Bangkok Expressway and Metro Public Company Limited

Securities analysts at Asia Plus Securities, or ASPS, said the Thai stock market still has room for a short-term relief rally, and net selling by foreign investors is likely to slow, driven by three main factors: the pullback in US bond yields, the rotation of funds out of a correction in US and North Asian technology stocks, and Thailand's hosting of the major IMF-World Bank Annual Meetings 2026 in Bangkok from October 12 to 18, 2026, which should help build confidence and directly benefit domestic consumption, tourism, and healthcare stocks. On investment strategy, they recommend positioning for a relief rally in domestic play, tourism, and healthcare stocks, with five standouts: DISNEY19, which is entering its high season for fourth-quarter earnings on the buzz around the blockbuster film Avengers: Doomsday; AAPL80, which is getting a boost from preparations to launch its first foldable-screen smartphone; Bangkok Expressway and Metro, or BEM, which has a high chance of winning the contract to operate the southern Purple Line electric train; Com Seven, or COM7, which is expected to post standout third-quarter 2026 profit growth of more than 30%; and Bangkok Chain Hospital, or BCH, whose international patient revenue looks set for strong growth in the second half. However, pressure remains from the transport and logistics sector after reports of plans to collect three tourist fees and taxes totaling 2,570 baht, as well as concerns over the September consumer confidence index, which fell for the first time in four months. Meanwhile, Kasikorn Securities, or KS, said the World Bank has advised Thailand to accelerate the adoption of artificial intelligence technology to raise productivity and escape the middle-income trap, since only 12% of Thai businesses currently use AI, compared with 43% in the United States. It views this as positive for the industrial estate, utilities, power plant, digital infrastructure, and electronics sectors, including WHA, AMATA, WHAUP, GULF, BGRIM, DELTA, KCE, and Hana Microelectronics.

Asia Plus Securities assessed BEM shares, noting that the Mass Rapid Transit Authority of Thailand is pushing to connect the Purple Line North and Purple Line South for seamless service. The authority is studying a PPP Gross Cost model and opening the way for negotiations with the existing operator, BEM, which already operates the Purple Line North. Construction of the Purple Line South is 90% complete and scheduled for completion in October 2027, making the selection of the systems and operations contractor more urgent so it can meet the planned service launch in 2029-2030. The approval process is expected to become clear between late 2026 and early 2027. If BEM wins the Purple Line South operating contract, it will add a stable recurring revenue base, since the Purple Line North operation generates about 2.4 billion baht per year, or roughly 15% of the company's total revenue, and the research team estimates the Purple Line South operation has the potential to generate a similar level of revenue. In addition, BEM has other supporting factors waiting in the wings: the increase in the Si Rat-Outer Ring Road Expressway toll from 65 baht to 80 baht in December 2026, the launch of the Orange Line in 2028, which will bring more passengers directly onto the Blue Line, and the Double Deck expressway project. Third-quarter 2026 earnings look bright and should be the strongest quarter of the year, driven by seasonal factors supporting both Blue Line passenger numbers and expressway traffic volume, together with the recognition of 221 million baht in dividends from TTW. Meanwhile, costs are expected to begin showing benefits from managing Purple Line maintenance in-house. The research team maintained its "Buy" recommendation with a fair value of 8.20 baht, noting the stock still trades below the 6.50 baht per share level at which CK sold BEM shares to institutional investors through a Big Lot transaction.

