บทวิเคราะห์ (Research)

Generally, BEM’s earnings are strong in 2Q-3Q given the huge dividend income from its associates. Following a rather weak top line in 1Q25, we trimmed our earnings forecasts by 6% to Bt3.9bn in 2025F (+3.5% YoY) and 7.5% to Bt4.1bn in 2026F (+6% YoY). Also, we apply more conservative assumptions for our new SOTP-based target price of Bt8.15 (WACC 6%, terminal growth 0%), from Bt11.20, comprised of Bt6.00 for core business and Bt0.80 for investment in TTW (TTW.BK/TTW TB) and CK Power (CKP.BK/CKP TB)* plus Bt1.35 for the Orange Line. Given upside of around 42% to our target price, we maintain a rating of Outperform.