Bangkok Dusit Medical Services (BDMS.BK): 2Q26 Preview: Revenue Momentum Expected to Pick Up

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Bangkok Dusit Medical Services (BDMS.BK): 2Q26 Preview: Revenue Momentum Expected to Pick Up

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15 Jul 2026 03:54:36 ET │ 14 pages

Bangkok Dusit Medical Services (BDMS.BK)

2Q26 Preview: Revenue Momentum Expected to Pick Up

CITI'S TAKE

Buy We expect BDMS's 2Q26 EBITDA/PATMI (results due on Aug 13th) to be

flat to down LSD YoY. Revenue wise, 2Q26 is likely to see a slight pick-up Price (14 Jul 26 17:00) Bt19.30

in momentum, with +1% YoY growth (vs flat in 1Q26), underpinned by Target price Bt29.80

growth in domestic operations, supported by packages and seasonal flu- Expected share price return 54.4%

related demand, although international ops are likely challenged by a full- Expected dividend yield 4.0%

quarter impact of ME conflict. ME, however, is improving MoM, with YoY Expected total return 58.4%

decline narrowing from -36% YoY in Apr to -20% YoY in May; further

Market Cap Bt306,716M improvement is likely given normalising seat capacity. 1H26 revenue likely

US$9,328M at +1% YoY, below the +2-4% guidance, but there's scope to catch up into

2H26 with ME recovery and a more favourable base (lower Cambodia

revenue from Jul '25 onwards). Margin wise, lower utilization and less

favourable mix could have resulted in marginal YoY pressure in 2Q26, Megat Fais, CFAAC

offsetting revenue growth. BDMS is Buy-rated; TP at Bt29.80. +60-3-2383-2940

megat.fais@citi.com

2Q26 revenue momentum likely to see a slight pick-up: After muted growth in

1Q26 (flat YoY), we believe BDMS's 2Q26 group revenue should have been supported

by domestic ops amid promotional packages as well as seasonal flu given the rainy

season. This builds on already decent momentum in Apr '26 (+2% YoY for domestic

ops). The quarter, however, will reflect a full-quarter impact of the Middle East (ME)