Earnings Report /
Thailand

Bangkok Expressway & Metro PCL: 1Q22 result signals recovery; earnings jump expected for 2Q22

  • Slight miss, but still a good recovery signal

  • BEM reported 1Q22 net and core earnings of Bt336m

  • Sales declined 1% YoY but inched up 2% QoQ

Kijapat Wongmetta
Kijapat Wongmetta

Equity Research Analyst

Bualuang Securities
13 May 2022

We expect the stock price to start rallying soon, driven by both the impressive 2022-23 outlook and positive sentiment tied to the opening of the tender for the Orange Line. BUY!

Slight miss, but still a good recovery signal

BEM reported 1Q22 net and core earnings of Bt336m, up 10% YoY but down 10% QoQ. Those numbers missed our estimates by 7% (a heavier cost-of-sales than assumed) and the consensus by 10%.