Electric trains are doing well, supporting ‘BEM’ profits to break records in 5 years | The Bangkok Insight | LINE TODAY

is in the period of reversing to a phase of growth again for BEM stocks or Bangkok Expressway and Metro Public Company Limited Expressway service provider and management of mass transit system projects, MRT Blue Line and Purple Line projects. which is in line with the overall economic and Thai tourism recovery.

After reporting operating results for the third quarter of 2023, the company generated revenue of 4,448 million baht and had a net profit that continued to grow at 970 million baht, an increase of 12% compared to the same period last year. As a result, the overall picture for the 9 months of 2023 BEM’s net profit soared to 2,620 million baht, representing a growth rate of 43% compared to the same period last year.

When delving deeper into details into 3 main business groups of BEM: expressway business Railway or MRT business and Commercial development business It can be seen that they all create strong growth in every business group.

Led by revenue from the expressway business, which in 3Q23 amounted to 2,252 million baht, an increase of 106 million baht from the same period last year. Due to the increase in the volume of vehicles using all expressways. The average is 1.11 million trips per day. Especially the Si Rat Expressway, Sections B and Section D. which is the route connecting to Suvarnabhumi Airport

Revenue from the rail system or MRT business amounted to 1,651 million baht, an increase of 300 million baht from the same period last year. divided into incomeBlue Line fare An increase of 243 million baht, with the average daily user of every type at 410,590 trips per day. As for incomeHire a bus operator on the Purple LineAn increase of 57 million baht, which is as specified in the concession contract.

Finally, income from the commercial development business amounted to 279 million baht, an increase of 37 million baht from the same period last year. Due to the increase in income from givingRent advertising media space and giveRent retail spaceIn Metro Mall

The net profit figure of 970 million baht in the 3rd quarter of 2023 is the highest quarterly record since 2019, which was before the COVID-19 outbreak. It reflects that BEM’s business direction has begun to return to the rhythm of recovery again.

Analysis Liberator Securities (Liberator) There is a view that even though the stock market is sluggish But the quality of BEM’s profits has not diminished. But it improved satisfactorily. Especially the electric train business that gets benefits from the Yellow Line. and the return to service of the Queen Sirikit National Convention Center

For this year’s work The company is showing great developments. With a normal all-time high profit, which the analysis team estimates this year’s profit to be at 3,700 million baht, it is considered that in the time the stock market is recovering, large defensive stocks with high growth like BEM are still an interesting option. We recommend “Buy” with a target price of 10.90 baht per share.

while TISCO Securities commented that BEM is an outstanding fundamental stock After reporting a 3Q23 profit of 970 million baht, which was better than we and the market expected. Because of the growth of income in every business together with the opening of the yellow electric train service and the government policy to reduce fares on the purple-red line. That helps draw more people into the mass transit system.Therefore gives a basic target price of 10.60 baht per share.

too Bualuang SecuritiesRevealed that he sees investment opportunities for BEM in business development through expanding transportation infrastructure in Thailand. and has a positive view on the company’s short-term and long-term growth prospects. Recommend “Buy” BEM stock with a target price of 12.40 baht per share and consider it the best option for stocks in the transportation business group.

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