The Mass Rapid Transit Authority of Thailand, or MRTA, is accelerating efforts to finalise the approach for procuring an operator for the Purple Line South, aiming to submit it to the Cabinet for approval by the end of this year. Initially, the authority views the most suitable model as selecting a service provider without a bidding process, under the framework of the Public-Private Partnership Act, or PPP, so that operations can connect seamlessly with the Purple Line North. It will negotiate with or select Bangkok Expressway and Metro Public Company Limited, or BEM, which operates the Purple Line North. The negotiation process is expected to begin in the first quarter of 2027 under a Gross Cost contract in which the government collects fare revenue itself. It will then procure train sets, which takes about three years, while still targeting full commercial service by 2030, with a backup plan to open in phases if there are delays. On the common ticket measure, fares will be set at 17 to 45 baht, and duplicate entry fees will be scrapped when passengers connect between multiple lines. The Blue Line, Purple Line, Yellow Line and Pink Line are already equipped to accept EMV Contactless cards, while the Green Line and Gold Line, which are under the supervision of Bangkok Metropolitan Administration, are in the process of drafting a memorandum of understanding with the MRTA to transfer the projects for management. The common ticket system is targeted to start on 1 January 2027. In addition, the MRTA plans to develop nearly 70 commercial areas along the Purple Line, Blue Line and Orange Line under the PPP model, holding auctions separated by zone and type of activity, starting with plots that have high potential. It is giving priority to the Rama IX-Ratchadaphisek area, which will be developed into a mixed-use project featuring a convention and exhibition centre, a health and medical services centre, and sports activities. Currently, the MRTA earns about 300 million baht per year from commercial area development and aims to increase this to more than 2 billion baht per year within 10 years, or during 2027-2037, to offset the decline in concession revenue sharing that will gradually end after 2029, and to use part of the revenue to support the government's common ticket measure over the long term.

Yuanta Securities (Thailand) expects third-quarter 2026 earnings of listed companies to come in at 350 billion baht, up 39% from the same period a year earlier, a level it describes as high compared with the historical quarterly profit range of 150 to 250 billion baht. The gain is driven by the energy and petrochemical sectors, which continued to grow strongly after oil prices surged about 44% late in the quarter, giving refineries and petrochemical producers inventory gains that lifted their results. Teerdsak Taweethiratham, an executive director at Asia Plus Securities, said third-quarter 2026 earnings should grow from a year earlier but decline from the second quarter of 2026, and estimated bank profits at 65 billion baht. If third-quarter earnings meet expectations, nine-month 2026 profits would reach 1.1 trillion baht, and if the fourth quarter of 2026 continues to grow on the back of government infrastructure investment in energy and private-sector upgrades to production capacity for the high-end semiconductor supply chain, full-year 2026 earnings could set a new record of about 1.4 to 1.5 trillion baht, up 30% to 40% from a year earlier, equal to earnings per share of 112 to 115 baht, compared with the Bloomberg Consensus estimate of 110 baht per share. The research team recommends trading plays on stocks with strong third-quarter 2026 results and momentum continuing into next year, namely GULF, GUNKUL, SSP, EPG, SINGER, SGC, BEM, SMT, TEAM, MINT and CHG.

Land and Houses Securities Public Company Limited has issued an analysis focusing on investment trends in CK and KKP shares, expecting CK's third-quarter 2026 earnings to recover from the previous quarter. Although the construction contracting business may slow seasonally and gross margins return to normal levels, support is expected from its share of profit at CKP, which is entering the high season for hydropower plants, as well as from BEM, which is trending better on passenger numbers. In the medium term, support comes from the government infrastructure investment cycle, which is becoming clearer, especially Phase 2 of the double-track railway project, where three routes worth a combined 106 billion baht have already been approved. Meanwhile, high-speed rail, expressways, motorways, and airports are still awaiting progress. CK currently has a backlog of about 146 billion baht, supporting revenue for several years. The analyst team gives a buy recommendation on CK with a target price of 23.1 baht, support at 17.8 and 18.1 baht, and resistance at 19.6 and 20.1 baht. For KKP, third-quarter 2026 profit is expected at 2.0 billion baht, still growing a strong 21% year on year despite a slight 4.8% decline quarter on quarter. The main drivers are a return to loan growth, especially business loans and Lombard loans, a NIM that holds steady at a good level, and fee income from wealth management, the capital markets business, and Dime!, which is growing strongly. Meanwhile, lower losses from repossessed vehicles help ease cost pressure. Asset quality remains manageable, with the NPL ratio expected to hold steady at around 3.5% and the coverage ratio near 150%. Full-year 2026 profit is likely to grow more than 30% year on year, with ROE returning to around 12%, while a dividend yield of about 6% helps limit the downside for the share price. The analyst team gives a buy recommendation on KKP with a target price of 128 baht, support at 108.5 and 113 baht, and resistance at 118.5 and 120 baht.

