BEM Q2 profit near forecast, broker keeps target at 9 baht

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Dao Securities stated that Bangkok Expressway and Metro Public Company Limited, or BEM, reported second-quarter 2569 net profit of 1 billion baht, up 2 percent from a year earlier and 16 percent from the previous quarter, close to market expectations. Supporting factors included lower interest expenses and dividends from TTW and CKP totaling 341 million baht. Revenue softened 0.4 percent from a year earlier and 7 percent from the previous quarter, in line with lower traffic volumes during the low season, while gross margin slowed because of higher amortization of rights. The broker maintained its 2569 net profit forecast at 3.9 billion baht, up 3 percent from a year earlier, and kept a buy recommendation with a target price of 9.00 baht based on a sum-of-the-parts valuation. Positive factors include progress on new projects and the common ticketing policy for electric trains, which is expected to begin in early 2570.

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