Electric trains perform well, supporting BEM’s record-breaking profits in 5 years | The Bangkok Insight

It is in the period of returning to the growth phase again for BEM shares or Bangkok Expressway and Metro Public Company Limited Highway service provider and project management for the mass transit system and MRT Blue Line and Purple Line projects. This is in line with the overall economic recovery and Thai tourism.

After announcing the operating results for the third quarter of 2023, the company achieved revenues of 4,448 million baht, and achieved net profits that continued to grow at 970 million baht, an increase of 12% compared to the same period last year. As a result, the nine-month outlook of 2023 for BEM’s net profit rose to 2,620 million baht, representing a growth rate of 43% compared to the same period last year.

Digging into detail into BEM’s three main working groups: Highway works Railway works or MRT And Commercial development work It can be seen that they all create strong growth in each business group.

It is led by revenue from highway business, which in 3Q23 amounted to 2,252 million baht, an increase of 106 million baht over the same period last year. Due to the increase in the volume of vehicles using all highways. The average is 1.11 million trips per day. Especially Si Rat Highway, Sections B and Section D. It is the road that connects to Suvarnabhumi Airport

Revenue from the railway system or subway business was 1,651 million baht, an increase of 300 million baht over the same period last year. Divided into incomeBlue line fare An increase of 243 million baht, with the average daily user for each type reaching 410,590 trips per day.Hire a bus operator on the Purple LineAn increase of 57 million pounds as specified in the concession contract.

Finally, income from commercial development work reached 279 million baht, an increase of 37 million baht over the same period last year. Due to increased income from givingRent advertising media space And you giveRent retail spaceIn Metro Mall

Net profit of 970 million baht in the third quarter of 2023 is the highest quarterly record since 2019, which was before the coronavirus outbreak. It reflects that BEM’s business trend is starting to return to the recovery rhythm again.

analysis Al-Muharrat Securities (Editor) There is a view that although the stock market has slowed, the quality of BEM’s earnings has not diminished. But she improved satisfactorily. Especially the electric train works that benefit from the yellow line. And return to service Queen Sirikit National Convention Centre

For this year’s work the company shows great developments. With all-time high regular profits, which the analysis team estimates this year’s profits at 3,700 million baht, he considers that while the stock market is recovering, large-cap, high-growth defensive stocks like BEM are still an interesting option. . We recommend ‘buy’ with a target price of 10.90 baht per share.

while Tesco Securities He commented that BEM is an outstanding fundamental stock after reporting 3Q23 earnings of 970 million baht, which was better than we and the market expected. Due to income growth in all businesses combined with the opening of the yellow monorail service and the government’s policy of reducing fares on the purple-red line. This helps attract more people to the mass transit system.Thus giving a basic target price of 10.60 baht per share.

also Bwalang SecuritiesHe revealed that he sees investment opportunities for BEM in business development through expanding transportation infrastructure in Thailand. He has a positive outlook on the company’s growth prospects in the short and long term. We recommend ‘buy’ BEM shares with a target price of 12.40 baht per share and consider it the best choice for stocks in the transportation business group.

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