บทวิเคราะห์ (Research)

BEM : Nothing new We maintain a BUY rating and Bt10.4 TP for BEM. The share price has corrected over the last two months and underperformed the SET, suggesting the market has priced-in weaker earnings in 2025 and a delay in signing the contract for the double-deck toll road project. Our sensitivity analysis suggests a 1% drop in toll road traffic (from base case) would reduce FY25F earnings by 1.5%. we have not included the double-deck project in our earnings model, so we still expect BEM to deliver earnings growth next year, following 11% yoy growth in FY24F.