Several brokers have issued analyses of Bangkok Expressway and Metro Public Company Limited, or BEM, expecting profit to grow in the second half of this year and viewing the Orange Line electric train as a long-term growth driver, and therefore recommend buying with target prices of 8.20-9.00 baht. Asia Plus Securities said BEM reported continued strong August statistics, with average Blue Line electric train ridership of 444,304 trips per day, up 1.0% year-on-year, marking the seventh consecutive month of year-on-year growth, while average expressway usage was 1.118 million trips per day, up 0.7% year-on-year, and recommends buying with a fair value of 8.20 baht. KGI Securities (Thailand) expects third-quarter profit to be the peak quarter of the year and maintains its 2026 profit forecast at 3.9 billion baht, up 4% year-on-year, and 2027 at 4.0 billion baht, up 3% year-on-year, not yet including the opportunity from Orange Line ridership, and recommends buying with a target price of 8.40 baht. Dao Securities (Thailand) expects net profit in 2026 of 3.9 billion baht, growing 3% year-on-year, and recommends buying with a target price of 9.00 baht. Tisco Securities recommends buying with a fair value of 8.80 baht, citing stable cash flow from concessions and support from various projects that is not yet reflected in the share price.
Bangkok Expressway and Metro Public Company LimitedMultiple brokers recommend buying BEM with target prices of 8.20-9.00 baht, expecting second-half profit growth and citing the Orange Line as a long-term driver.