Krungsri Securities stated in an analysis that it maintains a positive view on Bangkok Expressway and Metro, or BEM, even though flooding in Bangkok and its vicinity has affected traffic and the Expressway Authority of Thailand has extended the toll waiver by another 2 days to September 28-29, 2026, from the original September 26-27, bringing the total toll waiver period to 4 days and covering the Chalerm Maha Nakhon Expressway, the Si Rat Expressway, the Prachim Ratthaya Expressway, and the Udon Ratthaya Expressway, all of which are managed by BEM. Discussions with BEM's management found that revenue potentially lost from the 4-day toll waiver will be compensated by the government, though the form of compensation, whether cash or another arrangement, is still under discussion, as is the timeline for disbursement. The analyst views the chance that BEM will not receive full government compensation as low, and based on a sensitivity analysis, if it were assumed that no compensation is received at all, the company would lose about 100 million baht in revenue, or roughly 2% of total revenue in the third quarter of 2026 and about 0.6% of total revenue for all of 2026. Meanwhile, rising subway passenger numbers during the floods are helping offset some toll revenue. The analyst therefore maintains the 2026 net profit forecast at 3.9 billion baht, up 3% from the previous year, and keeps a Buy recommendation with a target price of 8.80 baht per share, viewing the stock as still attractive on valuation grounds with the impact of the toll waiver measures remaining limited.

Yuanta Securities issued an analysis stating that Ch. Karnchang Public Company Limited, or CK, plans to bid on several government projects in 2026–27 with a combined value of as much as 770.9 billion baht. Of that total, the SRT High Speed Train Phase 2 project is worth 285.3 billion baht and the SRT Double Track: 6 Routes project is worth 237 billion baht. These two projects account for more than 68% of the total value of all projects the company currently plans to bid on. The SRT High Speed Train Phase 2 project covers six routes in total, of which the Cabinet has already approved three, worth more than 100 billion baht, with bidding expected to open in the first quarter of 2027, as is the case for the SRT Double Track: 6 Routes project. CK currently has a backlog as of the end of the second quarter of 2026 of 146.305 billion baht, supporting revenue for roughly four to five years, and the backlog is expected to reach a new peak in 2027. As for the normal profit trend in the second half of 2026, it is expected to continue growing half on half, driven by the profit share from CKP, which is entering its high season, and from BEM, which is expected to post a record-high profit in the third quarter of 2026. The gross profit margin is expected to hold at 7–8% thanks to forward locking of material prices; although oil prices have risen, the impact on cost of goods sold is less than 1%. Following the revision of estimates, normal profit for 2026 is raised 13% to 2.483 billion baht and for 2027 is raised 4% to 2.603 billion baht, lifting the fair value to 27.00 baht based on the sum-of-the-parts method, implying a 2027 price-to-earnings ratio of 18 times, below the 10-year historical average of 20 times. With the current share price offering upside gain of as much as 53%, the recommendation remains Buy.

Pi Securities assesses that CK is starting to see signs of new bidding activity, after the early part of this year saw only 870 million baht in new contracts signed, causing its backlog to fall from over 168 billion baht at the start of 2026 to 146 billion baht at the end of the first half of 2026. Most recently, on September 1, the cabinet approved proceeding with three double-track railway projects with a combined value of over 106 billion baht, comprising the Chumphon-Surat Thani route at 36.892 billion baht, the Surat Thani-Hat Yai Junction route at 61.534 billion baht, and the Hat Yai Junction-Padang Besar route at 8.371 billion baht. Bidding is expected to be held in early 2027. These three double-track rail routes are part of Phase 2 of the double-track railway programme, which comprises six projects in total, so moving forward on three of them is a good signal that other projects will follow. The research team views that with the contracts expected to be split into five packages across the three projects, CK will have a chance to win some of the bids, which would help support 2027 revenue above the research team's forecast of 42.134 billion baht, since new work had not previously been included. As for the earnings outlook for the third quarter of 2026, it is expected to remain at a high level, continuing from the second quarter of 2026, driven by the high season for CKP. In addition, there are two other large projects that CK has a high chance of winning because they are projects involving its subsidiary BEM: the electrical and signalling system works for the southern section of the Purple Line, valued at approximately 30 billion baht, and the Double Deck expressway works, valued at 35 billion baht. The research team therefore maintains its Buy recommendation with a fair value estimate of 23.1 baht.

