Krungsri Securities said BEM reported its monthly ridership figures for August 2026, with average expressway traffic at 1.11 million trips per day, up 1.4% month-on-month and 0.7% year-on-year, while average electric train passengers stood at 444,000 trips per day, up 4.2% month-on-month and 1.0% year-on-year, the second-highest level of the year after February's 474,700 trips per day. The research house maintained its profit growth estimate at 3.4% year-on-year for 2026F, assuming 0% expressway growth and 3% growth in electric train passengers, and noted that every 1% increase in expressway traffic would add another 1.2% to estimated 2026F profit. The research house kept its Buy recommendation and its previous target price of 8.8 baht, viewing the share price decline over the past two weeks as a buying opportunity, and said lower fare rates in the range of 17 to 45 baht would help unlock concerns about future concession buybacks for both the Blue Line and the Orange Line. It added that the double-deck expressway project is still awaiting approval, and if approved it would add another 1 baht of value to BEM.
Bangkok Expressway and Metro Public Company LimitedKrungsri keeps Buy and 8.8 baht target, viewing the share price decline as a buying opportunity and expecting 3.4% profit growth in 2026F.
Bank of Ayudhya PCL