Bangkok Expressway and Metro Public Company Limited

BEM is preparing to seek approval from bondholders on September 15 to expand its Net IBD/E ceiling from 2.5 times to 3.0 times, along with an interest rate increase of 0.10% starting in 2027. The goal is to enhance financial flexibility to support large future investments, which would increase borrowing capacity by more than 20 billion baht. This covers key projects such as the Orange Line electric rail system works valued at 34 billion baht, the procurement of 21 additional Blue Line trains worth 7.2 billion baht, the Double Deck project valued at 35 billion baht, and new PPP investment opportunities such as the M9 motorway. Analysts from Asia Plus view this debt ceiling expansion as a preparation move rather than a reflection of liquidity problems, given that Net IBD/E at the end of Q2/2026 stood at 2.29 times and core business generates over 9 billion baht in EBITDA annually. Meanwhile, capital expenditure will align with cash flows unlocked from the Blue Line in 2029 and the deferral of Double Deck project payments through CK to 2030-2031. They maintain a "Buy" recommendation with a fair price of 8.20 baht.

Bangkok Expressway and Metro Public Company Limited, or BEM, said ridership on the MRT Blue Line in August 2026 is trending higher compared with July 2026, when average weekday ridership was around 520,000 to 580,000 trips per day. This supports continued growth in third-quarter 2026 operating results compared with the second quarter of 2026, while expressway traffic volumes are expected to remain stable. The company is ready to cooperate with government policy, especially the project to reduce the cost of living by capping public electric train fares on all lines at 14 to 45 baht, which is scheduled to begin in early 2027 and is expected to help boost ridership. BEM is also in the process of taking delivery of 21 additional Blue Line trains from mid-2027 to test systems and prepare for the opening of the Orange Line between Thailand Cultural Centre and Min Buri, with trial service expected to begin in late 2027 and full service in 2028. The additional trains will increase service frequency and reduce headways to about two minutes during peak hours. Current fares are 17 to 45 baht. The opening of the Orange Line will add commercial space, especially at Ramkhamhaeng, Hua Mak, and Ramkhamhaeng 12 stations, which are designed to support events, concerts, and food and retail markets. The company also plans to expand digital advertising space inside and outside stations to increase long-term revenue. BEM currently pays compensation to the Mass Rapid Transit Authority of Thailand, or MRTA, for the Blue Line project of about 5 to 6 billion baht per year, with payments ending in 2029. This will improve cash flow and give the company room to invest in new projects, repay debt, and consider future dividend payments. For the expressway business, BEM will benefit from a toll increase on the Si Rat–Outer Ring Road Expressway, or SOE, on 15 December 2026 under concession terms that allow adjustments every five years. Four-wheel vehicles will rise from 65 baht to 80 baht, six-to-ten-wheel vehicles from 105 baht to 130 baht, and vehicles with more than ten wheels from 150 baht to 185 baht. In addition, the company is waiting for the outcome of its proposal for the M92 expressway project submitted to the Department of Highways, with clarity expected within about three months. BEM is also monitoring opportunities to invest in new projects that connect to its existing network to support long-term growth. On its financial position, BEM has begun receiving the first instalment of civil works payments for the western Orange Line section of about 20 billion baht under the contract terms. Its current debt structure is about 57 percent fixed-rate and 43 percent floating-rate, giving the company flexibility in managing financial costs.

Finansia Syrus Securities says Ch. Karnchang, or CK, has a chance to deliver 2026 revenue above its 40 billion baht target, helped by progress on the Orange Line rail project, while a pipeline of large state projects worth about 198 billion baht is expected to open for bidding from late this year into early next year. Third-quarter 2026 profit is expected to recover from the previous quarter, supported by profit contributions from BEM and CKP entering their high season, though it should still fall from a year earlier because of a high base. The broker keeps its 2026 normalized profit forecast at 9 percent below last year and maintains a buy rating with a target price of 23 baht.

