Key Indices
Top Stories
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt19.90/Target: Bt27.00)
- The tone at BDMS’ meeting was positive, with a strong 3Q26 outlook, and Jul 26 revenue growing 8% yoy, led by strong Thai and foreign patient growth. Middle Eastern patient revenue continued to recover. Management maintained its 2026 guidance and targets a yoy flattish EBITDA margin in 2H26 through cost control. Promotional packages and selective price increases should support growth and margins. Maintain BUY with a target price of Bt27.00, supported by stronger 2H26 earnings catalysts.
Company Update | BANPU (BANPU TB/HOLD/Bt14.60/Target: Bt15.00)
- Gas prices remain supported by strong demand amid tight LNG supply, while coal prices face limited upside due to rising production and transportation costs. The new PDP provides potential upside for BANPU’s power business through potential bidding opportunities or PPA extensions beyond 2032. BANPU also announced an interim dividend of Bt0.40/share. Maintain HOLD. Target price: Bt15.00.
Top Stories
Company Update | Bangkok Dusit Medical Services (BDMS TB/BUY/Bt19.90/Target: Bt27.00)
- The tone at BDMS’ meeting was positive, with a strong 3Q26 outlook, and Jul 26 revenue growing 8% yoy, led by strong Thai and foreign patient growth. Middle Eastern patient revenue continued to recover. Management maintained its 2026 guidance and targets a yoy flattish EBITDA margin in 2H26 through cost control. Promotional packages and selective price increases should support growth and margins. Maintain BUY with a target price of Bt27.00, supported by stronger 2H26 earnings catalysts.
Company Update | BANPU (BANPU TB/HOLD/Bt14.60/Target: Bt15.00)
- Gas prices remain supported by strong demand amid tight LNG supply, while coal prices face limited upside due to rising production and transportation costs. The new PDP provides potential upside for BANPU’s power business through potential bidding opportunities or PPA extensions beyond 2032. BANPU also announced an interim dividend of Bt0.40/share. Maintain HOLD. Target price: Bt15.00.
Key Indices
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