KGI Securities Thailand noted that BTS held a briefing on its first-quarter results for fiscal 2027 and its outlook for fiscal 2027. The key issue is the joint ticketing system, where the fare structure of 17 to 45 baht has not yet been concluded and requires further discussion. The train operations and maintenance business is expected to see no revenue impact unless there are additional train purchases or higher operating costs. Passengers who use only one rail line, who account for more than 50% of the total, may benefit only to a limited extent compared with those who need to change across multiple lines. The Rabbit card, with more than 20 million cards issued, remains the main tool even if EMV contactless payment is introduced in the future. BTS would be pleased if supervisory authority were transferred from the Bangkok Metropolitan Administration to the Mass Rapid Transit Authority of Thailand, which is directly under the central government. It also intends to seek an extension of the Green Line concession, which ends in 2029, by submitting a request at least three years before expiry. A buyback of the rail system concession by the public sector through a fund is unlikely in the near term, but continued annual subsidies are not sustainable in the long run. On the property side, the Thai freehold housing project is expected to begin construction around April 2027. The first project, D:CODE Srinakarin, is split between 50% cash buyers and 50% bank mortgage applicants, while D:CRAFT Khlong Luang is awaiting allocation. The securities firm maintains a negative long-term outlook, expecting the company to post operating losses in fiscal 2027 and 2028, and has no recommendation for BTS.
BTS Group Holdings Public Company LimitedKGI maintains negative outlook, expects operating losses in fiscal 2027 and 2028, and has no recommendation.
