Stocks in Focus on April 25, 2024: BEM and PTG

Kaohoon Online has selected stocks with a high-growth potential for investors to consider on April 25, 2024


Maybank Securities (Thailand) (MST) has given a “BUY” recommendation on Bangkok Expressway and Metro Public Company Limited (SET: BEM) with a target price at ฿9.20/share.

MST stated that it expects BEM’s FY24E earnings to be supported by a 15% rise in MRT ridership, 5% recovery in expressway traffic and high operating leverage. This should propel FY24 earnings to a record THB4.0b (+14% YoY).

BEM is expected to post 1Q24 core profit at THB918m (+23% YoY +7% QoQ) YoY gain supported by revenue that hit a 17-quarter high at THB4.3b (+5%YoY +3%QoQ), driven by continued growth in MRT ridership and a mild recovery in expressway traffic. 2Q24 earnings to grow both YoY and QoQ thanks to seasonal dividend from TTW and CKP and a strong inflow of foreign tourists.

Progress on the MRT Orange Line, further extension of its tollway concession and the Purple Line are potential near-term catalysts that could add THB2.2/sh (24%) to MST’s fair value.


KGI Securities (KGI) has given an “Outperform” rating on PTG Energy Public Company Limited (SET: PTG) with a target price at ฿10.40/share.

KGI expected PTG to report a 1Q24F net profit of Bt271mn (-3% YoY, -50% QoQ). The drop would come from lower oil marketing margin because of the negative impact from the Euro 5 premium since Thailand began implementing the switch from Euro 4 to Euro 5 on January 1, 2024, while retail diesel price was pegged at Bt29.94/liter in 1Q24. PTG’s oil marketing margin is expected to decline 8% YoY and 15% QoQ to Bt1.58/liter.

KGI maintained a rating of Outperform on PTG with an unchanged 2024F target price of Bt10.40, based on 15.0x PE (implying approximately -1.0 S.D.)

Furthermore, KGI stated that despite anticipated lower earnings in 1Q24F (accounting for 24% of its full-year forecast), The firm expected the share price to be supported by i) unlocking Thailand’s retail diesel price from the ceiling of Bt30/liter since April and ii) a consistent upward trend in PTG’s oil sales volume YoY in 2Q24F.