Krungsri Securities estimates that BDMS will post a net profit of 3.585 billion baht in the second quarter of 2026, up 3% year on year but down 12% quarter on quarter. Excluding a special item from flood insurance claims of 72 million baht net of tax, equivalent to 90 million baht before tax, normalized profit is expected at 3.513 billion baht, up 1% year on year and down 13% quarter on quarter. Healthcare revenue is expected to grow 1% year on year, driven by Thai patient revenue offsetting a temporary slowdown in foreign patients from Cambodia and the Middle East. The gross margin is expected at 32.6%, while the EBITDA margin is expected at 19%, flat year on year. If normalized profit in the second quarter of 2026 meets expectations, first-half normalized profit would represent 45% of the full-year 2026 estimate of 16.785 billion baht, up 4% year on year. Third-quarter 2026 earnings are expected to grow year on year and accelerate quarter on quarter on the arrival of high season, the recovery of Thai patients, and the return of foreign patients, especially from the Middle East. The research team maintains a Buy rating on BDMS with a 2026 target price of 27 baht, based on a discounted cash flow valuation with a weighted average cost of capital of 6.7%, and names it a top pick, viewing its diversified revenue base as making it a defensive growth stock with steady cash flow and dividends. Return on equity is expected to rise from 15.7% in 2026 to 16.3% in 2028.
Bangkok Dusit Medical Services Public Company LimitedKrungsri maintains Buy rating with 27 baht target and names BDMS a top pick on expected Q2 2026 profit of 3.585 billion baht.
