Bualuang Securities said BDMS is expected to post a record core profit of 4.6 billion baht in the third quarter of 2026, up 7% year-on-year and 42% quarter-on-quarter, on revenue of 30.6 billion baht, up 8.5% year-on-year and 13.8% quarter-on-quarter. The growth is driven by the flu and COVID season, the absence of the weak Cambodia business base seen a year earlier, and a recovery in foreign patients. Thai patient revenue rose 12% year-on-year in August, while foreign patient revenue rose 10% year-on-year, led by Myanmar, Germany and the United States. Middle Eastern patients are another market to watch; normally they account for only 5% of hospital revenue, but their share of advance bookings rose to 9% in August from 6% in April. A higher share of complex cases is expected to help the EBITDA margin recover to 25% from 22.7% in the second quarter of 2026. The impact of late-September flooding remains limited, with an estimated 174 million baht in lost revenue, or 0.6% of September revenue, and a hit to core profit of only 25 to 70 million baht, or 0.5% to 1.5% of the 3Q26 forecast, as most of the impact was postponed check-ups and procedures. The postponed cases are likely to return in October and support 4Q26 revenue. The brokerage maintains its Buy rating with a target price of 23 baht for the end of 2027.
Bangkok Dusit Medical Services Public Company LimitedBualuang expects BDMS to post a record core profit of 4.6 billion baht in 3Q26 and maintains a Buy rating with a 23 baht target price.
