DB:B4X

Stock Analysis Report

Bangkok Expressway and Metro

Executive Summary

Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, engages in the construction and management of expressways in Thailand.

Snowflake

Fundamentals

Proven track record unattractive dividend payer.

Share Price & News

How has Bangkok Expressway and Metro's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.9%

B4X

-0.2%

DE Infrastructure

1.7%

DE Market


1 Year Return

46.4%

B4X

15.9%

DE Infrastructure

7.2%

DE Market

Return vs Industry: B4X exceeded the German Infrastructure industry which returned 15.9% over the past year.

Return vs Market: B4X exceeded the German Market which returned 7.2% over the past year.


Shareholder returns

B4XIndustryMarket
7 Day-1.9%-0.2%1.7%
30 Day-5.0%-0.2%2.4%
90 Day5.0%-1.8%2.3%
1 Year48.5%46.4%19.4%15.9%10.6%7.2%
3 Year74.4%66.3%46.5%35.9%18.4%8.1%
5 Yearn/a77.6%49.2%42.3%22.9%

Price Volatility Vs. Market

How volatile is Bangkok Expressway and Metro's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Bangkok Expressway and Metro undervalued compared to its fair value and its price relative to the market?

21.04x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: B4X (€0.31) is trading above our estimate of fair value (€0.11)

Significantly Below Fair Value: B4X is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: B4X is poor value based on its PE Ratio (21x) compared to the Infrastructure industry average (18.1x).

PE vs Market: B4X is poor value based on its PE Ratio (21x) compared to the German market (19x).


Price to Earnings Growth Ratio

PEG Ratio: B4X's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: B4X is overvalued based on its PB Ratio (4x) compared to the DE Infrastructure industry average (1.7x).


Next Steps

Future Growth

How is Bangkok Expressway and Metro forecast to perform in the next 1 to 3 years based on estimates from 15 analysts?

-0.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: B4X's earnings are forecast to decline over the next 3 years (-0.8% per year).

Earnings vs Market: B4X's earnings are forecast to decline over the next 3 years (-0.8% per year).

High Growth Earnings: B4X's earnings are forecast to decline over the next 3 years.

Revenue vs Market: B4X's revenue (9.6% per year) is forecast to grow faster than the German market (5% per year).

High Growth Revenue: B4X's revenue (9.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: B4X's Return on Equity is forecast to be low in 3 years time (12.3%).


Next Steps

Past Performance

How has Bangkok Expressway and Metro performed over the past 5 years?

23.8%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: B4X has become profitable over the past 5 years, growing earnings by 23.8% per year.

Accelerating Growth: B4X's earnings growth over the past year (122.1%) exceeds its 5-year average (23.8% per year).

Earnings vs Industry: B4X earnings growth over the past year (122.1%) exceeded the Infrastructure industry 9.8%.


Return on Equity

High ROE: B4X's Return on Equity (18.5%) is considered low.


Return on Assets

ROA vs Industry: B4X has a higher Return on Assets than the Infrastructure industry average last year.


Return on Capital Employed

ROCE Improving: B4X's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Bangkok Expressway and Metro's financial position?


Financial Position Analysis

Short Term Liabilities: B4X's short term assets (฿4.5B) do not cover its short term liabilities (฿8.4B)

Long Term Liabilities: B4X's short term assets (4.5B) do not cover its long term liabilities (64.2B)


Debt to Equity History and Analysis

Debt Level: B4X's debt to equity ratio (159.1%) is considered high

Reducing Debt: B4X's debt to equity ratio has increased from 109.1% to 159.1% over the past 5 years.

Debt Coverage: B4X's debt is not well covered by operating cash flow (12.6%).

Interest Coverage: B4X's interest payments on its debt are well covered by EBIT (3.6x coverage).


Balance Sheet

Inventory Level: B4X has a low level of unsold assets or inventory.

Debt Coverage by Assets: B4X's debt is not covered by short term assets (assets are 0.1x debt).


Next Steps

Dividend

What is Bangkok Expressway and Metro's current dividend yield, its reliability and sustainability?

1.42%

Current Dividend Yield


Dividend Yield vs Market

company1.4%marketbottom25%1.5%markettop25%3.8%industryaverage4.0%forecastin3Years1.6%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: B4X's dividend (1.42%) isn’t notable compared to the bottom 25% of dividend payers in the German market (1.48%).

High Dividend: B4X's dividend (1.42%) is low compared to the top 25% of dividend payers in the German market (3.83%).

Stable Dividend: Whilst dividend payments have been stable, B4X has been paying a dividend for less than 10 years.

Growing Dividend: B4X's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (29.8%), B4X's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: B4X's dividends in 3 years are forecast to be covered by earnings (55.7% payout ratio).


Next Steps

Management

What is the CEO of Bangkok Expressway and Metro's salary, the management and board of directors tenure and is there insider trading?

