The Thai Cabinet has approved a budget of THB 5.8 billion to support the implementation of the integrated ticketing system for mass transit railways, capped at THB 17 – 45 per trip without repeated entry fees. The measure is scheduled to run from January 1 to December 31, 2027.
Under the resolution, the Mass Rapid Transit Authority of Thailand (MRTA) and the Bangkok Metropolitan Administration (BMA) have been instructed to monitor passenger ridership and incremental revenue for a period of six months following implementation. This data will be used to evaluate the appropriate proportion of revenue sharing to be returned to the government.
Yuanta Securities views the development positively, noting that it reflects continuous progress while formalizing the budget and operational details previously discussed. The next key milestone to track is the announcement of the registration date, which is expected to confirm the readiness to launch the initiative on January 1, 2027, as scheduled.
Yuanta maintains its positive stance on Bangkok Expressway and Metro Public Company Limited (SET: BEM) with a target price of THB 10.50. The company is expected to be a direct beneficiary of the policy through increased ridership on the Blue Line, driven by higher passenger transfers from connecting lines. This boost in ridership is projected to support year-on-year earnings growth in 2027.
Additionally, several upcoming catalysts are expected to provide further momentum for BEM, including:
- A 15-baht toll rate adjustment for the Si Rat-Outer Ring Road Expressway (SOE) in December 2026.
- The scheduled opening of the Orange Line between 2028 and 2030.
- Potential upside risks that have not yet been factored into earnings estimates, such as progress on the Double Deck expressway project and the Southern Purple Line extension.
