1Q26: NPAT in line; margins deteriorate

Research evidence excerpt

1Q26: NPAT in line; margins deteriorate

t fully paid ordinary weighted average number of

in 12 months Note: expected return is reflective of a Medium Volatility shares

Valuation – The company's estimated stock and should be assumed to adjust proportionately

All Reported numbers for Australian/NZ listed stocks are fair value share price based on the disclosed with volatility risk

modelled under IFRS (International Financial Reporting valuation methodology

Standards). Note: Quant recommendations may differ

from Fundamental Analyst recommendations

Recommendation proportions for quarter ending 31 Mar 2026

AU/NZ Asia USA

Outperform 66.90% 69.32% 67.14% (for global coverage by Macquarie, 1.93% of stocks followed are investment banking clients)

Neutral 27.18% 17.21% 32.86% (for global coverage by Macquarie, 0.40% of stocks followed are investment banking clients)

Underperform 5.92% 13.47% 0.00% (for global coverage by Macquarie, 0.00% of stocks followed are investment banking clients)

Company-Specific Disclosures

Company Name Disclosure

Bangkok Dusit Medical None

Services (BDMS TB)

Outperform

12-month target: THB27.00 - DCF

Valuation: THB 26.72 - DCF (WACC 6.7%,

beta 0.8, ERP 6.5%, RFR 2.0%, TGR 2.5%)

Price: THB18.20

Bumrungrad Hospital (BH TB) None

12-month target:THB215.00 - DCF

Valuation: THB 213.69 - DCF (WACC

7.6%, beta 0.9, ERP 6.5%, RFR 2.0%, TGR

2.5%)

Price:THB176.00

Target Price Risk Disclosures

Company Name Risk Disclosure

Price increases may impact domestic patient volume, as medical fees could be unaffordable. Bumrungrad Hospital (BH TB) •

Weak patient revenue from the Middle East may impact revenue intensity and margins. •

Weak Thai patient volume growth, especially in the self-pay segment, due to a challenging economic backdrop.