Shares of Bangkok Dusit Medical Services, or BDMS, rose 2.02% to 20.20 baht at 11:48 a.m. on September 10, 2026, on trading value of 1.00392 billion baht, after Krungsri Securities said in an analysis that it views BDMS as a top pick, maintaining a "Buy" recommendation with a 25 baht target price on earnings momentum that is showing signs of recovery. It expects net profit in the third quarter of 2026 from normal operations to come in at 4.55 billion baht, up 5% from the same period a year earlier and 43% from the previous quarter, setting a new record, driven by healthcare revenue expected to grow 8% year on year and 13% quarter on quarter, as well as an EBITDA margin expected to recover to 24.3% from 21.1% in the second quarter of 2026. The supporting factors come from a recovery in Thai patients outside the social security group, which accounts for roughly 67-68% of healthcare revenue. Healthcare revenue in July 2026 grew 8% year on year, split between 9% growth in Thai patients and 6% growth in foreign patients, while August 2026 showed growth momentum of about 9-10%. In the foreign patient market, which accounts for about 30% of healthcare revenue, pressure is gradually easing, with revenue from Middle Eastern patients in August 2026 contracting by less than 10%, an improvement from a 10% contraction in July, and it is expected to return to year-on-year growth in the fourth quarter of 2026 on pent-up demand for treatment. Krungsri Securities also expects ROE 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 per share in 2028, with the current share price offering an average total return of about 4% per year.
Bangkok Dusit Medical Services Public Company LimitedKrungsri Securities maintains Buy with a 25 baht target and forecasts record Q3 2026 profit of 4.55 billion baht on recovering earnings momentum.
Bank of Ayudhya PCL