Krungsri Securities Public Company Limited said that BEM's four-day waiver of tolls on all expressways following flooding in Bangkok and its vicinity will hit BEM's profit in 3Q26, but the government will compensate the company for the lost revenue. The Expressway Authority of Thailand has extended the toll waiver by another two days, to September 28 and 29 from the original September 26-27, covering all eight expressways under the authority, including Chalerm Maha Nakhon Expressway, Si Rat Expressway, Prachim Ratthaya Expressway and Udon Ratthaya Expressway. The research team estimates that without government compensation, about 100 million baht in revenue would be lost, equal to 2% of total revenue in 3Q26, or 0.6% of total revenue for 2026F. The compensation format and disbursement timeline still need to be discussed with the government. Meanwhile, higher revenue from the underground electric train business during the floods will offset part of the lost toll revenue. The research team therefore maintains its 2026F net profit forecast at 3.9 billion baht, up 3% year on year, and keeps its Buy recommendation with a target price of 8.8 baht, viewing the current price as not yet reflecting fair value, including value from the Blue Line electric train extension project and the Orange Line electric train project.
Bangkok Expressway and Metro Public Company LimitedHigher revenue from the underground electric train business during the floods offsets part of the lost toll revenue.
Bank of Ayudhya PCL