Dao Securities Thailand forecasts that Bangkok Expressway and Metro, or BEM, will report a net profit of 1.007 billion baht for the second quarter of 2026, up 1% from the same period last year and up 15% from the previous quarter, slightly above its preliminary estimate range of 950 million to 1 billion baht. Total revenue is expected to decline 1% year-on-year and 8% quarter-on-quarter due to a seasonal slowdown in travel and weaker commercial development income. Meanwhile, gross margin is projected to fall 0.50 percentage points from a year earlier and 2.70 percentage points from the prior quarter, reflecting higher amortization charges and seasonally softer ridership. However, earnings will be supported by dividend income from TTW and CK Power totaling about 341 million baht, and interest expenses are expected to drop 9% year-on-year and 5% quarter-on-quarter as the average interest cost on new bonds and loans declines. Dao Securities maintains its 2026 net profit forecast for BEM at 3.9 billion baht, up 3% from the previous year, and keeps a buy rating with a target price of 9 baht. Key catalysts include progress on the double-deck expressway project, which is expected to reach a conclusion in the second half of 2026, and the common ticketing policy anticipated to begin in 2027, which will help boost overall rail passenger volumes.
CK Power Public Company LimitedBEM's earnings supported by dividend income from CK Power, indicating stable investment returns.
TTW Public Company LimitedBEM's earnings supported by dividend income from TTW, indicating stable investment returns.