Bangkok Expressway & Metro PCL: Deep miss! An improvement expected for 2Q21

BEM’s traffic and ridership should recover in 2H21, in tandem with the rollout of COVID-19 vaccines. Once vaccination progress is clear, the market should look ahead to normalization in 2022, at which point BEM’s stock will start rallying. BUY!

Result missed our expectation and the consensus

BEM reported 1Q21 net and core profits of Bt305m, down by 40% YoY and 46% QoQ. Those numbers were 27% short of our estimates (lower revenue than assumed) and 22% below the consensus.