2Q21: Earnings In Line, And May Continue Growing, Fuelled By The Pandemic

The COVID-19 pandemic has benefitted BDMS as COVID-19 patients are expected to increase BDMS’ utilisation rate, while tight cost control would improve BDMS’ hospital margins. Meanwhile, the subsiding of the COVID-19 pandemic next year would bring back Thai and international patients. This would enable BDMS’ revenue and net profit to continue growing in the next two years. Maintain BUY. Target price: Bt27.50.