Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.</li>
<li>EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.</li>
<li>COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 7% rise in revenue from hospital operations in 2024 as both International and Thai patients revenue reported growth of 11% and 5%, respectively.
EBITDA grew 7% YoY to THB26.6B on higher revenues and better cost management while net profit also rose to THB16B on lower interest cost.
COEs, focusing trauma, heart, orthopedics, cancer, and neuro contributed 57% of hospital revenue, while their contribution to EBITDA was at 60% in 2024.


Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8% (previously Bt29.00 and 3.5%).</li><li>The tactical view is now neutral (previously limited downside risk).</li><li>We maintain a positive view on the fundamentals, as the market price implies upside of +19% to the fair value.</li></ul>

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8% (previously Bt29.00 and 3.5%).The tactical view is now neutral (previously limited downside risk).We maintain a positive view on the fundamentals, as the market price implies upside of +19% to the fair value.

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

<ul><li>The 4Q24E net profit is expected to have remained stable YoY and QoQ and is projected to continue this trend into 1Q25E.</li><li>As a result, long-term growth is anticipated at a 2024-26E EPS CAGR of +5%, below the industry’s average growth of +7%.</li><li>We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.</li></ul>

The 4Q24E net profit is expected to have remained stable YoY and QoQ and is projected to continue this trend into 1Q25E.As a result, long-term growth is anticipated at a 2024-26E EPS CAGR of +5%, below the industry’s average growth of +7%.We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.</li><li>In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.</li><li>Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. </li></ul>

Technically, the SET Index is expected to move in a sideways-down pattern, with the support at 1,175/1,165 points and the resistance at 1,190/1,195 points, pressured by the FTSE Index rebalancing at today’s market close.In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.Meanwhile, the short-term outlook is bearish, with the index retesting the previous support after generating a sell signal late in yesterday’s session. 

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

<ul><li>Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.</li><li>The Hang Seng dropped after China kept its interest rates unchanged, which negatively impacted China DR stocks and triggered profit-taking.</li><li>Despite the SET briefly reaching 1,200 points in intraday trading, it ultimately declined as foreign investors turned to selling.</li></ul>

Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.The Hang Seng dropped after China kept its interest rates unchanged, which negatively impacted China DR stocks and triggered profit-taking.Despite the SET briefly reaching 1,200 points in intraday trading, it ultimately declined as foreign investors turned to selling.

Thailand

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bangkok Dusit Medical Services (BDMS TB)

Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...

Tina Banerjee

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8%...

Krungthai XSpring

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

Krungthai XSpring

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Technical Analysis - MARCH 21, 2025

Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Bangkok Dusit Medical (BDMS TB): Stable 2024 Performance as International Patients Drive Growth

​BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...

Tina Banerjee

Bangkok Dusit Medical Services - In-Line 4Q24 Earnings

We downgrade our rating to Neutral (previously Outperform) and slightly lower the fair value to Bt27.50, based on a required return of 3.8%...

Krungthai XSpring

BDMS - Possible Impact of Co-Payment and Stable 4Q24E Earnings Outlook Already Priced In

We have upgraded our rating to Outperform (previously Neutral) while maintaining the fair value at Bt29.00, based on a required return of 3.5%.

Krungthai XSpring

KTX Zoom: FTSE Rebalancing - MARCH 21, 2025

In the medium term, the index remains in a zig-zag down downtrend, seeking the bottom within the 1,100-1,506-point range.

Krungthai XSpring

Technical Analysis - MARCH 21, 2025

Although US stock markets rebounded following the Fed's indication of two rate cuts this year, Asian markets showed mixed movements.

Krungthai XSpring

BDMS sees 7% revenue growth in 2024 from hospital operations, with strong performance from both foreign and Thai patients. EBITDA and net profit...