Yuanta Securities maintains a buy recommendation on BEM shares with a fair value of 10.50 baht at the end of 2026, following an analyst meeting yesterday, citing disciplined cost control as a key strength. BEM began self-performing maintenance on the Purple Line electric train from 6 August 2026 after the end of a 10-year contract with a Japanese partner. It expects to save around 100 million baht per year and may reverse maintenance expenses not yet carried out by the partner of around 100 to 160 million baht in the fourth quarter of 2026. Construction of the eastern section of the Orange Line is expected to open for service ahead of the original schedule within January 2028, while the western section is expected to open in July 2030. The company will raise tolls on the SOE route by 15 baht in December 2026, which may pressure user numbers during the first three months, but is not expected to affect long-term growth. Yuanta Securities maintains its 2026 normalised profit forecast at 3.973 billion baht, up 5.1 percent from the previous year, and sees second-half 2026 profit improving both quarter-on-quarter and year-on-year, supported by maintenance cost savings and a recovery in the tourism sector.

Mr. Plew Trivisvavet, Chairman of the Board of Bangkok Expressway and Metro Public Company Limited, or BEM, purchased an additional 14,300,000 ordinary shares of the company on 14 August 2026 at an average price of 6.95 baht per share, for a total value of 99.38 million baht. The transaction was executed through TTB Wealth Securities Public Company Limited. Following the transaction, Mr. Plew Trivisvavet's holding in BEM increased to 88,967,999 shares, representing 0.58% of total voting rights in the company, up from 74,667,999 shares previously held. BEM shares closed on 17 August 2026 at 7.25 baht, up 0.25 baht or 3.57%.

Dao Securities stated that Ch. Karnchang Public Company Limited, or CK, reported second-quarter 2026 net profit of 800 million baht, down 7% from a year earlier but up 143% from the previous quarter, exceeding market and Dao forecasts by 17-18%. The result was supported by construction revenue rising 6% year-on-year, with gross margin expanding more than expected by 20 basis points from a year earlier and 70 basis points from the previous quarter, thanks to internal cost management efficiency. Other income slowed 25% year-on-year, mainly because CK Power posted foreign exchange losses, but rose 87% from the previous quarter on higher TTW dividends and a larger share of profit from BEM. Interest expenses fell more than expected as loans were gradually repaid. Dao maintained its 2026 normalized profit forecast at 2.5 billion baht, up 2% from a year earlier, and expects third-quarter 2026 normalized profit to grow both year-on-year and quarter-on-quarter, driven by continued construction revenue growth, easing interest expenses, and the peak season for CK Power. Dao kept its buy recommendation and target price of 23.00 baht, based on a sum-of-the-parts valuation comprising 3.6 baht for the construction business and 19.4 baht for the combined value of its stakes in BEM, CK Power, and TTW. Although the backlog is gradually declining, it still helps secure revenue for the next three years, and there are additional catalysts from the Double Deck project worth 35 billion baht and the government's push for new projects.

Bangkok Expressway and Metro Public Company Limited, or BEM, is restructuring its cost base to increase profit, with plans to bring some maintenance work back in-house instead of hiring outside contractors. Clear results are expected in the second half of 2026, while the company is also accelerating the use of digital systems and technology to improve service efficiency and back-office operations. Managing Director Dr. Sombat Kitjalaksana said the company has been preparing its workforce for more than a year to support future expansion of train operations and the number of stations. On the eastern section of the Orange Line, the first train has been completed and tested at a factory in Turkey and is being sent for trial runs in Germany. The second train is undergoing testing in Turkey and will be the first train delivered to Thailand in late November 2026. The project is scheduled to open for trial use late next year and begin full service as planned in early 2028. For second-quarter 2026 results, BEM posted net profit of 1.012 billion baht, up 19 million baht from a year earlier, the highest second-quarter net profit in 10 years. Total service revenue was 3.982 billion baht, comprising toll revenue of 2.071 billion baht and rail business revenue of 1.672 billion baht, up 3 percent from a year earlier. Dao Securities Thailand maintained a buy recommendation and a target price of 9 baht, expecting third-quarter 2026 net profit to edge up year-on-year thanks to lower interest expenses and internal cost management. Average daily ridership on the metro in July 2026 was 430,000 trips, up 2 percent year-on-year and 4 percent month-on-month, marking the sixth consecutive month of year-on-year growth. Expressway traffic averaged 1.1 million trips per day, up 0.5 percent year-on-year and 0.3 percent month-on-month, rising year-on-year for the third straight month.

