Analysts at Bualuang Securities expect BDMS's core profit in the third quarter of 2026 to reach a record high of 4.6 billion baht, up 7% from the same period last year and 42% from the previous 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 led by Myanmar, Germany and the United States. Revenue from Thai patients in August rose 12% year-on-year, while foreign patient revenue rose 10% year-on-year. For Middle Eastern patients, although they normally account for only 5% of hospital revenue, their share of advance bookings rose to 9% in August from 6% in April, and a higher share of complex cases is expected to help the EBITDA margin recover to 25% from 22.7% in the previous quarter. The impact of late-September flooding remains limited, with an estimated 174 million baht in lost revenue, or 0.6% of September revenue, and only 25 to 70 million baht shaved off core profit, or 0.5% to 1.5% of the third-quarter 2026 estimate, as most of the impact was postponed checkups and procedures. The postponed cases are likely to return in October and support fourth-quarter 2026 revenue. The brokerage recommends Buy with a year-end 2026 target price of 23 baht.
Bangkok Dusit Medical Services Public Company LimitedBualuang Securities expects BDMS Q3 2026 core profit to hit a record 4.6 billion baht, up 7% y/y, and recommends Buy with a 23 baht target price.
