We expect BEM’s stock price to continue rallying, driven by an impressive 2022-23 earnings outlook and positive sentiment tied to the upcoming tenders for the Orange and Southern Purple lines. BUY!
Beat our estimate and the street
BEM reported 4Q21 net and core earnings of Bt375m, down 34% YoY but up 246% QoQ. Those numbers beat our estimates by 8% (a lighter cost-of-sales than assumed) and the consensus by 14%. BEM will pay a DPS for 2021 of Bt0.08 (XD Mar 8, payment Apr 27), implying a 0.9% simple yield.