Bualuang Securities noted in its analysis today that 12 listed companies reported financial results, split into 6 companies with better-than-expected earnings: PTT, AOT, ERW, PLANB, GFPT, and AMATA, and 6 companies with in-line earnings: TOP, BEM, BGRIM, BDMS, TIDLOR, and OSP, with no company reporting earnings below expectations. PTT reported 2Q26 net profit of 52.5 billion baht, up 144% year on year and 104% quarter on quarter, beating analyst and market expectations, driven by better-than-expected gas business profits. AOT reported 3Q26 net profit of 4.44 billion baht, 6% above analyst expectations and 17% above market expectations, due to lower-than-expected staff expenses. ERW reported 2Q26 core profit of 72 million baht, up 16% year on year but down 81% quarter on quarter on seasonal factors, beating analyst expectations. GFPT reported 2Q26 core profit of 582 million baht, down 12% year on year but up 20% quarter on quarter, beating analyst and market expectations on better-than-expected gross margin. PLANB reported 2Q26 core profit of 297 million baht, up 10% year on year but down 43% quarter on quarter, 4 to 6 percent above analyst and market expectations on better-than-expected gross margin. AMATA reported 2Q26 net profit of 1.58 billion baht, up 1,032% year on year and 15% quarter on quarter, 13% above analyst expectations and 16% above market expectations, and announced an interim dividend of 0.60 baht per share. For the in-line earnings group, TOP reported 2Q26 core profit of 16 billion baht, up 378% year on year and 74% quarter on quarter, in line with analyst expectations but 11% above market expectations, driven by higher refining margins and lube base margins. BGRIM reported 2Q26 core profit of 478 million baht, up 1% year on year but down 6% quarter on quarter, in line with analyst and market expectations, and announced an interim dividend of 0.18 baht per share. BEM reported 2Q26 core profit of 1.01 billion baht, up 2% year on year and 16% quarter on quarter, in line with analyst and market expectations. BDMS reported 2Q26 core profit of 3.25 billion baht, down 7% year on year and 20% quarter on quarter, in line with analyst expectations but 7% below market expectations. TIDLOR reported 2Q26 net profit of 1.53 billion baht, up 18% year on year but down 5% quarter on quarter, in line with analyst and market expectations. OSP reported 2Q26 core profit of 1.10 billion baht, up 9% year on year but down 5% quarter on quarter, in line with analyst and market expectations. AAV reported a 2Q26 net loss of 2.33 billion baht, swinging from a net profit both year on year and quarter on quarter, with results in line with analyst expectations but the loss 17% smaller than market expectations.

Dao Securities stated that Bangkok Expressway and Metro Public Company Limited, or BEM, reported second-quarter 2569 net profit of 1 billion baht, up 2 percent from a year earlier and 16 percent from the previous quarter, close to market expectations. Supporting factors included lower interest expenses and dividends from TTW and CKP totaling 341 million baht. Revenue softened 0.4 percent from a year earlier and 7 percent from the previous quarter, in line with lower traffic volumes during the low season, while gross margin slowed because of higher amortization of rights. The broker maintained its 2569 net profit forecast at 3.9 billion baht, up 3 percent from a year earlier, and kept a buy recommendation with a target price of 9.00 baht based on a sum-of-the-parts valuation. Positive factors include progress on new projects and the common ticketing policy for electric trains, which is expected to begin in early 2570.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

Analysts assess the second-quarter 2026 earnings outlook for four companies in the CH. Karnchang Group. CK is expected to post a normalised profit of 725.7 million baht, down 1% from a year earlier but up 120.5% from the previous quarter, supported by construction operating profit accelerating 11.5% year-on-year. BEM is forecast to report a normalised profit of 1.01 billion baht, up 1.5% from a year earlier and 15.2% from the previous quarter, thanks to lower financial costs. CKP is seen posting a normalised profit of 202 million baht, down 43% from a year earlier but up 74% from the previous quarter, as it enters the high season in the third quarter. Meanwhile, TTW is expected to report a net profit of 686 million baht, down 14% from a year earlier but up 2% from the previous quarter, standing out as a defensive stock with steady cash flow and high dividend payouts.