3.8yrs

Average management tenure


CEO

Sombat Kitjalaksana (62yo)

0yrs

Tenure

฿2,400,000

Compensation

Dr. Sombat Kitjalaksana served as the President of Bangkok Expressway and Metro Public Company Limited (alternate name : Bangkok Metro Public Company Limited) since March 1, 2014 and serves as its Managing ...


Management Age and Tenure

3.8yrs

Average Tenure

62yo

Average Age

Experienced Management: B4X's management team is considered experienced (3.8 years average tenure).


Board Age and Tenure

10.6yrs

Average Tenure

75yo

Average Age

Experienced Board: B4X's board of directors are seasoned and experienced ( 10.6 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Plew Trivisvavet (74yo)

    Vice Chairman

    • Tenure: 3.8yrs
    • Compensation: ฿3.70m
  • Phakpoom Thaweewittayarut (52yo)

    Head of Compliance Unit

    • Tenure: 3.8yrs
  • Payao Marittanaporn (62yo)

    MD & Executive Director

    • Tenure: 0yrs
    • Compensation: ฿2.40m
  • Sombat Kitjalaksana (62yo)

    MD & Executive Director

    • Tenure: 0yrs
    • Compensation: ฿2.40m
  • Supong Chayutsahakij (77yo)

    Executive Director

    • Tenure: 15.4yrs
    • Compensation: ฿2.35m
  • Panan Tosuwanthaworn (51yo)

    Deputy Managing Director of Finance

    • Tenure: 3.8yrs
  • Phongsarit Tantisuvanitchkul (46yo)

    Member of Executive Board & Executive Director

    • Tenure: 5.4yrs
    • Compensation: ฿2.40m
  • Pongprach Ramyarupa

    Vice President of Marketing and Services Development

    • Tenure: 0yrs
  • Vites Techangam (62yo)

    Deputy Managing Director of Technology & E-Business

    • Tenure: 0yrs
  • Saranya Lertjiraprasert (48yo)

    General Manager of Accounting Division

    • Tenure: 3.8yrs

Board Members

  • Plew Trivisvavet (74yo)

    Vice Chairman

    • Tenure: 3.8yrs
    • Compensation: ฿3.70m
  • Chettha Thanajaro (80yo)

    Independent Director

    • Tenure: 14.5yrs
    • Compensation: ฿2.25m
  • Virabongsa Ramangkura (76yo)

    Independent Chairman of the Board

    • Tenure: 3.8yrs
    • Compensation: ฿4.30m
  • Payao Marittanaporn (62yo)

    MD & Executive Director

    • Tenure: 0yrs
    • Compensation: ฿2.40m
  • Sombat Kitjalaksana (62yo)

    MD & Executive Director

    • Tenure: 0yrs
    • Compensation: ฿2.40m
  • Supong Chayutsahakij (77yo)

    Executive Director

    • Tenure: 15.4yrs
    • Compensation: ฿2.35m
  • Vallapa Assakul (69yo)

    Independent Director

    • Tenure: 10.6yrs
    • Compensation: ฿1.70m
  • Sampao Choosri (78yo)

    Independent Director

    • Tenure: 3.8yrs
    • Compensation: ฿2.20m
  • Vitoon Tejatussanasoontorn (78yo)

    Independent Director

    • Tenure: 14.5yrs
    • Compensation: ฿2.35m
  • Phongsarit Tantisuvanitchkul (46yo)

    Member of Executive Board & Executive Director

    • Tenure: 5.4yrs
    • Compensation: ฿2.40m

Company Information

Bangkok Expressway and Metro Public Company Limited's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Bangkok Expressway and Metro Public Company Limited
  • Ticker: B4X
  • Exchange: DB
  • Founded: 1998
  • Industry: Highways and Railtracks
  • Sector: Transportation
  • Market Cap: ฿162.021b
  • Listing Market Cap: ฿4.811b
  • Shares outstanding: 15.29b
  • Website: https://www.bemplc.co.th

Location

  • Bangkok Expressway and Metro Public Company Limited
  • 587 Sutthisarn Road
  • Ratchadaphisek
  • Bangkok
  • 10400
  • Thailand

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BEMSET (The Stock Exchange of Thailand)YesOrdinary SharesTHTHBJan 2016
BEM-RSET (The Stock Exchange of Thailand)THB1(NVDR)THTHBJan 2016
BEM-FTHAMSE (Bangkok-Alien Market Stock Exchange)THB1(ALIEN MARKET)THTHBJan 2016
B4XDB (Deutsche Boerse AG)THB1(ALIEN MARKET)DEEURJan 2016

Biography

Bangkok Expressway and Metro Public Company Limited, together with its subsidiaries, engages in the construction and management of expressways in Thailand. The company operates through Expressway Business, ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 21:36
End of Day Share Price2019/10/23 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.