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Revenue (Bt mn) Gross profit (Bt mn) EBIT (Bt mn) Net profit (Bt mn) EPS (Bt) DPS (Bt) EPS growth (%) P/E (x) P/B (x) EV/EBITDA (x) Net Debt to Equity (%) Dividend Yield (%) Return on Avg. Equity (%) 8
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Dec-14A 11,203 4,665 4,404 2,745 0.18 0.09 (37.6) 28.7 2.7 14.9 106.1 1.7 9.3
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Before connection of Tao-Poon station After connection of Tao-Poon station 30,000 75,000 30 30 108,000,000 742,500,000
Blue line extension** No. of passengers (people) Avg. fare/ridership (Bt) Additional revenue per year (Bt) **Bang Sue-Tha Phra & Hua Lamphong-Bang Kae 8
Initial stage 120,000 29 1,148,400,000
Normal stage 300,000 29 2,871,000,000
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2015F
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(Btmn) Operating revenue Other income Total revenue Operating expenses EBITDA Financial cost Corporate tax Cash profit Depreciation & amortization Exceptional items Share of income from investment in associate Profit for the period Profit attributable to BEM Core profit 8
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2015F 11,786 151 11,937 (1,197) 10,739 (1,408) (1,069) 8,262 (6,658) 1,373 601 3,578 3,506 2,408
2016F 12,447 158 12,605 (1,240) 11,364 (1,380) (766) 9,218 (6,813) 661 3,066 3,004 3,004
2017F 13,712 166 13,878 (1,356) 12,523 (1,353) (862) 10,308 (7,587) 727 3,448 3,379 3,379
2018F 14,565 175 14,740 (1,438) 13,302 (1,326) (935) 11,041 (8,101) 800 3,741 3,666 3,666
2019F 15,477 183 15,661 (1,525) 14,136 (1,299) (1,013) 11,824 (8,653) 880 4,051 3,970 3,970
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As of 31 Dec (Bt mn) Total Assets Current Assets Cash & ST Investments Accounts Receivable Others Non-current Assets LT Investments Net fixed Assets Others Total Liabilities Current Liabilities Accounts Payable ST Borrowings Others Long-term Liabilities Long-term Debts Others Shareholders' Equity Common Stock Capital Surplus Retained Earnings Others
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2014 73,430 8,429 8,129 102 198 65,001 9,714 17,432 37,855 43,817 9,637 1,983 5,354 2,300 34,180 28,678 5,502 29,612 15,285 5,817 7,588 923
2015F 76,738 8,899 8,569 122 209 67,838 9,714 18,301 39,824 44,195 9,453 2,478 5,307 1,668 34,742 28,965 5,777 32,543 15,285 5,817 8,990 2,450
2016F 81,729 11,106 10,743 143 220 70,623 9,714 18,853 42,057 44,794 9,632 2,974 5,253 1,405 35,162 29,255 5,908 36,935 15,285 5,817 10,192 5,641
2017F 87,066 13,336 12,939 164 234 73,730 9,714 19,422 44,594 45,647 9,878 3,420 5,235 1,223 35,769 29,547 6,222 41,419 15,285 5,817 11,538 8,779
Year to 31 Dec (Bt mn) Sales Cost of Goods Sold Gross Profit Operating Expenses Operating Profit Net Interest Net other Non-op. Income/(Loss)
2014
2015F
2016F
6.0 15.5 7.8 (37.6) (37.6)
5.2 23.9 15.8 27.8 27.8
5.6 (16.6) (9.2) (14.3) (14.3)
10.2 8.4 7.1 12.5 12.5
39.4 36.1 62.9 41.6 6.4 15.6
41.6 39.3 63.9 24.5 3.7 9.3
41.7 46.3 70.3 29.8 4.6 10.8
43.6 36.6 60.5 24.1 3.7 8.1
44.0 36.9 60.6 24.6 3.9 8.2
109.5 107.4 91.3 0.6 1.0 0.3 1.0 1.0 30,198
114.9 106.1 1.9 0.6 4.0 0.8 0.9 0.9 31,406
105.3 96.4 3.1 0.8 4.1 0.9 0.8 0.8 31,358
93.4 80.0 3.9 0.7 4.4 0.9 0.9 0.9 29,530
84.3 71.8 3.3 0.7 5.2 1.1 0.9 0.9 29,623
0.3 0.5 1.8 0.7 0.4 0.1
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0.2 3.8
0.2 4.2
0.2 4.4
2015F
2016F
2017F
11,786
12,447
13,712
(6,402)
(6,538)
(6,866)
(7,021)
(7,805)
4,166
4,665
4,920
5,426
5,907
(853)
(942)
(990)
(1,033)
(1,138)
3,313
3,723
3,930
4,393
4,769
(2,029)
(1,437)
(1,408)
(1,380)
(1,353) 166
499
680
1,524
158
546
601
661
727
Pretax Income
1,783
2,966
4,046
3,171
3,582
(467)
(702)
(1,069)
(766)
(862)
Net Profit
4,399
2,745
3,506
3,004
3,379
EBITDA
6,642
7,157
8,290
7,529
8,062
EPS (Bt)
0.29
0.18
0.23
0.20
0.22
2017F
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2013
2014
2015F
2016F
Operating Cash Flow
1,930
5,729
5,733
6,038
6,990
4,864
3,513
3,506
3,004
3,379
Net Profit Depreciation & Amortization
2,830
2,754
2,836
2,978
3,127
Change in Working Capital
(3,293)
(315)
(45)
221
423
Others
(2,471)
(223)
(564)
(165)
61
(2,717)
(7,309)
(991)
(2,552)
(4,400)
Net CAPEX
(5,281)
(11,553)
(869)
(552)
(569)
Change in LT Investment
(2,600)
(400)
0
0
0
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5,164
4,644
(123)
(2,000)
(3,831)
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(787)
(1,580)
4,742
3,486
2,589
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3,875
1,471
(776)
(1,291)
(1,747)
2017F
N.A. N.A. N.A. N.A. N.A.
2014 11,203
3,106
Investment Cash Flow
2013
2013 10,568
Net Extraordinaries Income Taxes
8
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(3,458)
2,780
(168)
(159)
(151)
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(1,217)
(1,309)
(609)
(1,132)
(1,596)
3,089
(109)
3,966
2,195
842
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