KGI Securities (Thailand) expects Bangkok Dusit Medical Services Public Company Limited, or BDMS, to post a strong recovery in its third-quarter 2026 results, forecasting core profit of 4.51 billion baht, up 4.3% year on year and up 38.7% quarter on quarter, driven by revenue growth of 8% year on year in July 2026 and 10% year on year in August. Revenue from domestic and international patients is expected to grow, as this is the high season for medical treatment, amid seasonal outbreaks of influenza and COVID-19, while the number of foreign patients continues to recover well, especially from the Middle East. KGI's research team maintains its 2026 profit forecast at 16.1 billion baht, up 1.7% year on year, and its 2027 forecast at 17.7 billion baht, a rise of 9.8% year on year, with margins improving from 34.0% in 2026 to 35.0% in 2027. Meanwhile, BDMS aims to raise the share of revenue from its wellness business to 20% by 2035, from 12% in 2025. Thailand's wellness market is worth 42.7 billion US dollars, ranking 24th in the world and 9th in the Asia-Pacific region, and is expected to grow 7-10% per year over the next two to three years. On investment strategy, KGI recommends buying BDMS shares with a 2027 target price of 23.50 baht, selecting it as one of its top picks in the hospital sector.
Bangkok Dusit Medical Services Public Company LimitedKGI forecasts BDMS Q3 2026 core profit of 4.51 billion baht, up 4.3% YoY, and recommends buying with a 23.50 baht target price.
