Bangkok Expressway and Metro: 2Q26 preview: A normal quarter

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Bangkok Expressway and Metro: 2Q26 preview: A normal quarter

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Bangkok Expressway and Metro

2Q26 preview: A normal quarter

Reiterate Rating: BUY | PO: 8.10 THB | Price: 6.75 THB

Normal quarter 23 July 2026

We expect 2Q26 pre-exceptional profit of Bt1.02bn (+3% YoY, +17% QoQ). This would Equity

bring 1H26 earnings to 47% of our full-year forecast and 48% of consensus versus 49%

in 1H25. A slight YoY decline in expressway revenue, driven by weaker April traffic amid Suppapong Iemkongaek, CFA, CMT ^^^ Research Analyst

the geopolitical tension and increased work-from-home activity, should be offset by Kiatnakin Phatra Securities

stronger rail ridership and disciplined cost control. The commercial segment, however, is +66suppapong.iemk@kkpfg.com2 305 9925

expected to remain weak YoY.

Expressway traffic and rail ridership trend

Stock DataExpressway revenue is expected to decline 0.5% YoY. Average daily toll revenue

normalized to flat YoY growth in both May and June after a 1.4% YoY decline in April. Price 6.75 THB

Meanwhile, the rail segment continued to perform well, with average daily farebox Price Objective 8.10 THB

revenue increasing 3.8% YoY in April and 2.4% YoY in both May and June, supporting our Date Established 3-Feb-2026

forecast of 2.3% YoY growth in rail revenue for the quarter. Investment Opinion B-1-7

No impairment yet for this quarter 52-WeekMrkt Val /RangeShares Out (mn) 2,9934.84USDTHB-6.95/ 14,977.9THB

Following Charoen Pokphand Group's notice to terminate the High-Speed Rail Linking Market Value (mn) 101,101 THB

Three Airports project, BEM could face a maximum impairment of around Bt430mn, Average Daily Value (mn) 12.18 USD

reflecting its 5% stake in the project. However, we do not expect any impairment to be Free Float 46.3%