Bangkok Expressway and Metro: Waiting for the next wave of catalysts in 2H26

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Bangkok Expressway and Metro: Waiting for the next wave of catalysts in 2H26

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Bangkok Expressway and Metro

Waiting for the next wave of catalysts in

2H26

Maintain Rating: BUY | PO: 8.10 THB | Price: 5.20 THB

In-line 1Q26 result 19 May 2026

BEM reported 1Q26 pre-ex profit of Bt875mn, in line with our/consensus estimates. Equity

1Q26 accounted for 22%/23% of our/consensus FY26 forecasts. Total revenue grew

slightly by 0.6% YoY, supported by expressway revenue growth of 1.3% YoY and rail Suppapong Iemkongaek, CFA, CMT ^^^ Research Analyst

revenue growth of 2.0% YoY, while commercial development revenue declined 15.5% Kiatnakin Phatra Securities

YoY due to lower rental space. Traffic and ridership trends were largely in line with +66suppapong.iemk@kkpfg.com2 305 9925

expectations. Although amortization expenses increased YoY due to revised traffic and

ridership assumptions, this was largely offset by lower SG&A expenses.

2Q traffic trend so far Stock Data

2Q26 traffic trends so far have remained relatively resilient. Management said May Price 5.20 THB

expressway traffic declined only around 1-2% YoY, better than initially expected. Price Objective 8.10 THB

Meanwhile, April expressway traffic was down 0.6% YoY, while rail ridership still grew Date Established 3-Feb-2026

3.4% YoY. Hence, if BEM can keep the traffic and ridership at this rate, we expect mild Investment Opinion B-1-7

impact to 2Q earnings amid the WFH policy. 52-Week Range 4.56 THB-6.30 THB

Future projects could become key catalysts MrktMarketValValue/ Shares(mn)Out (mn) 2,386 USD77,885/ 14,977.9THB

We believe BEM could see increasing project-related catalysts from 2H26 onward, with Average Daily Value (mn) 3.48 USD