On Tuesday at 2:06 PM (Bangkok time), the share price of Bangkok Expressway and Metro Public Company Limited (SET: BEM) dropped by 4.50% or THB 0.25 to THB 5.30, with a trading value of THB 286.90 million.
Phillip Securities (Thailand) stated that due to the collapse of a bridge beam under construction in the Rama 3 expressway project near the Dao Khanong Toll Plaza on the Chalerm Mahanakorn Expressway on the night of March 15, access to the inbound lanes at Dao Khanong has been restricted until the area is cleared—a process expected to take seven days. This incident will temporarily reduce traffic volume on the expressway, which typically sees 30,000 vehicles daily at the Dao Khanong toll.
Additionally, the outbound Dao Khanong lanes, which are toll-free, also suffered structural damage that required repairs anticipated to take 30 days. However, users can divert to the Suksawat toll plaza, indicating that the impact might not be entirely comprehensive. BEM is predicted to experience only short-term impact from this incident.
This year, the company’s expressway business has been affected by the ongoing construction of the Rama 3-Dao Khanong expressway, which is expected to be completed within the year.
The 2nd Stage Expressway, particularly Section C (Pracha Chuen-Chaeng Watthana), which receives traffic from Section C+ (Bang Pa-in-Pak Kret), has also been affected by the road improvements on the Bang Pa-in route, causing inconvenience for users. Consequently, expressway traffic volumes are expected to remain flat or stabilize around 1.1-1.2 million vehicles per day this year.
From January to February 2025, expressway usage averaged 1.11 million vehicles per day, a decrease of 0.7% year-on-year, generating revenue of 25.42 million baht per day, down by 0.9%.
Conversely, the railway business shows strong growth during the period with an average of 472,000 users per day, reflecting an 8.4% increase in usage and a 13.3% increase in revenue to 13.45 million baht. The average fare rose by 4.5%, reaching 28.51 baht compared to the previous 27.28 baht.
In March 2025, despite the school holiday season causing a slowdown in railway usage compared to February, growth remained positive compared to the previous year. Supporting factors include the National Book Fair from March 27 to April 7 and the development of real estate projects such as One Bangkok and Dusit Central Park.
Following these developments, the analyst maintains a ‘Buy’ recommendation for BEM, with a target price of 10.30 baht per share.
