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Bangkok Dusit Medical Services Public Company (BDMS) Fair Value & Analysis

Healthcare · TH · Market cap 308B THB

BD Bangkok Dusit Medical Services Public Company BDMS · BK
Price19.90 THB
Fair Value18.57 THB
Upside-6.7%
Quality63/100
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Healthy Growth
Solidly profitable · 13.7% net margin
Low debt · generates free cash flow
5.18% dividend yield
Ranks above peers (10/15)
Moderate moat 61/100
Evidence: High Range 13.63 THB – 23.51 THB Share as image

Fair value as of: Jul 16, 2026

From 26 valuation models · updated 22 days ago

Share price +1.0% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 13.63 THB (bear) to 23.51 THB (bull), base 18.57 THB. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 63/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

29.33 THB 17.23 THB Fair Value 18.57 THB Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range 17.23 THB – 29.33 THB · fair‑value band 13.63 THB – 23.51 THB · the 19.90 THB price screens above the 18.57 THB fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Bangkok Dusit Medical Services Public Company (BDMS) currently trades at 19.90 THB, while our model-based Fair Value estimate is 18.57 THB, implying the stock looks roughly 6.7% fairly valued today. We read business quality at 63/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bangkok Dusit Medical Services Public Company generated revenue of 113B THB at a net margin of 13.7%. Revenue grew 0.4% year over year. It earns a return on equity of 14.4%. Net debt stands at 18.8B THB. Fundamentals as of Jul 16, 2026

Our scenario range runs from 13.63 THB (bear case) to 23.51 THB (bull case); at 19.90 THB, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 10% below its 52-week high and 17% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at 11% fair-value upside, at -7%, BDMS screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 11.24 THB 19.93 THB 35.50 THB 80
Residual Income 6.87 THB 8.49 THB 17.72 THB 76
Rev-Margin DCF 10.85 THB 18.80 THB 28.98 THB 74
All 26 models by family
DCF Models
FCF DCF 11.26 THB 20.50 THB 37.13 THB 38
Owner Earnings 10.63 THB 19.32 THB 35.00 THB 31
5Y Revenue Exit 10.85 THB 19.01 THB 30.09 THB 39
5Y EBITDA Exit 13.52 THB 24.49 THB 38.23 THB 41
5Y P/E Exit 13.16 THB 23.74 THB 35.81 THB 38
10Y Revenue Exit 10.53 THB 18.44 THB 30.51 THB 36
10Y EBITDA Exit 12.72 THB 22.53 THB 37.44 THB 37
10Y P/E Exit 12.47 THB 21.97 THB 35.38 THB 35
Earnings-Based
Graham-Dodd 6.78 THB 30.58 THB 41.92 THB 54
Lynch FV 7.98 THB 11.40 THB 14.82 THB 50
PEG = 1.0 7.98 THB 11.40 THB 14.82 THB 46
EPV 9.50 THB 11.14 THB 12.60 THB 59
Dividend Discount
Gordon GGM 7.21 THB 15.75 THB 26.49 THB 70
DDM Multi-Stage 7.21 THB 12.90 THB 16.41 THB 61
Multiples
P/E Multiple 14.96 THB 19.94 THB 24.93 THB 63
P/S Multiple 12.71 THB 16.95 THB 21.19 THB 58
P/B Multiple 12.71 THB 16.95 THB 21.19 THB 55
EV/EBIT 15.89 THB 21.12 THB 26.35 THB 53
EV/EBITDA 15.74 THB 20.92 THB 26.09 THB 54
EV/Revenue 10.78 THB 15.31 THB 19.84 THB 43
Asset-Based
NCAV (Graham) 3.33 THB 4.46 THB 6.66 THB 50
Growth DCF
Growth DCF 11.24 THB 19.93 THB 35.50 THB 80
Rev-Margin DCF 10.85 THB 18.80 THB 28.98 THB 74
Economic Profit
Residual Income 6.87 THB 8.49 THB 17.72 THB 76
ROIC Compounder 10.63 THB 14.72 THB 20.46 THB 72
Growth Earnings
Growth-Adj P/E 12.61 THB 18.01 THB 23.41 THB 68

Widest divergence: DCF Models (20.50 THB) versus Asset-Based (4.46 THB). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 113B THB
Revenue growth (YoY) +0.4%
Net margin 13.7%
Return on equity 14.4%
Free cash flow 13.0B THB FY2025
P/E ratio 19.6
More key figures
Operating margin 18.3%
EPS (TTM) 0.9900 THB
Dividend yield 5.2%
EPS growth (YoY) -6.6%
Net debt 18.8B THB FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 63/100

Of which business quality 64 · Market factors (momentum, volatility) 57

Profitability 55
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 57
Earnings quality: real cash, not paper profit
Fin. Strength 82
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 91
Calm price path (market factor)
Momentum 43
Price trend over the last 3–12 months (market factor)
52W Momentum 43
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Bangkok Dusit Medical Services Public Company Limited, together with its subsidiaries, operates hospitals in Thailand and internationally. It operates through two segments Hospital Operations; and Other Businesses That Support Hospital Business.

