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

BEM : Expect 2Q22 Earnings to Hit 11 Quarter High

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

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

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

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for BEM with a new target price of Bt11.40 (Previous TP: Bt9.90) after we incorporate value from orange line project into our valuation. We expect the company </li>
<li>Expect solid profit recovery in 3Q22 and onwards Expect BEM’ revenue in 3Q22 to touch Bt3.6bn (+69%YoY +12%QoQ) supported by solid rebound in daily average MRT ridership to 313k trips </li>
<li>Gross profit margin is assumed to expand to three-quarter high at 42% thanks to benefit from high operating leverage,which should help absorb the impact from an increase in MRT revenue </li>
</ul>


Maintain BUY recommendation for BEM with a new target price of Bt11.40 (Previous TP: Bt9.90) after we incorporate value from orange line project into our valuation. We expect the company 
Expect solid profit recovery in 3Q22 and onwards Expect BEM’ revenue in 3Q22 to touch Bt3.6bn (+69%YoY +12%QoQ) supported by solid rebound in daily average MRT ridership to 313k trips 
Gross profit margin is assumed to expand to three-quarter high at 42% thanks to benefit from high operating leverage,which should help absorb the impact from an increase in MRT revenue 


BEM : Expect 3Q22 Earnings to Hit 12 Quarter High