บทวิเคราะห์ (Research)

BTS : BMA is willing to pay more on O&M We reiterate a Buy rating with the same SOTP-derived TP to Bt6.49. The turnaround story is going on especially on the cash flow side. BMA indicated that it is ready to pay BTS for operating green line extensions both north and south on O&M agreement. This includes unpaid O&M during June 2021-October 2022 and current operations. If this proves to be the case, BTS can use this proceed to pay down debts and net debt to equity will go down to 2.3x from 2.8x.