Full company description

Bangkok Dusit Medical Services Public Company Limited, together with its subsidiaries, operates hospitals in Thailand and internationally. It operates through two segments Hospital Operations; and Other Businesses That Support Hospital Business. The company operates hospitals under the Bangkok Hospital Group, Samitivej Hospital Group, BNH Hospital, Phyathai Hospital Group, Paolo Hospital, and Royal Hospital Group names; and BDMS Wellness Clinic. It also offers medical laboratory, holistic clinical wellness, accounting, technology and information, training, investment and asset management, air transportation, skin and aesthetics telemedicine, and genomic medicine services; operates hotels and pharmacies; provides health insurance and insurance brokerage services; retails medicine and pharmaceutical products; and distributes health products and cosmetic products, as well as facility management services. In addition, the company is involved in production and distribution of medicines, pharmaceutical products, medical equipment, and saline; real estate; e-commerce; and investment and operation of BDMS silver wellness and residence products. Bangkok Dusit Medical Services Public Company Limited was founded in 1969 and is headquartered in Bangkok, Thailand.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bangkok Dusit Medical Services Public Company reported revenue of 112B THB in FY2025 versus 74.5B THB in FY2021, a compound +10.6%/yr. Reported net income was 15.8B THB in FY2025, compounding +18.9%/yr from FY2021.

Growth Quality 92/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
112B THB
Latest YoY
+3.4%
Avg. growth/yr (3Y)
+6.6%
Avg. growth/yr (5Y)
+10.4%
Avg. growth/yr (25Y)
+18.3%
Revenue +10.6%/yr
FY21 74.5B THB
FY22 91.9B THB
FY23 101B THB
FY24 108B THB
FY25 112B THB
Net income +18.9%/yr
FY21 7.9B THB
FY22 12.6B THB
FY23 14.4B THB
FY24 16.0B THB
FY25 15.8B THB

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Cite: Fair Value Calculator (2026). "Bangkok Dusit Medical Services Public Company Fair Value". https://www.fairvalue-calculator.com/stock/BDMS

Peer Group

Medical Care Facilities · 262 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 63 · Top 25%
Fair Value upside −7% · Above median
Return on equity (TTM) 14% · Above median
Return on assets 8% · Top 25%
Net margin (TTM) 14% · Top 25%
Operating margin (TTM) 18% · Top 25%
Revenue growth 0% · Below median
Dividend yield (TTM) 5.2% · Top 25%
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Medical Care Facilities median · lower = cheaper

P/E (TTM) 19.6× · Cheaper than median
P/B 2.91× · Pricier than median
P/S (TTM) 2.72× · Pricier than 75% of peers
P/FCF 0.7× · Cheaper than median
EV/EBITDA 11.6× · Pricier than median
PEG 3.19× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 24 · sector 23
FUTURE 2 · sector 24
PAST 58 · sector 30
HEALTH 99 · sector 90
DIVIDEND 100 · sector 38

Insider activity: 42/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Medical Care Facilities stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
HCA Healthcare, Inc HCA $378.85 $554.93 +46%
Fresenius SE FRE €41.73 €32.15 -23%
Dr. Sulaiman Al Habib Medical Services Group 4013 235.00 SAR 112.37 SAR -52%
IHH Healthcare Berhad, an investment holding company, Q0F 2.76 SGD 1.28 SGD -54%
Tenet Healthcare Corporation THC $194.91 $338.05 +73%
Rede D'Or São Luiz S.A RDOR3 R$36.01 R$47.31 +31%
DaVita Inc DVA $231.61 $255.97 +11%
Apollo Hospitals Enterprise Limited APOLLOHOSP ₹8,955 ₹2,955 -67%
Fresenius Medical Care AG FMS $24.68 $45.60 +85%
Aier Eye Hospital Group 300015 ¥8.68 ¥7.67 -12%

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Frequently asked questions

Is Bangkok Dusit Medical Services Public Company (BDMS) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of 18.57 THB versus a price of 19.90 THB, about −7% (fairly valued).
What is the fair value of BDMS?
Our model-based fair value for Bangkok Dusit Medical Services Public Company is 18.57 THB (as of Jul 16, 2026), built from audited fundamentals. The current price is 19.90 THB.
What is the quality score of BDMS?
Bangkok Dusit Medical Services Public Company has a Quality Score of 63/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Bangkok Dusit Medical Services Public Company (BDMS)?
Bangkok Dusit Medical Services Public Company reported trailing-twelve-month revenue of about 113B THB (latest available figure, as of Jul 16, 2026).
What is the net profit margin of BDMS?
The net profit margin of Bangkok Dusit Medical Services Public Company is about 13.7%, meaning it keeps roughly 13.7% of revenue as net income. Based on the latest reported figures.
Does Bangkok Dusit Medical Services Public Company pay a dividend?
Bangkok Dusit Medical Services Public Company currently shows a dividend yield of about 5.49% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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