Shares of Bangkok Dusit Medical Services, or BDMS, rose 2.02%, or 0.40 baht, to 20.20 baht at 11:15 a.m., with trading value of 965.12 million baht, after Krungsri Securities picked BDMS as a top pick, maintaining a buy rating and a 25 baht target price, citing the strength of its network of more than 50 hospitals, a diversified customer base, and a complete medical ecosystem. The broker expects net profit in the second half of 2026 to grow from a year earlier and recover from the first half, driven by a strong rebound in Thai patients and continued growth in international patients. The Thai non-Social Security patient market, which accounts for roughly 67-68% of medical revenue, saw revenue grow 8% year on year in July 2026 and accelerate to about 9-10% in August 2026. The international patient market, which accounts for roughly 30% of medical revenue, is seeing pressure ease, with revenue from Middle Eastern patients in August 2026 down less than 10% from a year earlier, an improvement from July 2026. For the third quarter of 2026, core profit is initially expected at 4.55 billion baht, up 5% from a year earlier and 43% from the previous quarter, a record high, on medical revenue expected to grow 8% year on year and an EBITDA margin recovering to 24.3% from 21.1% in the second quarter of 2026. ROE is expected to rise from 14.8% in 2026 to 15.4% in 2028, and dividends to increase from 0.75 baht per share in 2026 to 0.80 baht in 2028.
Bangkok Dusit Medical Services Public Company LimitedKrungsri Securities maintains buy rating and 25 baht target, expecting record Q3/26 core profit of 4.55 billion baht.
