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.

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Although we expect 2Q26E core profit to decline both YoY and QoQ, improving patient volume from the Middle East and the stabilization of Cambodian patient numbers should support a recovery in operating performance.</li><li>We expect earnings to return to QoQ growth in 3Q26E and continue improving in 4Q26E, with no disruption from the seasonal flooding in Hat Yai.</li><li>We maintain our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%.</li></ul>

Although we expect 2Q26E core profit to decline both YoY and QoQ, improving patient volume from the Middle East and the stabilization of Cambodian patient numbers should support a recovery in operating performance.We expect earnings to return to QoQ growth in 3Q26E and continue improving in 4Q26E, with no disruption from the seasonal flooding in Hat Yai.We maintain our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%.

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): Weak 2Q26E Earnings; Stronger 2H26E HoH Outlook – Outperform (12M FWD Fair Value Bt21.80)

Global Healthcare Analyst

Tina Banerjee

<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

<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> reported Q3 revenue of RHB26.7 billion, up 11% YoY, driven by international and Thai patients revenue growth of 19% and 9%, YoY, respectively.</li>
<li>International patient revenues increased from a recovery of fly-in patients from Qatar (+81% YoY), China (+42% YoY), and Cambodia (+11% YoY). Moreover, Thai patient revenue was aided by seasonal epidemics.</li>
<li>BDMS has revised 2023 hospital revenue growth guidance upward to 9–10% YoY from 6–8% previously. However, EBITDA margin guidance was kept unchanged at ~24%.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) reported Q3 revenue of RHB26.7 billion, up 11% YoY, driven by international and Thai patients revenue growth of 19% and 9%, YoY, respectively.
International patient revenues increased from a recovery of fly-in patients from Qatar (+81% YoY), China (+42% YoY), and Cambodia (+11% YoY). Moreover, Thai patient revenue was aided by seasonal epidemics.
BDMS has revised 2023 hospital revenue growth guidance upward to 9–10% YoY from 6–8% previously. However, EBITDA margin guidance was kept unchanged at ~24%.


Bangkok Dusit Medical Services (BDMS TB): Highest Ever Quarterly Sales in 3Q; 2023 Guidance Raised

Technical Analysis

Bangkok Dusit Medical Services / Technical Analysis

Bangkok Dusit Medical Services (BDMS-R TB)

<ul><li>Asian equity markets continued to trade mixed.</li><li>The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.</li><li>We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.</li></ul>

Asian equity markets continued to trade mixed.The pullback did not alter the index's upward trajectory toward the 1,600-point resistance.We therefore expect the index to rebound quickly, with the 1,600-point level remaining the key upside target.

Krungthai XSpring Technical Eng. July 2, 2026

<ul><li>While the company has unveiled initial details of the WellEra mixed-use project in Langsuan, following its land lease investment in 2022, we do not expect the development to affect our 2026E core earnings forecast.</li><li>We reiterate our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%. The stock continues to offer 19% upside, while technical indicators remain neutral.</li><li>We see greater scope for fair value upside from a lower ERP and risk-free rate (Rf) than from EPS upgrades.</li></ul>

While the company has unveiled initial details of the WellEra mixed-use project in Langsuan, following its land lease investment in 2022, we do not expect the development to affect our 2026E core earnings forecast.We reiterate our Outperform rating and 12-month fair value of Bt21.80, based on a required return of 4.7%. The stock continues to offer 19% upside, while technical indicators remain neutral.We see greater scope for fair value upside from a lower ERP and risk-free rate (Rf) than from EPS upgrades.

BDMS: WellEra Project Unlikely To Affect 2026–28E Earnings Outlook

Thailand

Bangkok Dusit Medical Services Public Company Limited (BDMS) is Thailand's largest private hospital group, operating a network of hospitals and wellness clinics across Thailand and Cambodia under multiple brands, including Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. The company offers a wide range of healthcare services, from preventive care to tertiary and super-tertiary treatments, and also engages in related businesses such as medical laboratories, pharmaceutical production, and medical equipment distribution. BDMS was established in 1969 and is headquartered in Bangkok, Thailand.

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Bangkok Dusit Medical Services (BDMS TB)

BANGKOK DUSIT MEDICAL SERVICES Plc. (BDMS): Weak 2Q26E Earnings; Stronger 2H26E HoH Outlook – Outperform (12M FWD Fair Value Bt21.80)

Although we expect 2Q26E core profit to decline both YoY and QoQ, improving patient volume from the Middle East and the stabilization of Cambodian...

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