Ch. Karnchang Public Company Limited, or CK, expects normalized profit in the second quarter of 2026 to recover strongly to 703 million baht, up 113.6 percent from the previous quarter but down 18.5 percent from a year earlier. The recovery is driven by a seasonal rebound in share of profit from associates and dividend income from TTW. Construction revenue is projected at 13 billion baht, growing both quarter-on-quarter and year-on-year, supported by gradual revenue recognition from major project backlogs such as the Orange Line, the Southern Purple Line, and the Luang Prabang hydropower project. Share of profit from associates is estimated at 361 million baht, improving from the previous quarter due to BEM's performance but declining from a year ago as CKP posted a loss from foreign exchange. Gross margin is expected at 7.5 percent, stable from the prior quarter and within the 2026 target range of 7 to 8 percent. SG&A expenses are projected at 590 million baht and interest expenses at 405 million baht, both down from the previous quarter and the prior year due to gradual debt repayment. Normalized profit in the third quarter of 2026 is expected to continue growing from the second quarter, with a key boost from CKP entering the high season for hydropower plants in Laos, which should drive share of profit to its annual peak. The construction business is expected to be stable to slightly higher. At the end of the first quarter of 2026, the company had a strong backlog of 156 billion baht, supporting revenue for another three to four years, and plans to bid for and sign new projects worth over 260 billion baht in the next two years. Yuanta Securities maintains a target price of 25.90 baht and a buy recommendation, with the current share price offering an upside of as much as 42.3 percent.

Phillip Securities Thailand forecasts CK's Q2 2026 profit at 663 million baht, up 101.6% from the previous quarter, driven by a seasonal recovery in profit sharing from BEM and dividends from TTW, but down 23.1% year-on-year due to lower foreign exchange gains at CKP. Construction revenue was stable at around 12 billion baht from the prior quarter and grew from a year earlier, supported by progress on the Orange Line West rail project, the Luang Prabang power plant project, and the Den Chai–Chiang Khong double-track railway. The construction gross margin is expected at 7.5%, still within the 7-8% target range despite higher oil prices, reflecting effective cost management, while interest expenses declined due to gradual debt repayment. The profit trend has potential for continued growth into Q3 2026, following CKP's seasonal factors. Phillip Securities upgraded CK from accumulate to buy, with a target price of 21.60 baht, viewing that earnings have passed their trough and are likely to recover steadily through the rest of the year.

Kasikorn Securities Public Company Limited estimates that Bangkok Expressway and Metro Public Company Limited, or BEM, will report a normalized profit in the second quarter of 2026 of approximately 992 million baht, up 2.6 percent from the same period last year and 26.2 percent from the previous quarter. Revenue is expected at around 4.8 billion baht, an increase of 3.6 percent year-on-year and 14.6 percent quarter-on-quarter, driven by recovering traffic volumes on expressways and rail lines. Kasikorn Securities forecasts net profit for 2026 at 4.118 billion baht and for 2027 at 4.331 billion baht, while maintaining a buy recommendation and a target price of 10.31 baht, citing strong fundamentals and opportunities from the future Double Deck expressway project.

Dao Securities estimates BEM's net profit in the second quarter of 2026 at 1.007 billion baht, up 1% year-on-year and 15% quarter-on-quarter, slightly above the preliminary forecast range of 950 million to 1 billion baht. The result was supported by dividend income from TTW and CKP totaling 341 million baht and a 9% year-on-year decline in interest expenses, while total revenue slowed due to seasonal tourism and weaker commercial development business. The analyst maintains the full-year 2026 net profit forecast at 3.9 billion baht and keeps a buy recommendation with a target price of 9.00 baht. Key catalysts include the progress of the double-deck expressway project and the joint-ticket policy in early 2027, which will boost overall rail passenger volumes.

The committee studying the Land Bridge project concluded that the transport system development linking the Gulf of Thailand and the Andaman Sea has a low probability of proceeding, due to budget burden risks and broad uncertainties. This direction aligns with the prime minister's earlier order to delay the project. Research analysts assess that the shift in transport infrastructure investment will focus on missing links, the Thai-Chinese railway, and certain new deep-sea ports proposed by the private sector, pointing to clearer public-private cooperation. Fiscal constraints mean the government must rely more on private investment, and scaling down projects from very large to medium or small will enable faster and more efficient investment. This trend is positive for the Thai stock market, boosting investment momentum and supporting upside potential for gross domestic product. Benefiting stocks include banking names such as KTB and KBANK, contractors like STECON and PYLON, industrial estate groups such as AMATA and WHA, and logistics players seeking new investment projects like BEM and BTS.

