Public transport usage will expand further going forward. Moreover, as BTS decided not to participate in the tender for the Orange Line, we think BEM-CK group will win the bid, due to cost advantages tied to incumbency (such as owning some joint stations) against the ITD-Incheon Transit Corporation consortium (the only other bidder for this tender). The stock should start rallying soon. BUY!
Result missed our estimate, but was still impressive
BEM reported 2Q22 net and core earnings of Bt634m, up by 187% YoY and 89% QoQ. Those numbers missed our estimates by 15% (a heavier cost-of-sales than assumed) but were 9% ahead of the consensus.