BEM shares rose 3.82% to 6.80 baht at 11:04 a.m. after bondholders of Bangkok Expressway and Metro approved raising the ceiling on interest-bearing debt to equity from 2.5 times to 3.0 times, along with a 0.1% increase in the interest rate on existing bonds. The 22 bond tranches have a combined value of about 30 billion baht, and the rate increase represents additional cost of only about 30 million baht per year, or roughly 1% of estimated profit for 2026-2028. Kasikorn Securities said the higher debt ceiling adds flexibility to support new investment projects such as Double Deck and M9. It maintained a Buy rating with a target price of 10.31 baht and named the stock a Top Pick in the Ground Transportation group, citing strong second-half profit growth, upside from the MRT Purple Line South and Double Deck projects, and the 17-45 baht electric train fare policy. Meanwhile, Dao (Thailand) said third-quarter 2026 net profit is expected to expand year-on-year and quarter-on-quarter on lower interest and maintenance costs, with a catalyst from progress on the common ticket policy, which is expected to boost electric train passengers by more than 10% in 2027 and save about 100 million baht per year from bringing Purple Line maintenance work back in-house. It recommended Buy with a target price of 9.00 baht.

Dao Securities (Thailand) expects the SET index to swing Sideway UP today after the Fed meeting came in as expected, assessing support at 1,568-1,573 points and resistance at 1,585-1,590 points. It sees this as a chance to accumulate fundamentally strong stocks that are still laggards. Today's top picks are PLANB and BEM, while the technical-signal picks are BH and PLANB. For PLANB, COM7 will hold an EGM this morning to finalise a deal; PLANB holds 11% of COM7 and has requested two board seats. If approved, this could allow equity-method recognition, helping lift PLANB's earnings above previous forecasts in 2026E and 2027E by 4% and 30% respectively, with a buy recommendation at a target price of 7.10 baht. As for BEM, net profit in 3Q26E is expected to expand both year-on-year and quarter-on-quarter on lower interest and maintenance costs, with a catalyst from progress on the common-ticket policy, which is expected to help rail passengers grow more than 10% in 2027E and save about 100 million baht per year in costs, with a buy recommendation at a target price of 9.00 baht. Meanwhile, US stocks declined even though the Fed voted unanimously 12-0 to raise its policy rate by 0.25% to 3.75-4.00%, the first hike in more than three years after holding rates steady for five consecutive meetings. Domestically, the Cabinet approved a budget of 95 billion baht to improve irrigation systems on the eastern side of the Chao Phraya basin across eight provinces, and the Thai Tiew Thai Plus programme has been postponed to start in the low season in April 2027, with the government set to extend Thai Chuay Thai Plus in the meantime until the end of the year.

Asia Plus Securities stated that the Royal Gazette has published a Ministry of Transport announcement adjusting toll rates for the Western Expressway, or the Srirat-Wong Waen Outer Ring Expressway in Bangkok, effective from December 15, 2026, under the concession contract's condition of adjusting tolls every 5 years. The project's concession runs until December 15, 2042. Under the new rates, vehicles with no more than 4 wheels rise from 65 baht to 80 baht per trip, vehicles with more than 4 but no more than 10 wheels rise from 105 baht to 130 baht, and vehicles with more than 10 wheels rise from 150 baht to 185 baht. This is the second increase under the new concession framework, which stipulates an increase of 15 baht each time every 5 years, starting from 2021. This toll adjustment is a positive factor for BEM, since the Srirat-Wong Waen Outer Ring Expressway is a route where BEM recognizes 100% of toll revenue, unlike inner-city expressways where it receives only a 40% revenue share. Although this route accounts for only about 5-6% of total expressway traffic volume, it generates roughly 14-15% of expressway business revenue. It is estimated to add about 330-350 million baht per year in revenue for the company. However, the research team views that BEM is entering a transition period toward a new round of growth, driven by the launch of the Orange Line electric train in 2028, which will directly add passengers to the Blue Line network. Meanwhile, opportunities from the Double Deck expressway project and the Purple Line South train operating contract remain important value-adding factors in the next phase. It therefore maintains a Buy recommendation with a DCF-based fair value of 8.20 baht.

