Krungsri Securities said in a research note that expressway and rail traffic volumes at Bangkok Expressway and Metro, or BEM, continued to recover in August 2026, in line with its profit forecast for 2026, which is expected to grow 3.4% from a year earlier. Average expressway traffic in August 2026 was 1.11 million trips per day, up 1.4% from the previous month and 0.7% from the same period a year earlier, rising for a fourth consecutive month since May 2026. Average rail passengers stood at 444,000 trips per day, up 4.2% from the previous month and 1% from the same period a year earlier, the second-highest level of the year after February 2026 at 474,700 trips per day, and up from a year earlier for a seventh consecutive month. For the first eight months of 2026, average expressway traffic was 1.1 million trips per day, up 0.8% from the same period a year earlier, while average rail passengers were 424,000 trips per day, up 2%. Krungsri Securities maintained its net profit forecast for BEM in 2026 at 3.91 billion baht, before expanding to 3.97 billion baht in 2027 and 4.07 billion baht in 2028. It kept its Buy rating and 2027 target price of 8.80 baht per share, against a closing price of 6.65 baht, implying roughly 32% upside. It views the recent share price correction as an investment opportunity and estimates that the Double Deck expressway project, if awarded to BEM, would add about 1 baht per share in value.
Bangkok Expressway and Metro Public Company LimitedKrungsri maintains Buy rating and 8.80 baht target on BEM, expecting 2026 profit to grow 3.4% and calling the recent share price correction an investment opportunity.
