Asia Plus Securities' research team has issued an analysis of hospital stocks BDMS and BH after their second-quarter 2026 earnings announcements, expecting profits at both companies to recover clearly in the second half of the year. BDMS reported normalized profit of 3.176 billion baht in the second quarter of 2026, down 21.7 percent quarter-on-quarter and 9.0 percent year-on-year, due to higher drug and medical supply costs as well as depreciation from the opening of the new Bangkok Hospital Hua Hin building and the bed expansion at Bangkok Hospital Surat. The research team maintained its 2026 normalized profit forecast at 15.918 billion baht, down 1.7 percent year-on-year, and kept a buy recommendation with a target price of 23.00 baht. BH reported net profit of 1.89 billion baht in the second quarter of 2026, up 1.7 percent year-on-year and 5.5 percent quarter-on-quarter, supported by revenue from international patients rising 7.1 percent year-on-year, and announced an interim dividend of 4.00 baht per share, representing a dividend yield of 2 percent, with the stock going ex-dividend on August 28. The research team maintained its 2026 net profit forecast at 7.714 billion baht, growth of 2.7 percent year-on-year, and upgraded its recommendation to buy from speculative, with a 2027 target price of 220 baht.
Bangkok Dusit Medical Services Public Company LimitedQ2 profit fell 21.7% QoQ and 9% YoY due to higher costs and depreciation, though forecast maintained.
Bumrungrad Hospital PCLQ2 net profit rose 5.5% QoQ and 1.7% YoY, with interim dividend and upgrade to buy.
