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.

Cross Asset Strategy

<ul><li>(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.</li><li>(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.</li><li>We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.</li></ul>

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe.(-) The baht could weaken to Bt33.50/USD as rising bond yields strengthen the US dollar.We expect the SET Index to trade within a volatile range of 1,572-1,585 points, with a negative bias, as investors await clarity from the Fed meeting.

Krungthai XSpring Zoom Eng. September 16, 2026

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul><li>Although 1Q26 net profit came in as expected, we anticipate revenue to slow in 2Q26E due to weaker spending among Thai patients and the lack of a meaningful recovery in international patients, particularly from the Middle East.</li><li>We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still-attractive upside of 20%.</li><li>BDMS reported 1Q26 net profit of Bt4.06bn (-7% YoY, +10% QoQ), in line with both market consensus and our expectation.</li></ul>

Although 1Q26 net profit came in as expected, we anticipate revenue to slow in 2Q26E due to weaker spending among Thai patients and the lack of a meaningful recovery in international patients, particularly from the Middle East.We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still-attractive upside of 20%.BDMS reported 1Q26 net profit of Bt4.06bn (-7% YoY, +10% QoQ), in line with both market consensus and our expectation.

BDMS: 1Q26 NP In Line; Earnings Revised Down On Weaker Revenue Growth Outlook

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<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> is a major hospital operator in Thailand with a presence around the country, unlike <a href="https://www.smartkarma.com/entities/bumrungrad-hospital-pub-co" target="_blank" data-smartkarma-citation="entities:883:1" rel="noopener">Bumrungrad Hospital Pub Co (BH TB). </a>
</li>
<li>Motorbike accidents often occurred in the tourist area where BDMS has a presence, and by law, cannot refuse ER cases even though the patients cannot pay. </li>
<li>If the Mandatory Tourist Insurance bill is passed this year, <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> could get financial tailwind. </li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) is a major hospital operator in Thailand with a presence around the country, unlike Bumrungrad Hospital Pub Co (BH TB). 

Motorbike accidents often occurred in the tourist area where BDMS has a presence, and by law, cannot refuse ER cases even though the patients cannot pay. 
If the Mandatory Tourist Insurance bill is passed this year, Bangkok Dusit Medical Services (BDMS TB) could get financial tailwind. 


Technical Analysis

Hana Microelectronics / Technical Analysis

<ul><li>Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation data.</li><li>The index fell for a second consecutive session, but losses remained limited.</li><li>We recommend buying on dips and selling into strength.</li></ul>

Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation data.The index fell for a second consecutive session, but losses remained limited.We recommend buying on dips and selling into strength.

Krungthai XSpring Technical Eng. - September 11, 2026

<ul><li>We take a slightly negative view on 1Q26E core profit, which is expected to decline QoQ due to normal seasonality and delayed return of Middle Eastern patients.</li><li>BDMS is expected to report its 1Q26E core profit of Bt3.9bn on May 13, down 10% YoY and 3% QoQ.</li><li>We maintain our Outperform rating, supported by 26% upside to our new fair value of Bt24.00.</li></ul>

We take a slightly negative view on 1Q26E core profit, which is expected to decline QoQ due to normal seasonality and delayed return of Middle Eastern patients.BDMS is expected to report its 1Q26E core profit of Bt3.9bn on May 13, down 10% YoY and 3% QoQ.We maintain our Outperform rating, supported by 26% upside to our new fair value of Bt24.00.

BANGKOK DUSIT MEDICAL SERVICES Plc: Core Profit Below Prior Estimate On Middle East Impact

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)

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

BDMS: 1Q26 NP In Line; Earnings Revised Down On Weaker Revenue Growth Outlook

We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still...

Krungthai XSpring

BDMS: Thai Hospital - Insurance

Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...

Henry Soediarko

Krungthai XSpring Technical Eng. - September 11, 2026

Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation...

Krungthai XSpring

BANGKOK DUSIT MEDICAL SERVICES Plc: Core Profit Below Prior Estimate On Middle East Impact

We take a slightly negative view on 1Q26E core profit, which is expected to decline QoQ due to normal seasonality and delayed return of Middle...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Krungthai XSpring Zoom Eng. September 16, 2026

(-) Brent crude remains elevated above USD108/bbl after Saudi canceled oil shipments to Europe. (-) The baht could weaken to Bt33.50/USD as rising...

Krungthai XSpring

BDMS: 1Q26 NP In Line; Earnings Revised Down On Weaker Revenue Growth Outlook

We lower our 12M FV to Bt21.80, based on a required return of 4.7% (from Bt24.00/4.5%), while maintaining our Outperform rating given the still...

Krungthai XSpring

BDMS: Thai Hospital - Insurance

​Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...

Henry Soediarko

Krungthai XSpring Technical Eng. - September 11, 2026

Asian markets closed lower, except Tokyo, as investors remained cautious amid rising oil prices and US Treasury yields while awaiting US inflation...

Krungthai XSpring

BANGKOK DUSIT MEDICAL SERVICES Plc: Core Profit Below Prior Estimate On Middle East Impact

We take a slightly negative view on 1Q26E core profit, which is expected to decline QoQ due to normal seasonality and delayed return of Middle...

Krungthai XSpring

Bangkok Dusit Medical Services (BDMS TB) stands to benefit from potential Mandatory Tourist Insurance bill due to high tourist area motorbike...