Bangkok Expressway and Metro Public Company Limited

SET:BEM Stock Report

Market Cap: ฿102.6b

Bangkok Expressway and Metro Valuation

Is BEM undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of BEM when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BEM (THB6.95) is trading above our estimate of fair value (THB0.52)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for BEM?

Key metric: As BEM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for BEM. This is calculated by dividing BEM's market cap by their current earnings.
What is BEM's PE Ratio?
PE Ratio27.6x
Earnings฿3.78b
Market Cap฿102.60b

Price to Earnings Ratio vs Peers

How does BEM's PE Ratio compare to its peers?

The above table shows the PE ratio for BEM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.5x
DMT Don Muang Tollway
12.4x14.2%฿12.5b
BA Bangkok Airways
16.6x11.8%฿46.0b
SAV Samart Aviation Solutions
30.5x13.9%฿12.0b
995 Anhui Expressway
10.4x8.4%HK$24.4b
BEM Bangkok Expressway and Metro
27.6x7.8%฿104.1b

Price-To-Earnings vs Peers: BEM is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the peer average (17.5x).

Price to Earnings Ratio vs Industry

How does BEM's PE Ratio compare vs other companies in the Asian Infrastructure Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BEM 27.6xIndustry Avg. 14.3xNo. of Companies20PE01020304050+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEM is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the Asian Infrastructure industry average (14.3x).

Price to Earnings Ratio vs Fair Ratio

What is BEM's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

BEM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio27.6x
Fair PE Ratio25.5x

Price-To-Earnings vs Fair Ratio: BEM is expensive based on its Price-To-Earnings Ratio (27.6x) compared to the estimated Fair Price-To-Earnings Ratio (25.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst BEM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current฿6.95
฿11.13
+60.2%
7.3%฿12.70฿9.60n/a13
Dec ’25฿7.30
฿11.13
+52.5%
7.3%฿12.70฿9.60n/a13
Nov ’25฿8.00
฿11.21
+40.1%
7.2%฿12.70฿9.60n/a13
Oct ’25฿8.20
฿11.15
+36.0%
6.7%฿12.40฿9.60n/a13
Sep ’25฿7.65
฿11.08
+44.9%
7.6%฿12.40฿9.50n/a13
Aug ’25฿7.75
฿10.96
+41.4%
8.6%฿12.40฿9.10n/a13
Jul ’25฿7.70
฿10.67
+38.5%
8.5%฿12.40฿9.10n/a13
Jun ’25฿7.85
฿10.61
+35.1%
8.0%฿12.40฿9.40n/a12
May ’25฿8.30
฿10.62
+27.9%
8.2%฿12.40฿9.25n/a12
Apr ’25฿8.20
฿10.74
+31.0%
7.5%฿12.40฿9.50n/a11
Mar ’25฿8.05
฿10.74
+33.5%
7.5%฿12.40฿9.50n/a11
Feb ’25฿7.35
฿10.62
+44.4%
7.0%฿12.40฿9.60n/a11
Jan ’25฿7.95
฿10.65
+33.9%
8.4%฿12.40฿9.50n/a12
Dec ’24฿7.85
฿10.67
+36.0%
8.5%฿12.40฿9.50฿7.3012
Nov ’24฿7.90
฿10.87
+37.6%
8.3%฿12.40฿9.50฿8.0012
Oct ’24฿8.30
฿10.94
+31.8%
7.9%฿12.40฿9.50฿8.2012
Sep ’24฿8.70
฿10.77
+23.8%
9.0%฿12.40฿8.90฿7.6513
Aug ’24฿9.10
฿11.58
+27.3%
27.4%฿23.00฿8.90฿7.7515
Jul ’24฿8.55
฿11.57
+35.4%
28.4%฿23.00฿8.90฿7.7014
Jun ’24฿8.05
฿11.57
+43.8%
28.4%฿23.00฿8.90฿7.8514
May ’24฿8.85
฿11.64
+31.5%
28.1%฿23.00฿8.90฿8.3014
Apr ’24฿8.85
฿11.50
+30.0%
28.8%฿23.00฿8.90฿8.2014
Mar ’24฿9.35
฿10.99
+17.6%
10.6%฿14.00฿8.90฿8.0514
Feb ’24฿9.80
฿11.04
+12.7%
10.2%฿14.00฿8.90฿7.3514
Jan ’24฿9.80
฿10.93
+11.5%
10.6%฿14.00฿8.90฿7.9514
Dec ’23฿9.25
฿10.82
+17.0%
11.1%฿14.00฿8.90฿7.8514

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/23 13:58
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Bangkok Expressway and Metro Public Company Limited is covered by 23 analysts. 12 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Kawee ManitsupavongAsia Plus Securities Company Limited
Somkij OranchatchawanBNP Paribas Securities (Asia)
Pontip Kangvanpanich KozakBofA Global Research