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.
Bangkok Expressway and Metro Public Company LimitedAsia Plus maintains a Buy rating with an 8.20 baht fair value, citing bright Q3 2026 earnings, the December 2026 toll hike, and 221 million baht in TTW dividends.
CH. Karnchang PCL
TTW Public Company LimitedBEM's Q3 2026 earnings are boosted by recognition of 221 million baht in dividends from TTW.
