Bangkok Expressway and Metro Public Company Limited, or BEM, will hold a bondholder meeting on 15 September to seek approval to raise its net debt-to-equity ceiling from 2.5 times to 3.0 times, along with an interest rate increase of 0.10% effective from 1 January 2027. Asia Plus Securities research said the revised terms would increase BEM's borrowing capacity by more than 20 billion baht to support large investments such as the Orange Line rail systems worth 34 billion baht, procurement of 21 additional Blue Line trains worth 7.2 billion baht, and the Double Deck elevated expressway project worth 35 billion baht, as well as opportunities to invest in new PPP projects such as the M9 motorway. The current core business still generates EBITDA of more than 9 billion baht per year and carries an A credit rating. The research unit maintained a buy recommendation on BEM with a 2027 target price of 8.20 baht.
Bangkok Expressway and Metro Public Company LimitedBEM seeks to raise debt-to-equity ceiling to 3.0 times, increasing borrowing capacity by over 20 billion baht for large investments.
Asia Plus Group Holdings PCL