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Bangkok Expressway and Metro Public Company Limited

Bangkok Expressway and Metro Public Company Limited

BKKXF
Bangkok Expressway and Metro Public Company LimitedUS flagOther OTC
0.30
USD
- -
- -
4.26BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.29
4.16
1.83
0.86
0.99
1.03
1.07
0.85
0.74
0.92
1.08
1.13
1.12
1.15
Basic EPS, GAAP
-0.09
1.02
0.41
0.17
0.2
0.35
0.36
0.13
0.07
0.16
0.23
0.25
0.25
0.26
Free Cash Flow per Basic Share
-0.4
1.87
0.62
0.21
-0.06
-0.13
0.06
0.14
0.12
0.34
0.38
-0.76
-1.37
-1.41
Dividend per Share
- -
0.48
0.3
0.12
0.12
0.13
0.15
0.09
0.11
0.08
0.12
0.14
0.15
0.15
Book Value per Share
2.36
8.07
3.51
1.51
1.59
1.8
2.01
1.96
2.11
2.08
2.22
2.17
2.26
2.32
Tangible Book Value per Share
-2.36
-5.86
-1.53
-2
-2.27
-2.38
-2.42
-2.48
-2.79
-2.66
-2.6
-3.1
-3.59
-3.7
Basic Weighted Avg Shares
8,620
2,703
6,427
15,285
15,285
15,192
15,097
15,778
14,430
15,226
15,125
15,072
15,123
14,708
Sales/Revenue/Turnover
2,528
11,234
11,738
13,104
15,153
15,614
16,107
13,489
10,727
14,029
16,374
17,004
16,916
16,916
Operating Margin (%)
18.74
33.42
30.06
31.48
31.69
28.67
27.69
27.55
24.03
37.03
40.22
41.22
40.59
40.59
Depreciation Expense
371
3,144
3,271
3,423
3,545
3,867
4,026
1,858
1,129
1,589
1,968
2,099
2,319
2,319
Net Income, GAAP
-767
2,745
2,650
2,606
3,123
5,317
5,435
2,051
1,010
2,436
3,479
3,768
3,781
3,781
Effective Tax Rate (%)
- -
19.99
21.07
17.73
18.12
18.22
24.35
15.67
11.7
14.03
17.48
17.75
17.61
17.61
Profit Margin (%)
-30.36
24.43
22.57
19.89
20.61
34.05
33.74
15.21
9.42
17.36
21.24
22.16
22.35
22.35
Working Capital
-3,094
-4,612
-21,445
-338
-5,303
-10,390
-6,981
-8,690
-6,105
-6,526
-10,319
-13,932
-17,677
-17,677
LT Debt
26,462
28,474
17,329
40,120
53,972
51,544
57,416
57,769
62,759
60,872
55,121
72,377
75,864
75,864
Total Equity
24,714
26,209
29,130
29,783
31,179
35,612
38,823
38,034
37,699
37,264
37,664
36,560
37,003
37,003
Return on Invested Capital (%)
- -
5.23
4.31
4.65
4.64
3.83
3.31
2.95
2.1
4.11
5.08
5.01
4.14
4.14
Return on Capital (%)
- -
7.23
6.99
5.69
5.68
7.76
7.16
3.87
2.89
4.35
5.3
5.18
4.23
4.23
Return on Common Equity (%)
-3.82
13.01
11.95
11.43
13.21
20.59
18.82
6.7
3.29
7.83
10.66
11.37
11.3
11.3

Capital Structure

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
ST Debt
20,459
38,837
36,565
LT Borrowings
77,761
64,889
75,791
LT Finance Leases
68
73
73
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14,978
14,978
14,978
Market Capitalization
143,865
144,166
140,073

Working Capital

FRC

•

in mil. unless spec.
Jun'25
Sep'25
Dec'25
Total Current Assets
4,809
24,514
24,656
Cash, Cash Equivalents & STI
1,916
2,061
2,327
Accounts Receivable, Net
736
647
597
Inventories
- -
- -
- -
Total Current Liabilities
24,985
44,414
42,334
Payables & Accruals
3,853
4,977
5,038
ST Debt
20,459
38,837
36,565
Deferred Revenue
244
238
233

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.55%
-0.53%
1.21%
Free Cash Flow
-2.87%
-5.18%
80.23%
Net Income, GAAP
17.03%
28.38%
0.34%
Sales/Revenue/Turnover
4.76%
6.07%
-0.52%
Total Cash Common Dividend
- -
12.55%
5.13%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
4,099
3,908
4,182
4,186
16,374
2024
4,249
4,023
4,365
4,366
17,004
2025
4,259
3,997
4,319
4,342
16,916

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
0.05
0.06
0.06
- -
0.23
2024
0.06
0.07
0.07
- -
0.25
2025
0.06
0.07
0.07
- -
0.25

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
0.12
- -
- -
0.12
2024
- -
0.15
- -
- -
0.14
2025
- -
0.16
- -
- -
0.15

Company Description

APIChat
CEO
Plew Trivisvavet
Full Time Employees
3,879
Sector
Industrials
Industry
Railroads
Address
587 Sutthisarn Road Bangkok Thailand 10400
IPO Date
Dec 9, 2020
Website
bemplc.co.th
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Business
Bangkok Expressway and Metro Public Company Limited (BEM) operates as a leading public transportation provider in Thailand, focusing on the construction, management, and operation of expressways and mass rapid transit systems in Bangkok. The company manages key expressway networks including the Si Rat Expressway, Si Rat - Outer Ring Road Expressway, and Udon Ratthaya Expressway under concession agreements; operates the MRT Blue Line and MRT Purple Line; and prepares for the operation of the MRT Orange Line upon its completion, alongside commercial developments such as retail spaces, advertising media, and telecommunication services within stations and along expressways. Founded in 1998 through predecessors and formed via merger in 2015, BEM is headquartered in Bangkok, Thailand, and lists on the Stock Exchange of Thailand with primary operations concentrated in the Bangkok metropolitan area. In recent developments, BEM commences civil works under the MRT Orange Line West section concession from the third quarter of 2024, securing subsidies from the Mass Rapid Transit Authority of Thailand (MRTA) and recording receivables of approximately THB 5,989 million for the first half of 2025; pursues extension of Second Stage Expressway and Bang Pa-in–Pak Kret Expressway concessions through a proposed THB 35 billion Double Deck elevated expressway project (Ngamwongwan–Rama IX), including toll reductions to THB 50 and adjusted revenue shares with the Expressway Authority of Thailand, with contract signing anticipated by December 2025. The company anticipates record 3Q25 profits surpassing THB 1,067 million from the prior year, driven by metro ridership growth and expressway expansions, while positioning for bids on intercity projects like M5 (Rangsit–Bang Pa-in) and M9 (Bang Khun Thian–Bang Bua Thong), and potential operation of the Purple Line southern extension (Tao Poon–Rat Burana) by early 2026.