The Expressway Authority of Thailand, under the Ministry of Transport, has announced that it will adjust the toll rates on the Prachim Ratthaya Expressway, also known as the Si Rat–Outer Ring Road Expressway in Bangkok, effective from 15 December 2026 onward. This adjustment applies only to this particular Prachim Ratthaya Expressway route. The rate change follows the conditions of the investment concession contract, which stipulates that toll rates be adjusted every five years, with Bangkok Expressway and Metro Public Company Limited, or BEM, as the concessionaire and the sole investor in the entire project. Under the new rates, four-wheel vehicles will pay 80 baht per vehicle, up from 65 baht; six- to ten-wheel vehicles will pay 130 baht per vehicle, up from 105 baht; and vehicles with more than ten wheels will pay 185 baht per vehicle, up from 150 baht. The Expressway Authority of Thailand is currently discussing the details with BEM and relevant agencies to finalize measures to ease the burden and reduce the impact on the public's expenses, and will announce the official details in advance before the toll increase takes effect.

The Expressway Authority of Thailand, under the Ministry of Transport, says it is in talks with Bangkok Expressway and Metro Public Company Limited, or BEM, and related agencies to set out measures to assist the public and reduce the cost impact before toll rates rise on the Western Expressway, also known as the Sirat Expressway to the Bangkok Outer Ring Road, starting December 15, 2026. The adjustment follows the terms of the concession contract, which requires toll rates to be revised every five years, in a range of 15 to 35 baht. BEM holds the concession and has invested 100% in the entire project. Under the new rates, vehicles with no more than four wheels will rise from 65 baht to 80 baht per vehicle, an increase of 15 baht. Vehicles with more than four but no more than ten wheels will rise from 105 baht to 130 baht per vehicle, an increase of 25 baht. Vehicles with more than ten wheels will rise from 150 baht to 185 baht per vehicle, an increase of 35 baht. The adjustment covers only the Western Expressway, or the Sirat Expressway to the Bangkok Outer Ring Road. The Expressway Authority of Thailand will move quickly to finalize measures to ease the hardship and reduce the cost burden on road users, and will announce the details officially to the public in advance before the new toll rates take effect.

KGI Securities (Thailand) said in an analysis that Bangkok Expressway and Metro, or BEM, will post strong profit in the second half of the year. In August 2026, average electric train ridership was 444,000 passengers per day, up 1.0% from the same period last year and up 4.2% from the previous month, while average fare revenue was 13.2 million baht per day. In the expressway business, average traffic volume was 1.12 million vehicles per day, up 0.7% from a year earlier, with average revenue of 25.6 million baht per day. For the first eight months of 2026, average train ridership was 424,500 passengers per day, up 0.8%, and average expressway traffic was 1.10 million vehicles per day, up 0.8%. KGI expects third-quarter 2026 ridership and revenue to rise about 1-1.3% from the same period last year and 11-12% from the previous quarter. It maintained its 2026 net profit forecast at 3.9 billion baht, up 4% from a year earlier, and its 2027 forecast at 4.0 billion baht, up 3%. It also maintained its Buy recommendation with a sum-of-the-parts target price of 8.40 baht, comprising 6.30 baht for the core business, 0.75 baht for investments in TTW and CKP, and 1.35 baht for the Orange Line electric train project.

