On Friday at 11:17 AM (Bangkok time), the share price of Bangkok Expressway and Metro Public Company Limited (SET: BEM) surged 1.54% or THB 0.10 to THB 6.60, with a trading value of THB 172.28 million.
KGI Securities (Thailand) wrote that in August 2026, BEM reported average daily ridership of 444,000 (+1% YoY, +4.2% MoM) and farebox revenue of THB 13.2 million (+0.1% YoY, +3.8% MoM). For the road segment, average daily traffic volume reached 1.12 million (+0.7% YoY, +1.4% MoM), generating revenue of THB 25.6 million (+0.6% YoY, +1.9% MoM).
For the first eight months of 2026, average daily ridership and farebox revenue were 424,500 (+0.8% YoY) and THB 12.72 million (+2.2% YoY), while traffic volume and revenue stood at 1.1 million (+0.8% YoY) and THB 25.2 million (+0.3% YoY). The brokerage expects 3Q26 to see ridership and revenue growth of 1-1.3% YoY and 11-12% QoQ, while traffic volume and revenue may rise 0.6-0.7% YoY and 2.5-3.5% QoQ.
Looking ahead, Q3 typically marks the peak quarter for BEM, supported by single-digit growth in both road and rail revenues, controlled expenses, and an interim dividend from TTW. Earnings in 4Q26 are anticipated to see a slight YoY improvement, backed by THB 100 million in cost adjustments. KGI maintains earnings forecasts of THB 3.9 billion (+4% YoY) for 2026 and THB 4 billion (+3% YoY) for 2027, with potential upside from the Orange Line test run and new lower fare rates.
Future catalysts for BEM include the phased arrival of new trains for the Orange Line by end-2026 and for the Blue Line from mid-2027. Cash flow is expected to improve in 2029 after the end of Blue Line remuneration payments, while expansion projects on the Orange and Purple Lines, along with higher expressway tolls, are set to provide additional growth avenues. BEM also anticipates government approval for major contracts related to double-deck expressways and the Purple Line-South early next year.
As a result, KGI maintains its ‘Outperform’ rating on BEM, with a SOTP-based target price of THB 8.40 per share, implying a 2027 price-to-earnings ratio of 32-33x.
