Ekachai Medical Care Public Company Limited

MMM Mega Fin Holding Group is pressing ahead with its Jump+ plan, expanding from its real estate expertise into the financial business. Housing Welfare Capital, or HAC, a subsidiary under MMM Mega Fin Holding Group, has begun offering mortgage loans, sale-and-leaseback loans, and housing loans in full, aiming to build a recurring income stream and add long-term revenue channels for the business. It targets a loan portfolio of 700 million baht by 2028. Meanwhile, FPI has teamed up with CEER to officially launch EXOBOT, a Saudi Arabian electric vehicle, with the first two models unveiled under a plan to introduce seven models within five years as a Strategic Partner. Yuanta Securities highlighted the standout features of EKH, namely its pediatrics center, heart and vascular center, and IVF center, which continue to grow strongly. In 2027, it expects to reap gains from Bloom Hospital, which is set to reach breakeven from the first quarter of 2027. It also expects a dividend yield of 5.5% in 2026, rising to 6.1% in 2027, and sets a base price target of 5.85 baht per share.

Yuanta Securities issued an analysis after visiting the Bloom Mental Wellness Hospital of Ekachai Medical Care Public Company Limited, or EKH, maintaining its "Trading" recommendation and a 2027 base value of 5.85 baht using a DCF method with a WACC of 8.6% and terminal growth of 2.5%. Bloom is a premium 50-bed hospital specialising in mental health and psychiatry, in which EKH holds a 58% stake. It began services in July 2026, targeting revenue of about 25-30 million baht in 2026 before rising to more than 100 million baht in 2027 and growing to roughly 400 million baht per year within the fourth to fifth year once it reaches maturity. Net margin is expected at around 16-18%, with a project IRR of about 16-17% and a payback period of about seven years. On the 3Q26 earnings outlook, the company said revenue in July-August 2026 grew at a double-digit rate year on year, driven by its specialised medical centres covering paediatrics, cardiology and vascular care, and IVF, as well as a rising number of cash-paying patients amid outbreaks of influenza and COVID-19. Profit is expected to grow both quarter on quarter and year on year even as it recognises losses from the new hospital. The brokerage maintained its 2026 profit forecast at 248 million baht, down 5% year on year, and expects a clear recovery in 2027 profit, anticipating that Bloom hospital will reach EBITDA breakeven from 1Q27. It also expects dividend yields of 5.5% in 2026 and 6.1% in 2027.

Ekchai Medical Public Company Limited, or EKH, has launched Bloom Mental Wellness Hospital, a 50-bed facility specialising in mental health, with an investment value of over 400 million baht. Outpatient services began in July 2026, with inpatient services opening in August 2026. Currently, the hospital receives an average of 10 to 15 outpatients per day and has an average inpatient bed occupancy of 2 to 3 beds per day. It aims by the end of 2026 to average 20 to 30 outpatients per day and 5 to 10 inpatient beds occupied per day. First-year revenue is projected at around 50 million baht, rising to 100 million baht in the second year, and increasing to 400 million baht within 4 to 5 years. The net profit margin is expected at approximately 17 to 18%, supported by tax privileges from the Board of Investment for 8 years, while the internal rate of return stands at 16 to 17%, with payback expected within 7 years. As for the operating performance trend in the third quarter, the EKH group has improved both quarter on quarter, driven by the high season for the hospital business, and year on year, due to the seasonal outbreak situation of COVID-19 and other infectious diseases that have returned to spread again. In the first half, the group already generated revenue of 661 million baht, up 13.36% year on year, and is confident that revenue in 2026 will grow in line with its target of 10%. Meanwhile, Dr Jatupat Khunsong, director of Bloom Mental Wellness Hospital, noted that Thailand currently has approximately 4 million people with mental health conditions, while the total number of private psychiatric beds nationwide is fewer than 100, whereas actual demand in the system exceeds 5,000 beds. He expects that in another 2 to 3 years the number of patients could rise to 7 to 8 million. The company is preparing an aggressive marketing plan targeting the B2B segment, including private organisations, private schools, and international schools, alongside its main revenue from the B2C segment.

Ekachai Medical Care Public Company Limited (EKH) has revealed that the resurgence of COVID-19 and influenza outbreaks has significantly increased the number of outpatient (OPD) and inpatient (IPD) cases. The company is confident that its second-half performance will surpass the first half, as this is the high season for hospital business, and it will also benefit from revenue from new hospitals. Meanwhile, Khun Hospital Rama 2 has a bed occupancy rate as high as 95%, with plans to add 10-15 more beds from early to mid-next year. Khun Hospital Ao Nang is in its soft opening phase, with a bed occupancy rate of about 10-20%. Additionally, the company plans to partner with Narai Property and a group of medical personnel to establish Khun Bangna Company Limited to operate a specialized palliative care hospital with 45-50 beds, with a project value of 270 million baht, expected to be fully operational in 2028. The company targets revenue growth of about 10% in 2026 compared to the previous year's 1,282.21 million baht.

