BDMS Climbs 3%, Analyst Foresees a 2021F of ฿7Bn, Upgrading TP to ฿26.3 with “BUY” Rating

The share price of Bangkok Dusit Medical Services Public Company Limited (BDMS) rose ฿0.70/share or 3.35% to ฿21.60/share as of 11:27 local time in Thailand, with a trading value of 1,734 million baht. 

 

KGI Securities (KGI) has given “BUY” recommendation on BDMS and upgraded a target price to ฿26.30/share (DCF; WACC 8.0% and TG of 2.0%) from ฿25.90/share as BDMS management foresees potential improvement from continued recovery in domestic and expat patients in mid-1Q21 after the second wave of COVID-19 outbreak in Thailand.

 

KGI expects BDMS’s 2021 sales to grow 9% YoY (2x Thailand’s GDP growth and boosted by return of fly-in patients). To reflect the new assumption, KGI raised its 2021F forecast 6.8% to a normalized profit of 7.08 billion baht (+48.0% YoY).