Kasikorn Securities expects Don Muang Tollway Public Company Limited, or DMT, to pay a full-year dividend with a yield as high as 6.8%, while maintaining a hold recommendation and a year-end 2026 target price of 12.3 baht. DMT is expected to announce a dividend from second-quarter 2026 earnings of 0.20 baht per share, representing a 100% payout ratio and a dividend yield of 1.6% for that quarter. Normalised profit for the second quarter of 2026 is forecast at 230.5 million baht, down 2.6% from a year earlier and 20.8% from the previous quarter, in line with a 4.3% drop in traffic volume and a 4.7% decline in tourist arrivals compared to a year ago. For the second half of 2026, normalised profit is expected to edge down from the first half, as foreign tourist arrivals are projected to continue slowing. The full-year estimate stands at 31.5 million visitors, with 16.5 million arrivals already recorded in the first half, implying around 15.0 million arrivals in the second half, or roughly 9% below the first half. An additional positive catalyst could come from winning the bid for the M82 motorway operation and maintenance project, which may add about 0.30 baht per share to the stock's value, with the winner expected to be announced in the third quarter of 2026.
Don Muang Tollway Public Company LimitedBroker maintains hold with target price, expects high dividend yield but profit and traffic decline.