Financials Bangkok Dusit Medical Services Thailand S.E.

Equities

BDMS-R

TH0264010R10

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 18:00:00 2024-05-30 EDT			5-day change	1st Jan Change
27 ^THB	-0.92%		-6.09%	-2.70%

05-14	Bangkok Dusit Medical Services Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	CI
04-24	Bangkok Dusit Medical Services Public Company Limited Announces Appointment of Kongkiat Kespechara as Executive Committee Member	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	413,192	330,554	365,516	460,868	441,003	429,084	-	-
Enterprise Value (EV) ¹	432,026	335,050	373,412	471,794	441,003	429,820	422,380	415,815
P/E ratio	26.3 x	46.2 x	46 x	36.7 x	30.8 x	26.8 x	25 x	23 x
Yield	2.12%	2.64%	1.96%	1.72%	-	2.68%	2.75%	3.13%
Capitalization / Revenue	4.99 x	4.86 x	4.91 x	5.01 x	4.37 x	3.89 x	3.62 x	3.35 x
EV / Revenue	5.22 x	4.92 x	5.02 x	5.13 x	4.37 x	3.9 x	3.57 x	3.25 x
EV / EBITDA	25.8 x	24 x	22.9 x	21.5 x	18.8 x	15.8 x	14.7 x	13.4 x
EV / FCF	60.8 x	62.7 x	35.3 x	29.7 x	-	30.9 x	23.6 x	22.9 x
FCF Yield	1.65%	1.6%	2.83%	3.36%	-	3.24%	4.23%	4.37%
Price to Book	4.93 x	3.76 x	4.36 x	5.13 x	-	4.35 x	4.12 x	3.95 x
Nbr of stocks (in thousands)	15,892,002	15,892,002	15,892,002	15,892,002	15,892,002	15,892,002	-	-
Reference price ²	26.00	20.80	23.00	29.00	27.75	27.00	27.00	27.00
Announcement Date	2/27/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82,723	68,074	74,451	91,934	100,853	110,301	118,455	127,957
EBITDA ¹	16,752	13,955	16,282	21,899	23,483	27,162	28,757	31,064
EBIT ¹	10,999	7,542	9,961	15,950	17,635	20,500	21,925	24,017
Operating Margin	13.3%	11.08%	13.38%	17.35%	17.49%	18.59%	18.51%	18.77%
Earnings before Tax (EBT) ¹	19,883	10,401	10,594	16,481	18,652	20,736	22,330	24,754
Net income ¹	15,517	7,214	7,936	12,606	14,375	16,127	17,204	18,633
Net margin	18.76%	10.6%	10.66%	13.71%	14.25%	14.62%	14.52%	14.56%
EPS ²	0.9900	0.4500	0.5000	0.7900	0.9000	1.008	1.079	1.173
Free Cash Flow ¹	7,109	5,346	10,586	15,861	-	13,920	17,881	18,187
FCF margin	8.59%	7.85%	14.22%	17.25%	-	12.62%	15.09%	14.21%
FCF Conversion (EBITDA)	42.44%	38.31%	65.01%	72.42%	-	51.25%	62.18%	58.55%
FCF Conversion (Net income)	45.81%	74.1%	133.39%	125.82%	-	86.31%	103.93%	97.61%
Dividend per Share ²	0.5500	0.5500	0.4500	0.5000	-	0.7242	0.7434	0.8448
Announcement Date	2/27/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales	-	21,596	22,986	21,772	-	23,700	23,476	23,084	24,081	-	26,416	26,345	25,526	-	-	-	-	-
EBITDA	-	4,936	6,000	4,911	-	5,714	8,256	5,684	5,219	-	6,311	6,268	6,457	-	-	-	-	-
EBIT ¹	-	3,380	4,510	3,425	-	4,224	3,790	4,255	3,773	8,029	4,841	4,765	4,980	4,773	4,773	4,964	-	-
Operating Margin	-	15.65%	19.62%	15.73%	-	17.82%	16.14%	18.43%	15.67%	-	18.33%	18.09%	19.51%	-	-	-	-	-
Earnings before Tax (EBT)	-	3,512	4,546	3,514	8,060	4,391	4,030	4,466	3,996	8,462	5,078	5,112	5,259	-	-	-	-	-
Net income ¹	2,791	2,636	3,443	2,664	6,107	3,386	3,113	3,470	3,063	6,533	3,890	3,952	4,074	3,556	-	-	-	-
Net margin	-	12.21%	14.98%	12.24%	-	14.29%	13.26%	15.03%	12.72%	-	14.73%	15%	15.96%	-	-	-	-	-
EPS ²	0.1700	0.1700	0.2200	0.1700	0.3800	0.2100	0.1900	0.2200	0.1900	-	0.2400	0.2400	0.2600	0.2300	0.2700	0.2500	0.2800	0.2800
Dividend per Share ²	-	0.2000	-	0.3000	-	0.1000	0.2000	-	0.3000	-	0.3500	-	-	0.1270	0.1270	0.1270	0.1356	0.1356
Announcement Date	8/10/21	2/23/22	5/11/22	8/11/22	8/11/22	11/14/22	2/22/23	5/11/23	8/11/23	8/11/23	11/13/23	2/21/24	5/15/24	-	-	-	-	-

¹THB in Million²THB

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	18,834	4,497	7,896	10,926	-	736	-	-
Net Cash position ¹	-	-	-	-	-	-	6,704	13,269
Leverage (Debt/EBITDA)	1.124 x	0.3222 x	0.4849 x	0.4989 x	-	0.0271 x	-	-
Free Cash Flow ¹	7,109	5,346	10,586	15,861	-	13,920	17,881	18,187
ROE (net income / shareholders' equity)	20.1%	8.4%	9.24%	14.5%	-	16.4%	16.8%	17.5%
ROA (Net income/ Total Assets)	11.6%	5.35%	6%	9.34%	-	11.2%	11.8%	12.7%
Assets ¹	133,769	134,856	132,253	134,999	-	143,992	145,204	146,404
Book Value Per Share ²	5.270	5.530	5.280	5.660	-	6.210	6.560	6.840
Cash Flow per Share ²	0.9200	0.7400	0.9200	1.280	-	1.370	1.590	1.710
Capex ¹	7,437	6,335	3,975	4,406	-	8,299	8,072	8,353
Capex / Sales	8.99%	9.31%	5.34%	4.79%	-	7.52%	6.81%	6.53%
Announcement Date	2/27/20	2/24/21	2/23/22	2/22/23	2/21/24	-	-	-

¹THB in Million²THB

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Bangkok Dusit Medical Services

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

27 THB

Average target price

35.07 THB

Spread / Average Target

+29.89%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
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APOLLO HOSPITALS ENTERPRISE LIMITED	+2.37%	10.06B
RAMSAY HEALTH CARE LIMITED	-10.45%	7.16B
THE ENSIGN GROUP, INC.	+8.05%	6.85B
MOUWASAT MEDICAL SERVICES COMPANY	-4.29%	5.71B
FORTIS HEALTHCARE LIMITED	+13.33%	4.3B
DALLAH HEALTHCARE COMPANY	-3.96%	4.3B
BURJEEL HOLDINGS PLC	-11.58%	3.9B

Hospitals, Clinics & Primary Care Services