2Q21 Results Preview: Hampered By New Wave Of COVID-19 Infections
We expect BEM’s 2Q21 results to be flat yoy, similar to 2Q20 when the first wave of COVID-19 infections occurred, since traffic volume and ridership have also plunged from the recent wave of COVID-19 cases. This poor performance should continue in 3Q21 and possibly reach a bottom. Nevertheless, most of the negative factors have been reflected in BEM’s declining share price, and thus we see it as a long-term accumulation opportunity for the subsequent economic reopening. Maintain BUY. Target price: Bt9.30.