Bangkok Dusit Medical Services "BDMS expands WellEra with Bt29bn investment"

研报英文原文证据摘录

Bangkok Dusit Medical Services "BDMS expands WellEra with Bt29bn investment"

Global Research

19 June 2026ab

Bangkok Dusit Medical Services Equities

ThailandBDMS expands WellEra with Bt29bn investment

Healthcare Providers

12-month rating Buy

Higher capex and clear phased rollout for WellEra development

BDMS held an analyst briefing on 19 June at 12:30pm BKT on the Silver Wellness 12m price target Bt23.00

project. Total capex has been revised to Bt29bn from Bt23.5bn, driven by higher GFA as

it increases from around 170k sqm to 207k sqm. Construction began in January 2026,

Price (19 Jun 2026) Bt18.30

with a soft launch for residential units scheduled in 4Q26, partial openings for retreat

and retail in 2029, and full completion by 2030. RIC: BDMS.BK BBG: BDMS TB

Trading data and key metrics

Prime CBD site and integrated ecosystem support long-term positioning

52-wk range Bt22.90-17.60

The project sits on a 13-rai super-prime CBD site at the Langsuan–Sarasin intersection

Market cap. Bt291b/US$8.86b

under a 30+30-year leasehold structure, underscoring BDMS’ long-term commitment

Shares o/s 15,892m (ORD)

and prime location next to Lumpini Park. The project forms part of management’s vision

Free float 41%

to build a fully integrated wellness ecosystem spanning residences, clinics, hospitality

and retail. The concept centres on preventive healthcare, embedding wellness into daily Avg. daily volume ('000) 56,372

life and targeting all demographics, from elderly patients seeking preventive and Avg. daily value (m) Bt1,039.1

oncology care to working adults focused on longevity and aesthetics, as well as families Common s/h equity (12/26E) Bt106b

engaging in fitness and lifestyle activities. The model leverages BDMS’ ecosystem, P/BV (12/26E) 2.7x