TTB Wealth Securities maintains a Buy rating on Ch. Karnchang Public Company Limited, or CK, but lowers its target price to 22.50 baht from 23.00 baht after trimming the sum-of-the-parts valuation of its investment in CKP. This reduces CK’s earnings estimates for 2026–2028 by 1–4 percent. However, the firm still views CK as one of the key beneficiaries of Thailand’s new infrastructure investment cycle, with earnings expected to grow at an average of 9 percent per year during 2027–2029 and upside of 20.3 percent from the target price. The research team notes that although earnings estimates have been cut due to the impact on CKP, in which CK holds a 30 percent stake, the fundamentals of the construction business remain strong, supported by a backlog of 157 billion baht at the end of the first quarter of 2026, equivalent to about 3.4 times 2026 revenue. This is coupled with opportunities to win new work from the double-deck expressway project worth 35 billion baht and the southern Purple Line rail system worth 27 billion baht, as well as dividend income and profit sharing from CKP, BEM, and TTW of around 2.7 to 2.9 billion baht per year. The company expects to maintain a gross margin of 8.3 percent through advance procurement of construction materials. In addition, TTB Wealth sees CK as one of the biggest beneficiaries from the bidding for government infrastructure projects during 2026–2028, with a combined value of approximately 775 billion baht, covering highways, double-track railways, high-speed rail, and airports. Although some projects may be delayed by government processes, bidding is still expected to begin gradually from late 2026 onwards. For near-term performance, the research team expects CK to post a net profit of 843 million baht in the second quarter of 2026, down 2 percent year-on-year but up 156 percent quarter-on-quarter. The sequential growth is driven by higher dividend income from TTW and increased profit sharing from associates, while the construction margin is expected to remain stable from the previous year. TTB Wealth forecasts CK’s revenue at 45.823 billion baht and net profit at 2.606 billion baht in 2026, rising to 2.738 billion baht in 2027 and 2.973 billion baht in 2028, reflecting the gradual recognition of revenue from the backlog and new projects expected in the coming years.

Kasikorn Securities holds a positive view on the Thai economy after the Ministry of Finance raised its 2026 economic growth forecast to 2.5% from 1.6%. A key factor is private investment, which is expected to expand by as much as 9%, driven by projects receiving investment promotion from the Board of Investment, especially in data center businesses. This has led to outstanding growth in machinery and equipment investment. The Office of the National Economic and Social Development Council is scheduled to announce second-quarter 2026 GDP figures on August 17, 2026. Kasikorn Securities expects investment to be the most prominent growth engine compared with other economic components, and this may prompt several research houses, including Kasikorn Securities, to raise their GDP forecasts going forward. Currently, Kasikorn Securities maintains its 2026 GDP forecast at 2.0%, seeing room for upward revisions in private consumption at 2.2% and investment at 4.5%. Meanwhile, the export sector continues to show better-than-expected trends, though the positive impact may be partially offset by expanding imports. For investment strategy, Kasikorn Securities remains positive on stocks related to investment and infrastructure, namely Krung Thai Bank, Gulf Energy Development, WHA Utilities and Power, CH. Karnchang, and Bangkok Expressway and Metro.

Krungsri Securities forecasts that BEM's net profit in 2026 will grow 3.4% year-on-year to a record high of 3.9 billion baht, supported by a recovery in service volumes, particularly from the rail system. For the second quarter of 2026, net profit is expected to be strong at 1 billion baht, up 1.4% year-on-year and 15% quarter-on-quarter. Although total revenue may dip slightly due to seasonal factors, rail revenue is projected to grow 2% on higher passenger volumes, while the expressway business remains stable and advertising income declines amid the economic climate. Additionally, BEM is set to benefit from new lower fares of 17 to 45 baht per trip, effective 1 January 2027. Every 20% increase in passenger volume from the base case of 450,000 trips per day in 2027 would boost net profit by 19%.

