BEM: Expect to Report Five-Quarter High Net Profit in 1Q22

BEM : Expect 2Q22 Earnings to Hit 11 Quarter High

Bem : Expect 2H22 Earnings to Continue to Improve While Reaching Pre-COVID

BEM: Expect Earnings to Remain Dull at Least in 2Q21 and 3Q21

BEM: Expect 3Q21 Earnings to Be Bottom of This Year

BEM: Phases of Recovery and Growth Are Around the Corner

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Bangkok Expressway and Metro / Equity Bottom-Up

<ul>
<li>We maintain BEM with a BUY rating and a target price of Bt10.30 derived from SOTP methodology, which is equivalent to 51.5xPE’22E.</li>
<li>We expect the company to report net profit of Bt290m in 4Q21. (+168%QoQ -49%YoY), the highest level in the past three quarters.</li>
<li>YoY contraction will be mainly due to impact from 3rd wave of COVID-19 widespread, which trimmed down average daily toll traffic to 984k trips/day(-13%YoY +47%QoQ) and MRT ridership to 175k </li>
</ul>


We maintain BEM with a BUY rating and a target price of Bt10.30 derived from SOTP methodology, which is equivalent to 51.5xPE’22E.
We expect the company to report net profit of Bt290m in 4Q21. (+168%QoQ -49%YoY), the highest level in the past three quarters.
YoY contraction will be mainly due to impact from 3rd wave of COVID-19 widespread, which trimmed down average daily toll traffic to 984k trips/day(-13%YoY +47%QoQ) and MRT ridership to 175k 


BEM: Expect 4Q21 Earnings to Recover Strongly and Onward to 2022