บทวิเคราะห์ (Research)

We expect BDMS to report a 4Q24F net profit of Bt4.17bn (+5.5% YoY, -1.8% QoQ). Based on our forecast, 4Q24F and 2024F earnings should account for 26.4% and 100.3% of our full-year estimate of Bt15.8bn (+9.8% YoY). For 2025F, we expect the company’s revenues to grow 5.5% YoY to Bt110.5bn, driven by the international patient segment (+10% YoY). We maintain a rating of Outperform with a 2025F target price of Bt39.00 (DCF: WACC 8.0% and TG of 3.0%).