Fact based stock research
Bangkok Expressway and Metro (SET:BEM)

TH6999010007

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Bangkok Expressway and Metro stock research in summary

bemplc.co.th

ANALYSIS: With an Obermatt Combined Rank of 6 (worse than 94% compared with investment alternatives), Bangkok Expressway and Metro (Highways & Railtracks, Thailand) shares have lower financial characteristics compared with similar stocks. Shares of Bangkok Expressway and Metro are low in value (priced high) with a consolidated Value Rank of 33 (worse than 67% of alternatives), show below-average growth (Growth Rank of 27), and are riskily financed (Safety Rank of 11), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 6, is a sell recommendation based on Bangkok Expressway and Metro's financial characteristics. As the company Bangkok Expressway and Metro's key financial metrics all exhibit below-average performance, such as low value (Obermatt Value Rank of 33), low growth (Obermatt Growth Rank of 27), and risky financing practices (Obermatt Safety Rank of 11), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. Such poor financial performance sometimes indicates that the company's business is all concentrated in some distant future. This is sometimes the case for high-tech or biotechnology companies. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and risky today. In such cases, the Obermatt Method has limited value as it is based on facts we can observe today. If the facts are all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that should only amount to a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	33
Growth Rank	27
Safety Rank	11
Combined Rank	6

Country	Thailand
Industry	Highways & Railtracks
Index	SET
Size class	Small

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

Why popular stocks have low ratings

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Bangkok Expressway and Metro

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	19	13	29	33
GROWTH
GROWTH	29	69	9	27
SAFETY
SAFETY	22	14	10	11
SENTIMENT
SENTIMENT	66	85	97	^new
360° VIEW
360° VIEW	13	32	18	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Bangkok Expressway and Metro is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	19	13	29	33
GROWTH
GROWTH	29	69	9	27
SAFETY
SAFETY	22	14	10	11
COMBINED
COMBINED	4	16	1	6

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Bangkok Expressway and Metro the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 33 (worse than 67% compared with alternatives), Bangkok Expressway and Metro shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators, with three out of four indicators below average for Bangkok Expressway and Metro. Only the metric dividend yield has an above-average rank, reflecting that dividend practices are expected to be higher than 55% of comparable companies, making the stock an attractive buy for dividend investors. However, dividend investors may get disappointed because all other critical financial indicators are below the market median: Price-to-Sales is 9 which means that the stock price compared with what market professionals expect for future profits is higher than 91% of comparable companies, indicating a low value concerning Bangkok Expressway and Metro's sales levels. The same is valid for Price-to-Profit (also referred to as price-earnings, P/E) with a rank of 31 which means that the stock price compared with what market professionals expect for future profit levels is higher than 69% of comparable companies. In addition, Price-to-Book (also referred to as market-to-book ratio) with a Price-to-Book Rank of 43 is also low. Compared with invested capital, the stock price is higher than for 57% of comparable investments. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 33, is a hold recommendation based on Bangkok Expressway and Metro's stock price compared with the company's operational size and dividend yields. Should dividend investors pick Bangkok Expressway and Metro? The company-reported financials speak against it. The company is expensive compared with revenue and invested capital levels, two reliable company size indicators. In addition, it currently has a low level of profits. How can future dividends be paid in the case that profits remain low? Dividend investors should choose Bangkok Expressway and Metro only if they reasonably expect the low current profit levels to be transitory. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	7	9	15	9
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	16	18	22	31
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	37	22	36	43
DIVIDEND YIELD
DIVIDEND YIELD	36	33	42	55
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	19	13	29	33

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Bangkok Expressway and Metro; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 27 (better than 27% compared with alternatives), Bangkok Expressway and Metro shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for Bangkok Expressway and Metro. Only Capital Growth has a good rank of 98, which means that currently professionals expect the company to grow its invested capital more than 37% of its competitors. The other three indicators are pointing South: Sales Growth has a rank of 28 which means that currently professionals expect the company to grow less than 72% of its competitors. Profit Growth with a rank of 37 and Stock Returns with a rank of 13 are also low (below 87% of alternative investments). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 27, is a hold recommendation for growth and momentum investors. The good news from the invested capital side is surprising. A company with disappointing revenues, profits, and disappointed shareholders typically doesn't invest above average. Overall, the growth momentum for Bangkok Expressway and Metro is thus negative. As it is intriguing to see that company executives are optimistic about their investment policy, it is worthwhile looking into the details of the capital investment projects. They may indicate future growth and profits and thus if accompanied by a good value, a sign of good timing to invest in the stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	81	73	21	28
PROFIT GROWTH
PROFIT GROWTH	6	76	62	37
CAPITAL GROWTH
CAPITAL GROWTH	21	58	18	98
STOCK RETURNS
STOCK RETURNS	49	19	23	13
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	29	69	9	27

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Bangkok Expressway and Metro.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 11 (better than 11% compared with alternatives), the company Bangkok Expressway and Metro has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of Bangkok Expressway and Metro is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for Bangkok Expressway and Metro. Liquidity is at 59, meaning the company generates more profit to service its debt than 59% of its competitors. This indicates that the company is safer when it comes to debt service. But Refinancing is riskier at a rank of 9, which means that the portion of the debt that is about to be refinanced is above average. It has more debt in the refinancing stage than 91% of its competitors. Leverage is also high at a rank of 14, which means that the company has an above-average debt-to-equity ratio. It has more debt than 86% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 11 (worse than 89% compared with alternatives), Bangkok Expressway and Metro has a financing structure that is significantly riskier than that of its competitors. High Leverage (a low Obermatt Leverage Rank) is good in good times, because it usually indicates that shareholders get higher returns. The good Liquidity performance of the company is an indicator that this is the case. However, if you expect an economic downturn, you may stay clear of this stock because they have an above-average debt level that needs refinancing soon. If the company is sailing with good winds, as may be visible from the Growth and Sentiment performance, the refinancing risk may be lower than the low Refinancing rank suggests. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	24	24	23	14
REFINANCING
REFINANCING	31	17	10	9
LIQUIDITY
LIQUIDITY	28	28	45	59
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	22	14	10	11

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Bangkok Expressway and Metro and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	62	91	^new
OPINIONS CHANGE
OPINIONS CHANGE	40	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	53	58	62	^new
MARKET PULSE
MARKET PULSE	91	100	100	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	66	85	97	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Bangkok Expressway and Metro.
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