JPMorgan Boosts Outlook for Thai Hospital Stocks
Bangkok Dusit Medical Services Public Company Limited (BDMS) stock is gaining favor on the Stock Exchange of Thailand as analysts predict a earnings recovery for Thai hospital operators in the second half of 2026.
According to JPMorgan, BDMS has underperformed its major domestic peer by 24% so far this year. However, the bank expects the gap in operational growth between Bumrungrad International Hospital Public Company Limited and BDMS to narrow as revenue from the United Arab Emirates becomes more stable.
JPMorgan's analysis highlights the dividend profile of Thai hospital shares, with an estimated average dividend yield of around 5% for the sector. The bank projects dividends per share to be between 10% and 27% above current consensus estimates, suggesting a potential surprise in actual payouts if hospital operators deliver the anticipated recovery in earnings.
As patient flows from the Middle East improve and revenue from Cambodia contributes less of a drag, BDMS is expected to close some of its performance gap with Bumrungrad. If these assumptions hold, the stock could begin to move more in line with stronger Thai healthcare names.