BEM expects second-quarter profit of 2 billion baht, boosted by joint-ticket policy driving passenger numbers

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Summary · why it matters

Dao Securities estimates BEM's net profit in the second quarter of 2026 at 1.007 billion baht, up 1% year-on-year and 15% quarter-on-quarter, slightly above the preliminary forecast range of 950 million to 1 billion baht. The result was supported by dividend income from TTW and CKP totaling 341 million baht and a 9% year-on-year decline in interest expenses, while total revenue slowed due to seasonal tourism and weaker commercial development business. The analyst maintains the full-year 2026 net profit forecast at 3.9 billion baht and keeps a buy recommendation with a target price of 9.00 baht. Key catalysts include the progress of the double-deck expressway project and the joint-ticket policy in early 2027, which will boost overall rail passenger volumes.

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TTW Public Company Limited
TTW
▲ PositiveCapitalrelevance

Dividend income from TTW contributes to BEM's profit, but TTW itself is not directly impacted.

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