Stock

Bangkok Expressway and Metro Public Company Limited

BEM.BK

Railroads · Industrials

Price

6.65 THB

-0.10 (-1.48%)

Market Cap

99.60B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Sep 10, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Mixed

Dividends

Strong

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Share count falling — buybacks

−2.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 15.29B (2021) → 14.98B (2025)

§Winston Score History

The full picture

Bangkok Expressway and Metro Public Company Limited (BEM) is a Thai infrastructure firm primarily focused on developing and overseeing the country's expressway network and urban mass transit rail systems. The company's operations are divided into three core segments: its Expressway Business, Rail Business, and Commercial Development Business. BEM not only runs metro services but also pursues commercial opportunities associated with its extensive expressway and metro infrastructure. Its responsibilities include the management of significant expressways such as the Si Rat, Si Rat - Outer Ring Road, and Udon Ratthaya Expressways, as well as the M.R.T. Chaloem Ratchamongkhon and MRT Chalong Ratchadham Lines. Additionally, BEM generates revenue through leasing retail spaces, offering advertising services, and providing maintenance for telecommunication systems located within its metro stations. Established in 1998, the company's headquarters are situated in Bangkok, Thailand.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-3.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Cash Runway

~2 years

33.7B THB cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

33.7B THB cash & investments at current burn rate

Revenue declining

Bangkok Expressway and Metro Public Company Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

41.8%

Healthy — 41.8% gross margin

Profit after running costs

Operating Margin

33.8%

Excellent — 33.8% operating margin

Return on the money invested

ROCE

3.9%

Weak — 3.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

-0.4%

Shrinking sales (-0.4% YoY)

Profit growth

EPS YoY

-2.2%

Earnings shrinking (-2.2% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

-498%

Weak — only -498% of profit becomes cash

Spare cash per sale

FCF Margin

-171.7%

Burning cash (-171.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

3.42

Heavy debt load (3.42)

Covers its interest

Interest Cover

2.94x

Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

26.4x

Growth-priced — P/E 26.4

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+0.9

GROWING

Earnings roughly flat

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Dividends

Dividend

Dividend Yield

2.26%

Moderate income — 2.26% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+69.7%

Dividend growing fast (69.7% YoY)

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