KGI Securities (Thailand) said BEM reported average daily passenger volume and electric train ticket revenue for August 2569 at 444,000 people, up 1.0% YoY and 4.2% MoM, and 13.2 million baht, up 0.1% YoY and 3.8% MoM, respectively. Meanwhile, average daily vehicle volume for expressway users and revenue stood at 1.12 million vehicles, up 0.7% YoY and 1.4% MoM, and 25.6 million baht, up 0.6% YoY and 1.9% MoM, respectively. Over the first eight months of 2569, average daily passenger volume and revenue stood at 424,500 people, up 0.8% YoY, and 12.72 million baht, up 2.2% YoY, while average daily vehicle volume and revenue stood at 1.1 million vehicles, up 0.8% YoY, and 25.2 million baht, up 0.3% YoY, respectively. It expects average daily passenger volume and revenue in the third quarter of 2569 to rise about 1-1.3% YoY and 11-12% QoQ, while average daily vehicle volume and revenue may grow 0.6-0.7% YoY and 2.5-3.5% QoQ. Normally the third quarter tends to be the year's peak quarter for results, as revenue from the expressway and rail system businesses grows in the single digits. Good cost control plus an interim dividend from TTW. Fourth-quarter 2569 profit should be slightly stronger than previously expected YoY, driven by a cost adjustment of about 100 million baht. It maintains its 2569 profit estimate at 3.9 billion baht, up 4% YoY, and its 2570 estimate at 4.0 billion baht, up 3% YoY, without yet including the opportunity for passenger volume to increase from the trial run of the Orange Line (eastern side), which will feed more passengers into the Blue Line, and the new, cheaper fare rate of 17-45 baht, which should also help improve operating efficiency. The first Orange Line train sets will gradually arrive in late 2569, and all 17 trains should be ready in late 2570 for trial runs before officially opening for commercial service in early 2571. Meanwhile, additional Blue Line train sets will gradually arrive from mid-2570 through late 2571, and the end of the Blue Line project's compensation payments in 2572 will help BEM save about 5 billion baht per year in cash flow. The official opening of the Orange Line's western side and the Purple Line's southern section will support growth in 2573. For the expressway business, full-year positive effects should be seen from the increase in tolls on the urban FES and SES routes to 60 baht in 2572 from the current 50 baht. BEM also still hopes for the 35-billion-baht elevated expressway project and the 30-billion-baht M&E contract, with the Purple Line's southern section expected to receive government approval early next year. It maintains a buy recommendation with an SOTP target price of 8.40 baht, derived from the core business at 6.30 baht using a WACC of 5.3% and terminal growth of 0%, and investments in TTW and CKP at 0.75 baht, plus the Orange Line project at 1.35 baht. The target price reflects a 2570 PE of 32-33x, minus 0.5 S.D.

CK Power (CKP) anticipates growth in the second half of the year, having commenced commercial operation (COD) of a 5-megawatt solar project in September in partnership with Bangkok Expressway and Metro (BEM), to boost renewable energy capacity in its portfolio. Meanwhile, water flow through the Xayaburi hydropower plant in the first half was 17.7% higher than the same period last year, leading to an 11.2% increase in electricity sales. The company expects the Mekong River water situation to remain favorable for Xayaburi Power (XPCL) in the fourth quarter, particularly with high water discharge from upstream China expected from October to early November. For Nam Ngum 2 (NN2), usable water volume at the end of July stood at 32.53% of capacity, with expectations of an increase during the rainy season. Meanwhile, Bang Pa-in Cogeneration (BIC) has returned to full capacity operation after maintenance in the first quarter. All these factors are expected to support the overall growth of the energy portfolio.

BEM expects its operating results in Q3/2026 to continue improving, as it is the high season for the electric train and expressway businesses, which will help drive an increase in passenger numbers. At the same time, it is upgrading the Metro Mall area at Chatuchak Station into a health station by organizing the "BEM CARE 2026 Health Station" event from September 4-6, 2026, in collaboration with public and private partners such as Siriraj Hospital, Piyavate Hospital, Bangpakok Hospital Group, the Thai Red Cross Society, and ThaiHealth, to make preventive health screenings more accessible to the public. Meanwhile, analysts from Yuanta Securities (Thailand) recommend a "Buy" on BEM shares with a target price of 10.50 baht, expecting stronger second-half profit growth due to lower maintenance costs and a tourism recovery. They forecast normal profit for 2026 to grow 5.1% to around 3.97 billion baht, with additional positive factors from the common ticket policy for electric trains and the opening of the Orange Line in 2028-2040.

CK, or Ch. Karnchang Public Company Limited, has announced success from its flexible cost management strategy, leading to growth in gross profit margin despite flat total revenue. As of the end of Q2 2026, the company had a backlog worth 140 billion baht and plans to add another 65 billion baht in new work by early 2027, including electrical and train operation works for the Purple Line, civil works for the Thai-Chinese Railway Phase 2 project, and the Suvarnabhumi Airport terminal expansion project. Meanwhile, the company also recognizes profit shares from BEM and CKP, as well as dividends from TTW, to diversify income, and has strengthened its financial position, with Net D/E decreasing to 1.0 times from 1.3 times at the end of 2025. Kasikorn Securities has raised its 2026 normal profit estimate by 28% to 2.249 billion baht and its 2027 estimate by 31% to 2.518 billion baht, while maintaining a "Buy" recommendation and increasing the target price by 5% to 29.27 baht.

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.