BEM : Expect 3Q22 Earnings to Hit 12 Quarter High

BEM : 3Q22 Earnings Hit 12-Quarter High and Beat Estimates

BEM: Expect to Report Five-Quarter High Net Profit in 1Q22

BEM: Expect 4Q21 Earnings to Recover Strongly and Onward to 2022

BEM : Expect 2Q22 Earnings to Hit 11 Quarter High

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>The company 2Q22 net profit came out above our expectation at Bt634m, the highest level in the past seven quarter, mainly supported by solid recovery in toll and MRT traffic </li>
<li>Strong recovery in earnings in2Q22 and 2H22 2Q22 revenue reported at Bt3.3bn (+36%YoY +5%QoQ) supported by solid rebound in daily average MRT ridership to 231k trips (+94%YoY +23%QoQ) </li>
<li>We anticipate average daily MRT ridership in 2H22 to recover to roughly 310k trips by end of 2022, the level last time we have seen in Nov’21. </li>
</ul>


The company 2Q22 net profit came out above our expectation at Bt634m, the highest level in the past seven quarter, mainly supported by solid recovery in toll and MRT traffic 
Strong recovery in earnings in2Q22 and 2H22 2Q22 revenue reported at Bt3.3bn (+36%YoY +5%QoQ) supported by solid rebound in daily average MRT ridership to 231k trips (+94%YoY +23%QoQ) 
We anticipate average daily MRT ridership in 2H22 to recover to roughly 310k trips by end of 2022, the level last time we have seen in Nov’21. 


Bem : Expect 2H22 Earnings to Continue to Improve While Reaching Pre-COVID