The Director-General of the Department of Rail Transport announced significant progress toward implementing the government’s THB 20 flat fare policy across all Bangkok metro lines—a move designed to ease the cost of living for city residents. The policy rollout is now nearing completion, with the Purple and Red Lines already offering the flat rate. All other lines are scheduled to join the scheme starting October 1, 2025, following a recent Cabinet resolution.
Analysts from Bualuang Securities highlight that the THB 20 fare cap will have direct and indirect financial benefits for several publicly listed companies. Primary beneficiaries include BTS Group Holdings PCL (SET: BTS) and Bangkok Expressway and Metro PCL (SET: BEM), both major operators of Bangkok’s mass transit lines. Indirectly, companies such as VGI PCL (SET: VGI) and Plan B Media PCL (SET: PLANB), which operate transit-based advertising platforms, are forecasted to benefit from the anticipated surge in passenger traffic.
BTS and BEM are expected to see a 30-40% increase in monthly ridership as a result of the fare reduction. Presently, the core BTS lines, excluding the Pink and Yellow lines, record an average of 16-19 million passenger-trips each month. BEM, on the other hand, sees an average monthly ridership of about 15 million.
On the earnings front, BTS is projected to report a net profit of THB 210 million for the quarter ending June 2025—up sharply from a net loss of THB 230 million in the same period last year. This turnaround is attributed to increased revenue from its main subsidiaries, Rabbit Holdings PCL (SET: RABBIT) and Roctec Global PCL (SET: ROCTEC), combined with higher income from joint ventures. Analysts have set a price target of THB 5.40 for BTS.
BEM, meanwhile, is anticipated to record a net profit of THB 1 billion in the second quarter of 2025, representing a 15% quarter-on-quarter rise. The expected increase in ridership, especially with new connecting lines feeding passengers to BEM-operated routes, underpins this healthy outlook. The company’s target price has been set at THB 7.30.
In the advertising segment, Plan B Media is forecast to post a net profit of THB 260 million in the second quarter, a 30% increase from the previous quarter. Improved performance stems from higher ad placements after winning management rights for media assets on the BTS viaducts and the Green, Pink, and Yellow lines. PLANB’s target share price is THB 6.80.
The broad implementation of the THB 20 metro fare cap is positioned to significantly reshape Bangkok’s urban mobility landscape in 2025, with ripple effects across transport and media sectors.
