Dr. Wittaya Wanpen, Deputy Managing Director for Business Development at Praram 9 Hospital Public Company Limited (SET: PR9), has outlined the company’s key strategies for the second half of 2026, with the focus on enhancing the hospital’s capabilities in treating complex diseases and expanding infrastructure to accommodate a growing patient volume.
PR9 will launch Bi-Plane Angiography services for precise diagnosis and treatment of cardiovascular and cerebrovascular conditions in 3Q26, while also introducing the largest Hyperbaric Oxygen Therapy (HBOT) machine among private hospitals, targeting diabetic wound care and patient rehabilitation.
For 4Q26, PR9 plans to increase critical care capacity by expanding the number of ICU, CCU, and Neuro ICU beds from 24 to 31 to meet rising demand. The growth and client base expansion strategy is shifting focus from general outpatient treatment (OPD) to specialized services for kidney, heart, and brain diseases. The hospital aims to lift international patient revenue contribution to 27-28% in 2026 and target 30% in the near future.
Key international targets include Myanmar for complex diseases, Indonesia via partnerships with the Chamber of Commerce, and Qatar, focusing on government welfare and long-stay patients. PR9 is also exploring partnerships and market entry in China with a focus on those seeking international-standard care.
Moreover, PR9 is investing in backend (ERP) and frontend (HIS) system upgrades, and introducing AI in two main areas: medical recordkeeping through speech-to-text systems for doctors and AI-assisted X-ray screening, as well as AI-driven content production for marketing and nursing education to optimize costs and efficiency.
Dr. Wittaya notes that while current profitability is pressured by increased vendor costs, higher depreciation expenses from new projects, and one-off costs related to earthquake repairs and IT system preparations, PR9 continues rigorous cost management, especially keeping marketing costs below 3% of revenue and leveraging AI to curb outsourcing needs. The hospital expects higher average revenue per case from the shift toward complex diseases, which supports overall financial performance despite a potential decline in general OPD cases.
Krungsri Securities (KSS) expects a positive revenue growth outlook for PR9 in 3Q26, driven by Thai patient recovery and firm operating leverage. Net profit is anticipated at around THB 230 million for the quarter—a 3% year-on-year and 25% quarter-on-quarter increase, supported by a 6% year-on-year and 10% quarter-on-quarter rise in hospital revenue and improved EBITDA margin.
Following these developments, the brokerage maintains a ‘Buy’ rating, with a target price of THB 24.00 per share, citing potential earnings recovery, margin expansion, increased payout ratio, and attractive valuation as key catalysts for the stock.
