Financials Bangkok Dusit Medical Services

Equities

BDMS

TH0264A10Z04

Healthcare Facilities & Services

End-of-day quote Thailand S.E. Other stock markets 03:30:00 30/04/2024 am IST			5-day change	1st Jan Change
29 ^THB	+0.87%		+2.65%	+4.50%

24/04	Bangkok Dusit Medical Services Public Company Limited Announces Appointment of Kongkiat Kespechara as Executive Committee Member	CI
05/04	Bangkok Dusit Medical Services Public Company Limited Approves Final Dividend, Payable on 22 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,13,192	3,30,554	3,65,516	4,60,868	4,41,003	4,56,895	-	-
Enterprise Value (EV) ¹	4,32,026	3,35,050	3,73,412	4,71,794	4,41,003	4,57,631	4,50,191	4,43,626
P/E ratio	26.3 x	46.2 x	46 x	36.7 x	30.8 x	29.1 x	26.7 x	24.6 x
Yield	2.12%	2.64%	1.96%	1.72%	-	2.41%	2.61%	2.96%
Capitalization / Revenue	4.99 x	4.86 x	4.91 x	5.01 x	4.37 x	4.16 x	3.87 x	3.59 x
EV / Revenue	5.22 x	4.92 x	5.02 x	5.13 x	4.37 x	4.17 x	3.81 x	3.49 x
EV / EBITDA	25.8 x	24 x	22.9 x	21.5 x	18.8 x	17.2 x	15.6 x	14.2 x
EV / FCF	60.8 x	62.7 x	35.3 x	29.7 x	-	35 x	25.4 x	25 x
FCF Yield	1.65%	1.6%	2.83%	3.36%	-	2.86%	3.93%	4%
Price to Book	4.93 x	3.76 x	4.36 x	5.13 x	-	4.66 x	4.39 x	4.22 x
Nbr of stocks (in thousands)	1,58,92,002	1,58,92,002	1,58,92,002	1,58,92,002	1,58,92,002	1,58,92,002	-	-
Reference price ²	26.00	20.80	23.00	29.00	27.75	28.75	28.75	28.75
Announcement Date	27/02/20	24/02/21	23/02/22	22/02/23	21/02/24	-	-	-

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	1,00,853	1,09,723	1,18,124	1,27,293
EBITDA ¹	16,752	13,955	16,282	21,899	23,483	26,643	28,794	31,137
EBIT ¹	10,999	7,542	9,961	15,950	17,635	19,845	21,553	23,966
Operating Margin	13.3%	11.08%	13.38%	17.35%	17.49%	18.09%	18.25%	18.83%
Earnings before Tax (EBT) ¹	19,883	10,401	10,594	16,481	18,652	20,387	22,280	24,662
Net income ¹	15,517	7,214	7,936	12,606	14,375	15,711	17,164	18,537
Net margin	18.76%	10.6%	10.66%	13.71%	14.25%	14.32%	14.53%	14.56%
EPS ²	0.9900	0.4500	0.5000	0.7900	0.9000	0.9882	1.078	1.169
Free Cash Flow ¹	7,109	5,346	10,586	15,861	-	13,079	17,693	17,763
FCF margin	8.59%	7.85%	14.22%	17.25%	-	11.92%	14.98%	13.95%
FCF Conversion (EBITDA)	42.44%	38.31%	65.01%	72.42%	-	49.09%	61.45%	57.05%
FCF Conversion (Net income)	45.81%	74.1%	133.39%	125.82%	-	83.25%	103.08%	95.82%
Dividend per Share ²	0.5500	0.5500	0.4500	0.5000	-	0.6928	0.7498	0.8514
Announcement Date	27/02/20	24/02/21	23/02/22	22/02/23	21/02/24	-	-	-

