level for PR9 at 20.00 baht and a stop-loss at 19.20 baht.

Bangkok Life Assurance has announced the success of its initiative to elevate its sales force into Life Care Partners under the concept of four dimensions of a good life: physical fitness, financial readiness, mental balance, and strong relationships, in order to serve an aging society. Mr. Chone Sophonpanich, President and Chief Executive Officer of Bangkok Life Assurance Public Company Limited, stated that the company has shifted its role from a guardian of finances and claims payments to a leader that helps build a better quality of life for Thai society, through systematic personnel development programs. It began with the Caring Agent course, which more than 65% of agents have completed, before advancing to the Life Care Partner course, which focuses on knowledge of longevity and care for quality of life across all four dimensions. The result is a new generation of agents who have completed the Life Care Partner course achieving a repeat purchase rate from existing customers as high as 75%, or nearly double, and during the period from April to July 2026, Life Care Partners saw new policies grow by 34% compared with the same period the previous year.