Bangkok Dusit Med Service

Bangkok Dusit Med Service Plc (BGH)
 

BGH delivered an impressive set of results, as expected. Its large hospital network helped to mitigate any impact of the floods in 4Q11. BGH continues to benefit from healthy gains in patient volume and illness intensity on the back of its strong brands. Its CY11 core net profit was 99.5% of our forecast and 108% of consensus. We expect BGH to continue to deliver strong earnings growth over the next few years. We finetune our forecasts and introduce CY14 figures. Maintain Outperform and target price, still based on 20x CY13 P/E.