The latest Market Talks covering the Health Care sector. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0502 GMT - Bumrungrad Hospital may be hit by weaker medical tourism in Thailand, Nomura analysts say in a research report. Patient referrals from Kuwait are likely to remain soft in the near term amid continued payment delays, with Thai hospitals yet to see full settlement of guarantee of payment dues from Kuwait. Also, UAE patient volumes have been affected by the decentralization of its healthcare system, with the approval process being more inconsistent, the analysts say. Nomura slashes its revenue growth estimates for Bumrungrad Hospital to 1% from 18% for 2025 and to 2% from 9% for 2026. The brokerage downgrades the stock to neutral from buy and lowers the target price to THB160.00 from THB330.00. Shares are 1.4% lower at THB139.50. (ronnie.harui@wsj.com)

0258 GMT - Pro Medicus's bulls at Morgan Stanley reckon the imaging-tech provider's contracts look more like evergreen licenses than fixed-period agreements. Highlighting the Australia-listed company's near zero levels of historical churn, MS analysts estimate that its two new contracts have a lifetime value of more than A$5 billion. This is equivalent to 20% of the company's current equity market capitalization, they observe. They tell clients in a note that this estimate could fall if a new competitor enters the market, although it could also rise with price increases or new products. MS keeps an overweight rating on the stock and lifts its target price by 3.2% to A$320.00. Shares are down 0.3% at A$306.42. (stuart.condie@wsj.com)

0225 GMT - Malaysia's glove sector may see a rebound in 2H albeit at a slower pace, as low inventories prompt order replenishment and global buyers shift from Chinese producers due to rising tariffs, says Kenanga IB analyst Raymond Choo Ping Khoon in a note. Potential policy changes in the EU and the U.S. on Chinese gloves could drive up demand, he says. Despite near-term earnings weakness, the sector's long-term prospects may remain positive, supported by structural demand growth and ongoing supply rationalization, he adds. Kenanga maintains an overweight call on the sector, favoring Hartalega and Kossan Rubber Industries for exposure. (yingxian.wong@wsj.com)

0205 GMT - Bangkok Chain Hospital's EPS growth outlook of 17% for 2025 and 10% for 2026 is likely the strongest in the sector, Thanachart Securities' Siriporn Arunothai says in a research report. This outlook is backed by rising revenue from both Thai and international cash patients, increased income from a social security scheme and improving EBIT margins. Also, the hospital is likely seeing minor impact from the Thailand-Cambodia border dispute, while its stock is trading at an attractive 1.4x 2025 price/earnings-to-growth ratio compared with the sector average of 5.0x, the analyst adds. The brokerage has a buy rating and a target price of THB19.00 on the shares, which last closed at THB13.30. (ronnie.harui@wsj.com)Citi predicts Samsung Biologics' FY 2025-2027 net profit will fall under conservative currency fluctuations. "Samsung Biologics' Earnings Could Fall on Stronger Korean Won -- Market Talk," at 0852 GMT, incorrectly stated that Citi's prediction is for FY 2026-2027.

0852 GMT - Samsung Biologics' FY 2025-2027 earnings could slide if the Korean won continues to strengthen against the U.S. dollar, Citi's Paul Hwang says in a note. The South Korean biopharmaceuticals player makes more than 95% of its revenue in U.S. dollars and a 10% forex swing could cause its revenue and operating profit to fluctuate by 10% and 15%, respectively. Under more conservative forex assumptions, Hwang predicts the company's FY 2025-2027 net profit will fall by 5%-9%, lowering the target price for Samsung Biologics to KRW1,200,000 from KRW1,270,000. That said, the company expects to deliver its 2025 guidance of 20%-25% consolidated revenue growth. The bank maintains its buy rating on the stock, which closed at KRW1,044,000. (megan.cheah@wsj.com) Corrections & Amplifications

This snippet was corrected at 0912 GMT. The original version incorrectly stated that Citi's prediction for Samsung Biologics is for FY 2026-2027. The prediction is for FY 2025-2027.

0834 GMT - China's biotech companies' outlicensing trend is sustainable, Jefferies analysts write in a note. The analysts are seeing overwhelming interest and potential incremental fund flows from global healthcare specialists, who are looking into China with the acceleration of biotech outlicensing, they say. Among the companies, Wuxi Biologics mentioned that the higher manufacturing cost in the U.S. will be shouldered by customers, they say. The company's single-asset turnover could reach between two and four times that of its global peers', Jefferies says. Investors are also interested in JD Health for its out-of-pocket branded drug business that could lead to stronger orders, they say. Jefferies's top picks for the sector are Wuxi Biologics, JD Health, Akeso, Duality Biotherapeutics, Hansoh Pharmaceutical and United Imaging. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

(END) Dow Jones Newswires

July 04, 2025 04:20 ET (08:20 GMT)

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