Globex Securities projects a strong growth from Medeze Group Public Company Limited (SET: MEDEZE) as MEDEZE’s “Jump+” plan, centered around Advanced Therapy Medicinal Products (ATMP), is forecasted to be a new S-curve of growth for the company and Thailand’s healthcare industry.
ATMPs are poised to be a significant revenue accelerator for MEDEZE. Although Globex adopts a more conservative approach than the company’s own projections, the broker still anticipates that ATMP-related earnings will rise sharply from 4% of total revenue in 2026 to 48% by 2028. Additional upside could come from growth in franchise revenue and tax benefits from BOI privileges.
One area of particular promise is MEDEZE’s international franchise expansion. While franchise revenues are yet to be included in immediate forecasts, initial models suggest this stream could grow exponentially—from THB38 million in 2025 to THB315 million in 2031—as the company branches into seven targeted countries.
Despite revising EPS projections downward—slashing 2025-27 forecasts by 13-46% due to a slower expected uptake in stem cell ATMP treatments—Globex remains broadly optimistic. The broker expects MEDEZE’s net profit to more than double from THB181 million in 2025 to THB523 million by 2027, as advanced investments for GMP-approved cell culture media production plants start to pay off.
Reflecting these adjustments, Globex has trimmed its 12-month target price for MEDEZE from THB 8.5 to THB 8.2 per share (based on 25x 2026E earnings), but maintained the “BUY” recommendation. The firm sees potential for MEDEZE to rerate upwards once the company achieves key milestones, such as progress in stem cell clinical trials, ATMP registration, the commencement of ATMP treatments, and international expansion.
