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.
Bangkok Expressway and Metro Public Company LimitedAnalyst maintains buy rating with target price, citing cost control and profit growth.