¹THB in Million²THB

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 S1	2021 Q3	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
Net sales ¹	-	19,664	21,596	22,986	21,772	-	23,700	23,476	23,084	24,081	-	26,416	26,345	26,651	-	-	-	-
EBITDA ¹	-	5,118	4,936	6,000	4,911	-	5,714	8,256	5,684	5,219	-	6,311	6,268	6,726	-	-	-	-
EBIT ¹	-	3,025	3,380	4,510	3,425	-	4,224	3,790	4,255	3,773	8,029	4,841	4,765	4,818	4,773	4,773	4,964	-
Operating Margin	-	15.38%	15.65%	19.62%	15.73%	-	17.82%	16.14%	18.43%	15.67%	-	18.33%	18.09%	18.08%	-	-	-	-
Earnings before Tax (EBT) ¹	-	3,363	3,512	4,546	3,514	8,060	4,391	4,030	4,466	3,996	8,462	5,078	5,112	5,089	-	-	-	-
Net income ¹	2,791	2,509	2,636	3,443	2,664	6,107	3,386	3,113	3,470	3,063	6,533	3,890	3,952	3,933	3,603	3,617	3,761	-
Net margin	-	12.76%	12.21%	14.98%	12.24%	-	14.29%	13.26%	15.03%	12.72%	-	14.73%	15%	14.76%	-	-	-	-
EPS ²	0.1700	0.1600	0.1700	0.2200	0.1700	0.3800	0.2100	0.1900	0.2200	0.1900	-	0.2400	0.2400	0.2446	0.2388	0.2388	0.2433	0.2800
Dividend per Share ²	-	-	0.2000	-	0.3000	-	0.1000	0.2000	-	0.3000	-	0.3500	-	0.1270	0.1270	0.1270	0.1270	0.1356
Announcement Date	10/08/21	10/11/21	23/02/22	11/05/22	11/08/22	11/08/22	14/11/22	22/02/23	11/05/23	11/08/23	11/08/23	13/11/23	21/02/24	-	-	-	-	-

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	-	0.0276 x	-	-
Free Cash Flow ¹	7,109	5,346	10,586	15,861	-	13,079	17,693	17,763
ROE (net income / shareholders' equity)	20.1%	8.4%	9.24%	14.5%	-	16.3%	16.7%	17.4%
ROA (Net income/ Total Assets)	11.6%	5.35%	6%	9.34%	-	11.3%	11.8%	12.7%
Assets ¹	1,33,769	1,34,856	1,32,253	1,34,999	-	1,39,082	1,45,064	1,45,696
Book Value Per Share ²	5.270	5.530	5.280	5.660	-	6.170	6.540	6.810
Cash Flow per Share ²	0.9200	0.7400	0.9200	1.280	-	1.400	1.570	1.680
Capex ¹	7,437	6,335	3,975	4,406	-	8,636	8,397	8,784
Capex / Sales	8.99%	9.31%	5.34%	4.79%	-	7.87%	7.11%	6.9%
Announcement Date	27/02/20	24/02/21	23/02/22	22/02/23	21/02/24	-	-	-

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

29 THB

Average target price

35.01 THB

Spread / Average Target

+20.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hospitals, Clinics & Primary Care Services

	1st Jan change	Capi.
BANGKOK DUSIT MEDICAL SERVICES	+4.50%	12.43B
AIER EYE HOSPITAL GROUP CO., LTD.	-18.46%	16.57B
IHH HEALTHCARE	+4.98%	11.69B
APOLLO HOSPITALS ENTERPRISE LIMITED	+4.46%	10.24B
ENCOMPASS HEALTH CORPORATION	+24.72%	8.3B
RAMSAY HEALTH CARE LIMITED	-3.10%	7.59B
MOUWASAT MEDICAL SERVICES COMPANY	+20.21%	7.15B
THE ENSIGN GROUP, INC.	+3.30%	6.8B
GLOBAL HEALTH LIMITED	+50.68%	4.65B
DALLAH HEALTHCARE COMPANY	-5.12%	4.22B

Hospitals, Clinics & Primary Care Services