Equity Analysis /
Thailand

TH : Bangkok Dusit Med Service - Defensive quality could be compromised

    Kasem Prunratanamala
    Kasem Prunratanamala

    Head of Thailand Research

    CGS-CIMB
    25 March 2022
    Published by

    We expect BDMS’s revenues to rise 12% yoy in FY22F vs. 10% in FY21 on the back of the part return of foreign patients and decent Covid-19 revenues. BDMS plans to add about 800 beds (+9%) during FY22-26F, with only one greenfield hospital and more beds in existing hospitals. We downgrade our call from Add to Hold with an unchanged THB27.0 target price (41x FY23F P/E, 0.5 s.d. below its 5-year mean).