KGI maintains Buy on BEM with 8.40 baht target, expects strong second-half profit

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โดย Kaohoon·TH·Read original
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KGI Securities (Thailand) said in an analysis that Bangkok Expressway and Metro, or BEM, will post strong profit in the second half of the year. In August 2026, average electric train ridership was 444,000 passengers per day, up 1.0% from the same period last year and up 4.2% from the previous month, while average fare revenue was 13.2 million baht per day. In the expressway business, average traffic volume was 1.12 million vehicles per day, up 0.7% from a year earlier, with average revenue of 25.6 million baht per day. For the first eight months of 2026, average train ridership was 424,500 passengers per day, up 0.8%, and average expressway traffic was 1.10 million vehicles per day, up 0.8%. KGI expects third-quarter 2026 ridership and revenue to rise about 1-1.3% from the same period last year and 11-12% from the previous quarter. It maintained its 2026 net profit forecast at 3.9 billion baht, up 4% from a year earlier, and its 2027 forecast at 4.0 billion baht, up 3%. It also maintained its Buy recommendation with a sum-of-the-parts target price of 8.40 baht, comprising 6.30 baht for the core business, 0.75 baht for investments in TTW and CKP, and 1.35 baht for the Orange Line electric train project.

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