Pie Securities recommends buying shares of Bangkok Dusit Medical Services Public Company Limited, or BDMS, with a target price of 23 baht, expecting profit in 2026-2027 to grow about 2-4% per year, supported by three factors: annual increases in treatment fees of 2-3%, recovering domestic purchasing power, and Middle Eastern patients gradually returning for treatment after the Iran war. The research team expects net profit in 2026 at 16.234 billion baht, up 2.4%, and in 2027 at 16.893 billion baht, up 4.1%. Over these two years, hospital expansion will not yet have a significant impact on total revenue. BDMS is preparing to close its major WellEra project, with an investment value of 29 billion baht, an ultra-luxury project combining residences, a health rehabilitation center, retail space, and the BDMS Wellness Clinic. Management expects it to help generate additional revenue from normal operations of about 1% in 2030-2034, split into about 55% from residential sales and recurring revenue from the clinic, recovery accommodations, and retail. Meanwhile, the EBITDA margin in the third quarter of 2026 is expected to return to normal levels, and management maintains its target for revenue growth this year of 2-4% year on year. BDMS shares in the afternoon moved at 19.00 baht, unchanged, with trading value of 533.66 million baht.
Bangkok Dusit Medical Services Public Company LimitedPie Securities recommends buying BDMS with a 23 baht target price, expecting 2-4% annual profit growth in 2026-2027.
