Earnings Report /
Thailand

Bangkok Expressway & Metro PCL: Impressive result and outlook

  • Beat our estimates and the street

  • BEM posted a net (and core) profit for 3Q22 of Bt863m

  • Sales increased by 74% YoY and 15% QoQ

Bualuang Securities
14 November 2022

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.