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

Thematic (Sector/Industry)

<ul><li>The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.</li><li>The index moved within a narrow range as trading volume stayed thin.</li><li>Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.</li></ul>

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back.The index moved within a narrow range as trading volume stayed thin.Therefore, we recommend buying on dips and selling on rallies, as the light trading volume suggests the index still needs stronger positive signals before a clearer trend emerges.

Krungthai XSpring Technical Eng. December 3, 2025

<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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

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.

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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

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

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

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

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Market Cap (USDm)

P/E

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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

Krungthai XSpring Technical Eng. December 3, 2025

The SET faced profit-taking pressure as major market stocks, particularly DELTA and ADVANC, pulled back. The index moved within a narrow range as...

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

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

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