Innovest X Securities (INVX) provided an update on Thai-listed companies affected by the recent flooding in Hat Yai:
- Bangkok Dusit Medical Services (SET: BDMS) reported that Bangkok Hospital Hat Yai, which contributes approximately 2% of the group’s total revenue, has seen its ground floor flooded and lost electrical power. Patient transfers to safer locations are underway.
- Central Plaza Hotel (SET: CENTEL) temporarily closed its Centara Hotel Hat Yai, which accounts for less than 1% of its revenue. The hotel is expected to resume operations on Saturday, November 29.
- The Erawan Group (SET: ERW) has three HOP INN hotels affected in the region, representing less than 1% of its revenue. The company is currently gathering further updates.
Krungsri Securities (KSS) noted that the flooding at Bangkok Hospital Hat Yai is expected to have a limited impact on BDMS, as the facility contributes a small portion of overall revenue, and comprehensive insurance coverage is in place.
The brokerage firm maintains its view on BDMS’ 4Q25 performance, expecting a slight dip in net profit to THB 4.27 billion (-1% YoY, -1% QoQ), due to higher SG&A expenses and lower tax benefits, despite a forecast for revenue growth (+5% YoY, +1% QoQ) driven by increased local patient volumes amid an influenza outbreak in October and November.
For the full year, Krungsri estimates net profit at THB 16.28 billion (+2% YoY) in 2025 and THB 17.37 billion (+7% YoY) in 2026, in line with revenue growth. BDMS is rated ‘Buy’ with a 2026 target price of THB 29 per share, citing market leadership, a comprehensive healthcare ecosystem, and an improving net profit outlook.
Maybank Securities wrote that although Hat Yai and much of Southern Thailand remain in crisis, conditions are expected to improve within the week. Based on estimates by the Chamber of Commerce, should the flood situation normalize within a month, the economic impact would be around THB 10-15 billion.
The Department of Disaster Prevention and Mitigation estimates 720,000 households have been affected. If each household receives government compensation of THB 9,000, total relief would amount to THB 6.48 billion, which is expected to be spent on home repairs after the floods subside.
This bodes well for home improvement and renovation stocks. Maybank recommends ‘Buy’ ratings on Home Product Center (SET: HMPRO) and Siam Global House (SET: GLOBAL), citing that 3Q25 likely marked the profit trough and both are trading at nearly -2 standard deviations below their 5-year average PER.