EKH or Ekachai Medical Care Public Company Limited expects its Q3/2026 performance to grow both quarter-on-quarter and year-on-year, supported by seasonal factors and the COVID-19 outbreak driving higher patient numbers, resulting in bed occupancy rates reaching 70-80% in the first two months. Meanwhile, the company has opened Bloom Mental Wellness Hospital, a psychiatric hospital, for about one month, with around 10 patients admitted. The company targets first-year revenue of 30 million baht, down from the earlier expectation of 50-60 million baht, due to the opening being one quarter behind schedule. However, the impact on overall revenue targets is expected to be minimal. The company has also adjusted its strategy to increase the proportion of outpatient (OPD) revenue, as insurance companies have become stricter in approving inpatient (IPD) cases. It expects 2026 revenue to grow 8-10% from the previous year, with the second half performing better than the first half.

Dr. Amnuay Ua-areemitr, Director and Hospital Director of Ekachai Medical Care Public Company Limited (EKH), revealed during an Opportunity Day that the company's Q2 2026 net profit was 60.18 million baht, up 27.88% from the same period last year. For Q3 2026, revenue is expected to continue growing due to full-quarter recognition of new projects. The company aims to become a specialized hospital under the JUMP+ Business Plan, targeting 2028 revenue of 1.94 billion baht through the development of Khun Hospital, BLUM Hospital, and the expansion of W Center in the Wellness & Longevity segment, which is expected to open fully in September 2026. Meanwhile, Khun Hospital's Rama 2 branch has a bed occupancy rate of 95-99%, with plans to add 10-15 more beds in early to mid-2027. The Ao Nang branch, which recently opened about two months ago, has a bed occupancy rate of 10-20% and is expected to turn profitable when occupancy reaches 30%.

Ekachai Medical Care Public Company Limited (EKH) reported its Q2/2026 operating results with total revenue of 342.88 million baht, up 22.35%, and net profit of 60.18 million baht, an increase of 13 million baht from the same period last year, driven by continuous growth in service users across all business segments, especially Khun Pha Ram 2 Hospital, the Heart and Vascular Center, Ekachai Hospital, and the infertility treatment center, EKI-IVF. For the second half outlook, the company expects to maintain good growth momentum, supporting total revenue for 2026 to grow in line with the target of no less than 20%.

The earnings season for Thai listed companies in Q2/2026 has come to a close, with overall profits of 678 companies rising 13%, but the hospital group showed signs of a weak pulse. BDMS reported a net profit of 3,248 million baht, down 7% from the previous year, while BH's profit increased only 1.7% to 1,889 million baht, and BCH's profit fell 11.6% to 343 million baht. Meanwhile, PR9's profit rose 1.3% to 184 million baht, LPH fell 17.86% to 46 million baht, RPH dropped 27.79% to 26 million baht, and WPH declined 62.1% to 19 million baht. PRINC still posted a loss of 138 million baht, but the loss narrowed from the previous year. On the other hand, RJH's profit surged 89% to 113.72 million baht, and EKH increased 27.88% to 60 million baht. It is expected that Q3/2026 will recover as the rainy season is the peak season.

Nine listed hospital companies reported standout profit growth in the second quarter of 2026 compared with a year earlier. RJH posted net profit of 112.85 million baht, up 79.63%, while RAM recorded net profit of 344.58 million baht, up 28.55%, and EKH posted net profit of 60.18 million baht, up 27.87%, helped by more Thai and foreign patients, branch expansion, and revenue from specialised medical centres. CGSI said earnings at the six hospital companies it covers appear to have passed their trough, with combined normalised profit down 2% from a year earlier and down 8% from the previous quarter. Excluding RAM, combined normalised profit fell 4% from a year earlier and 10% from the previous quarter. CGSI maintained an Overweight rating on the hospital sector and selected BH and PR9 as top picks because they have a high proportion of foreign patients and are likely to recover better than peers.

Ekchai Medical Care Public Company Limited, or EKH, announced the establishment of Koon Bangna Company Limited together with Narai Property Company Limited and a group of medical personnel to operate a 45 to 50 bed palliative care specialty hospital with a project value of 270 million baht. Full service is expected to open by 2028. The shareholding structure consists of Ekchai Nursing Home Company Limited, a wholly owned subsidiary of EKH, holding 75 to 80 percent, Narai Property holding 15 percent, and the medical personnel group holding 5 to 10 percent. Registered capital is 300 million baht, with initial registered capital of 30 million baht. Dr. Amnat Eua-areemit, director and hospital director, said the project will help expand the revenue base and support stable long-term growth.

Ekachai Medical Care Public Company Limited, or EKH, reported second-quarter net profit for 2026 of 60.18 million baht, up 27.88 percent from the same period last year. Total revenue came in at 342.88 million baht, up 22.35 percent, supported by higher patient volumes at Khun Hospital Rama 2, the Heart and Vascular Center, and the EKI-IVF fertility center, which benefited from the return of Chinese clients. The company expects performance to keep growing in the second half of the year, driven by a full quarter of operations at Bloom Hospital and growth at the existing fertility and heart and vascular centers. It is also moving ahead with three new projects: Khun Wattanapat Hospital, a 36-bed facility specializing in elderly care; Bloom Hospital, a 50-bed facility specializing in mental health and psychiatry; and a Premium Wellness and anti-aging medicine center in Building C, a 60-bed extension of Ekachai Hospital. Revenue recognition from these projects is expected to begin from the third quarter of 2026 onward, and the company maintains its full-year revenue growth target of at least 20 percent.