MASTER signals Q4 push with new executives, tighter cost controls
Master Style (Masterpiece Hospital), or MASTER, plans to lift foreign revenue to 30% in the medium term as it strengthens systems, cost efficiency and high-margin specialist services.
- MASTER has appointed Praphawarin Longngam as deputy chief executive officer to strengthen its management team and improve operational efficiency.
- The company is implementing tighter cost controls, focusing on efficient management and the optimal scheduling of doctors to maintain healthy profit margins.
- The Q4 push is supported by an expected recovery in demand from both domestic and international clients, with a strategic focus on high-margin specialist services.
Dr Raweewat Maschamadol, executive chairman of Master Style Plc (MASTER), said the business outlook for the fourth quarter of 2025 is expected to remain stable, supported by gradually improving domestic demand for surgery and aesthetic services.
He added that international clients continue to be a key growth driver in the second half, especially in specialist surgical services where the average spend per case is significantly higher than for Thai patients.
This has a positive impact on the company’s gross margin, even though the number of Cambodian clients has slowed due to the border situation. Overall, however, revenue from overseas markets remains strong.
“We expect to see a recovery in the fourth quarter of 2025 compared with the third quarter, particularly in foreign cases and Thai customers who are gradually returning for treatment as their purchasing power starts to pick up,” Raweewat said.
“At the same time, the company remains focused on efficient cost management and optimal deployment of our doctors, while continuing to drive growth in high-margin service segments.”
The company has also appointed Praphawarin Longngam as deputy chief executive officer to strengthen its team, both in front-office and back-office operations. Her responsibilities include designing management systems, developing the capabilities of the marketing team and ensuring the most efficient possible scheduling of doctors.
The appointment aims to reinforce and expand the organisation’s capacity so it is fully prepared for sustainable and stable long-term growth.
Chief executive officer Lapasrada Lertpanurot outlined the business outlook for the first half of 2026 and the company’s strategy for dealing with competition.
MASTER expects Thailand’s cosmetic surgery and beauty industry to continue growing next year, but at a slower pace, in line with Kasikorn Research Centre’s forecast that the market will expand by only 1.0%, compared with 1.6% in 2025.
Although both customer numbers and service fees are likely to edge higher, the economic environment and intense competition will remain key factors weighing on purchasing power and limiting the expansion of the new customer base.
MASTER is therefore preparing a more proactive business plan, focusing on four key strategic pillars:
- Cost management and appropriate pricing structures to keep the gross margin at a healthy level despite the competitive landscape.
- Continuous expansion of the international customer base, especially in high-potential markets with strong demand for specialist surgery such as Indonesia, Myanmar and Laos, with a target of foreign revenue reaching 30% of total income within two years.
- Development of the product mix and increasing the share of high-margin specialist services, including collaboration with partners in the cosmetic surgery hospital segment and the beauty supplements business.
- Strengthening internal systems, particularly measures to protect the business against unfair competition.
Lapasrada concluded that although the industry as a whole may face pressure from economic conditions and changing consumer behaviour, the beauty market in the region is still regarded as highly promising.
With the company’s strengths in service quality, MASTER expects its performance in the first half of 2026 to remain on a positive growth trajectory.
