Finansia Syrus Securities (FSS) forecasts a deceleration in quarterly earnings growth for Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) in 4Q24, primarily due to seasonal factors. Despite this, the company is poised for year-over-year improvement, driven by a substantial double-digit uptick in revenue from foreign patients in October, even as income from Thai patients held steady.
Despite alterations in the UAE patient referral system, BDMS continues to experience strong growth, with its EBITDA margin anticipated to consistently remain above 24% and profits projected to rise by an average of 11% annually over 2024-2025.
As a result, the analyst upholds a ‘BUY’ recommendation, setting a target price of THB 36.50 per share.
