Bangkok Dusit Medical Services Pcl Uncertainty lingers; valuation reflects risks — stay OW

Research evidence excerpt

Bangkok Dusit Medical Services Pcl Uncertainty lingers; valuation reflects risks — stay OW

J P M O R G A N Asia Pacific Equity Research

15 May 2026

Bangkok Dusit Medical Services

Pcl Overweight

BDMS.BK, BDMS TB

Uncertainty lingers; valuation reflects risks — stay OW Price (14 May 26):Bt18.50

Price Target (Dec-26):Bt25.00

We hosted BDMS’s management for a 1Q26 post-results group call to discuss the Consumer, Healthcare

ACoutlook for 2H26. We think the tone was neutral to negative cautious, as 1Q26 print Kae Pornpunnarath, CFA

revived questions (domestic demand weakness, payer mix, and Cambodia (66-2) 684-2679

exposure) rather than settling them, while ME situation adds more uncertainty. kae.pornpunnarath@jpmorgan.com

From a stock recommendation standpoint, we think these are all discounted in the JPMorgan Securities (Thailand) Limited

stock’s valuation, and look for improvement in these key pillars for the rest of this

year to support mean-reversal valuation. Stay OW.

• Guidance maintained despite heightened risk on international side.

BDMS maintained its FY26 guidance of 2–4% revenue growth, with 1–3%

growth in Thai patients and +5–6% growth in international patients, and a 24%

EBITDA margin. In Apr-26, revenue growth improved marginally to +1%

versus flat in 1Q26, as the increase in Thai patients (+2% in Apr-26 vs. flat in

1Q26) offset a slowdown in international patients (-3% in Apr-26 vs. +1% in

1Q26). The weaker international market was primarily due to declines in the

Middle East (-36% in Apr-26) and CLMV (-12% in Apr-26), while the USA

(+26%) and Myanmar (+34%) continued to show strength.

• ME - early signs of recovery. According to BDMS’s assessment, the impact

from the ME conflict may not persist for long, given ongoing travel resumption

and easing tensions.