SBI Thai Online Securities stated that Ch. Karnchang Public Company Limited, or CK, is likely to see earnings growth in the second quarter of 2026, both quarter-on-quarter and year-on-year. Construction revenue remains at a high level from the gradual recognition of its backlog, with key projects including the MRT Orange Line West, the Luang Prabang hydropower plant, and the Den Chai–Chiang Rai–Chiang Khong double-track railway. Meanwhile, gross margin is expected to stay within the 7.5 to 7.7 percent range. Share of profit and dividends from associates are also growing, with BEM supported by rising passenger numbers and expressway usage driven by economic activity and tourism. CK Power is expected to see a profit recovery from the first quarter as it enters the high season for hydropower plants, and TTW will begin booking dividend income to provide additional support. The research team forecasts full-year 2026 total revenue at 80 billion baht, up 5 percent from the previous year, and net profit of 2.1 billion baht, up about 4 percent year-on-year. The average target price stands at 23 baht.

Analysts at InnovestX Securities say the SET Index has risen over 31.2% from the start of the year to date, supported by foreign fund flows into electronics on the AI theme and better-than-expected domestic fundamentals. But at 1,650 points, the market is starting to face tight valuation constraints, especially for the large-cap stocks that have led the rally, where foreign ownership has exceeded the five-year average. They therefore expect a rotation of funds into laggard stocks where foreign ownership and valuations are below average, while earnings are still growing well. The short-term strategy recommends switching into laggard stocks via two themes. The first is Earnings Play, focusing on stocks with strong expected second-quarter 2026 earnings growth and a robust second half, such as ADVANC, CPN, GULF, PR9, SCGP, and TIDLOR. The second is Foreign Underowned Play, focusing on SET50 stocks where foreign ownership is below the five-year average and earnings momentum is good, such as BEM, CPALL, HMPRO, MTC, OR, TRUE, and TU.

TrueMoney has announced its payment technology leadership strategy with the launch of the TrueMoney tap-to-pay feature, an innovation that lets consumers tap to pay without needing or linking a credit card for the first time in Thailand. Ms. Monsinee Nakapanant, Co-Managing Director of Ascend Money Company Limited, said the future of payments must blend into daily life and be driven by AI and robust ecosystems. TrueMoney is introducing two tap-to-pay methods: tapping at BlueTap terminals in partner merchant networks, which supports both iOS and Android, and tapping at contactless EDC terminals, which will begin service for Android users from July 21, 2026, in collaboration with AlipayPlus and Mastercard. Currently, over 1.5 million users have used tap-to-pay at BlueTap terminals, with total taps exceeding 5 million. The company plans to expand BlueTap service points to more than 50,000 nationwide by September 2026 and is in discussions with BEM to bring the tap-to-pay system to the MRT electric train system within the fourth quarter of 2026.

The government has scrapped a plan to buy back electric rail concessions worth 400 billion baht and instead adopted a model where the Mass Rapid Transit Authority of Thailand will manage the system holistically, along with setting up a common ticket fund to compensate private operators for revenue shortfalls. The goal is for the public to use all rail lines at fares of 17 to 45 baht, starting 1 January 2027. The state will compensate for the revenue gap only based on passenger growth in line with normal statistics, with the compensation budget estimated at around 4.6 billion baht per year. If passenger numbers exceed historical records, private operators will receive actual revenue without additional state compensation. Analysts at InnovestX Securities view this measure as positive for land transport stocks, with BEM benefiting the most. They maintain an OUTPERFORM rating on BEM with a target price of 7.3 baht per share, and a NEUTRAL rating on BTS with a target price of 2.3 baht per share and on BTSGIF with a target price of 2.1 baht per share.

Bangkok Expressway and Metro Public Company Limited, or BEM, has revealed that the number of EMV Contactless card users on the Blue and Purple lines has surged by 60% following the full launch on 1 June. Mr. Sombat Kitjalaksana, Managing Director of BEM, stated that this readiness will be a key enabler for the common ticketing policy and the 17 to 45 baht per trip fare without double charging of the initial boarding fee, which the government is expected to implement on 1 January 2027, and passengers will be required to pay only via EMV Contactless cards. In addition, BEM is preparing to open the Orange Line East in late 2027, with an initial forecast of 100,000 trips per day, rising to 300,000 trips per day when the western section opens in 2030. The company is also procuring an additional 21 trains for the Blue Line to support future network connectivity.