Apart from the expected big 2023 earnings jump, once Cabinet approves the concession for the Orange Line (BEM has won the tender), the stock will rally strongly, we anticipate. BUY!
Beat our estimates and the street
BEM posted a net (and core) profit for 3Q22 of Bt863m, up by 696% YoY and 36% QoQ. The reported NPAT was 20% above our estimate (higher revenue and a fatter GM than assumed) and 7% ahead of the consensus.