Bangkok Dusit Medical Services Pcl: BDMS’s WellEra: Scaling beyond hospitals, with execution risk on residential project

Research evidence excerpt

Bangkok Dusit Medical Services Pcl: BDMS’s WellEra: Scaling beyond hospitals, with execution risk on residential project

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

19 June 2026

Bangkok Dusit Medical Services

Pcl Overweight

BDMS.BK, BDMS TB

BDMS’s WellEra: Scaling beyond hospitals, with Price (19 Jun 26):Bt18.30

execution risk on residential project Price Target (Dec-26):Bt25.00

BDMS has unveiled a more comprehensive development plan and guidance for its Consumer, Healthcare

ACmixed-use wellness project, now officially named “WellEra”. We believe the key Kae Pornpunnarath, CFA

investor focus will be on i) financial guidance and ii) the residential development (66-2) 684-2679

component. Our view remains that the project will expand BDMS’s addressable kae.pornpunnarath@jpmorgan.com

market beyond hospitals, but introduces execution risk on the residential side given JPMorgan Securities (Thailand) Limited

the lack of in-house expertise. Incremental disclosure from the meeting suggests Yen Voo, CFA, CA

BDMS will retain 100% of the economics of the project (its partner Capella will (60-3) 2718 0914

yen.voo@jpmorgan.com

only be involved in branding and management), while the space allocation to this JPMorgan Securities (Malaysia) Sdn. Bhd. (18146-

project (~40% of GFA, based on JPMe) looks a bit high. That said, we believe it X)

is premature to reflect such risks in valuation given project commencement is still

4-5 years away.

Style Exposure

• Financial guidance: BDMS has raised project capex by ~22% from Bt23bn

to Bt29bn, driven by an 18% increase in GFA to 200k sq.m. (from 170k sq.m.)

and ~10% cost inflation. This lifts capex/revenue by ~2ppts from a baseline of

~8% to ~10% in 2026-28 and ~20% in 2029 (including lease payments), before

normalising to 7-8% thereafter.