Kasikorn Projects THB992 Million Profit for BEM in 2Q26, Bolstered by Robust Metro-Expressway Ridership

Kasikorn Securities (KS) assesses that the performance outlook for Bangkok Expressway and Metro Public Company Limited (SET: BEM ) in 2Q26 remains on an upward trajectory. Normalized profit is estimated to reach approximately THB 992 million, rising by 2.6% year-on-year and 26.2% quarter-on-quarter. The momentum is supported by stronger expressway and metro ridership. Total revenue in 2Q26 is projected at around THB 4.8 billion, up 3.6% YoY and 14.6% QoQ, reflecting a recovery in core business income from both expressways and the metro system, in line with increased travel activity. The expressway business continues to post solid revenue streams, driven by robust traffic volume across the network, while the metro business benefits from higher passenger numbers, contributing to the company’s earnings growth during the quarter. KS maintains a positive outlook for BEM’s future performance, supported by the ongoing uptick in travel volumes on both expressways and the metro system. BEM’s business features recurring income from infrastructure operations, providing stability in cash flow and earnings. Additionally, attention should be paid to progress on the Double Deck expressway project, which is seen as a potential source of future upside for BEM, should the project proceed as planned. This factor is also a long-term positive driver for the company’s share value. KS forecasts BEM’s net profit to be about THB 4.12 billion in 2026 and to increase to around THB 4.33 billion in 2027, reflecting consistent growth in its core business. The brokerage maintains a “Buy” recommendation for BEM, with a target price of THB 10.31 per share, viewing the company’s fundamentals as strong due to growth in expressway and metro ridership, and upcoming opportunities from future infrastructure projects.