Company Coverage
Bangkok Dusit Medical Services (BDMS TB): 2Q26 Results Preview: Flattish Earnings Expected
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.70
Bt27.00
+37.10%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- BDMS is expected to report a net profit of Bt3.46b in 2Q26 (-0.9% yoy, -14.8% qoq), flat yoy.
- Thai patient revenue is expected to grow 2% yoy while foreign patient revenue is expected to slightly decline yoy due to the impact of the war in Middle East.
- Despite the persistent cost pressure, we remain optimistic on BDMS and expect a strong 2H26, supported by the return of Middle Eastern patients as well as the epidemic during the rainy season. Maintain BUY with a target price of Bt27.00.
Analysis
- Expect 2Q26 earnings to be flat yoy. Bangkok Dusit Medical Services (BDMS) is expected to report a net profit of Bt3.46b in 2Q26 (-0.9% yoy, 14.8% qoq). Management expects to recognise approximately Bt90m in insurance claim proceeds related to the 4Q25 flood this quarter. If we exclude the extra gain, core profit should come in at Bt3.39b (-3.0% yoy, -16.5% qoq). Top-line should be Bt27.0b (+1.1% yoy, -4.1% qoq), with Thai patients being the main top-line contributor. We expect Thai patient revenue to show a slight growth of 2% yoy in 2Q26, indicating an improving trend, particularly in Jun 26. Foreign patient revenue is expected to decline 1% yoy, driven by a yoy decline in Middle Eastern patient revenue due to the war. We expect some cost pressure in this quarter to result in BDMS’ margin dropping substantially by 2.4ppt yoy.
Highlights
- BDMS is expected to report a net profit of Bt3.46b in 2Q26 (-0.9% yoy, -14.8% qoq), flat yoy.
- Thai patient revenue is expected to grow 2% yoy while foreign patient revenue is expected to slightly decline yoy due to the impact of the war in Middle East.
- Despite the persistent cost pressure, we remain optimistic on BDMS and expect a strong 2H26, supported by the return of Middle Eastern patients as well as the epidemic during the rainy season. Maintain BUY with a target price of Bt27.00.
Analysis
- Expect 2Q26 earnings to be flat yoy. Bangkok Dusit Medical Services (BDMS) is expected to report a net profit of Bt3.46b in 2Q26 (-0.9% yoy, 14.8% qoq). Management expects to recognise approximately Bt90m in insurance claim proceeds related to the 4Q25 flood this quarter. If we exclude the extra gain, core profit should come in at Bt3.39b (-3.0% yoy, -16.5% qoq). Top-line should be Bt27.0b (+1.1% yoy, -4.1% qoq), with Thai patients being the main top-line contributor. We expect Thai patient revenue to show a slight growth of 2% yoy in 2Q26, indicating an improving trend, particularly in Jun 26. Foreign patient revenue is expected to decline 1% yoy, driven by a yoy decline in Middle Eastern patient revenue due to the war. We expect some cost pressure in this quarter to result in BDMS’ margin dropping substantially by 2.4ppt yoy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt19.70
Bt27.00
+37.10%
Analyst
Analyst
Nonpawit Vathanadachakul
IMPORTANT NOTICE - DISCLOSURES AND DISCLAIMERS
This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at the following link: https://research-api.uobkayhian.com/assets/disclaimer/df64a6ea-7980-447c-ae9e-fd19b93257dc, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
