Bangkok Dusit Med Service
Play
Costly ramifications OUTPERFORM - maintained Share price: Bt 87.25 Target price: Bt 102.00
Bangkok Dusit Med Service Plc (BGH)
BGH may yet increase its stake in RAM, but it’s not going to be easy as the major shareholders will only exit at very high prices.
We believe BGH is still looking actively to add more hospitals, the announcement of which will be a powerful catalyst for its share price. Despite stellar performance recently, we believe there is further upside on the back of more M&A deals. Reiterate Outperform and target price, still based on 22x CY13 P/BV. BGH remains one of our top picks for the Thai market.
