Airports of Thailand: In Line; Fuel Headwinds

Research evidence excerpt

Airports of Thailand: In Line; Fuel Headwinds

Update

May 14, 2026 02:35 PM GMT

Morgan Stanley Asia (Singapore) Pte.+MAirports of Thailand | Asia Pacific Mayank Maheshwari

Equity Analyst

In Line; Fuel Headwinds Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

Research Associate

Ryan.Heng@morganstanley.com +65 6834-6465

Reaction to earnings Vivek Rajamani

Unchanged In-line Modest revision lower Vivek.Rajamani@morganstanley.com +65 6834-6740

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Morgan Stanley India Company Private Limited+

Source: Company data, Morgan Stanley Research Pranitha Shetty

Pranitha.Shetty@morganstanley.com +91 22 6118-3022

Key Takeaways Hinal Choudhary

Core earnings of Bt5.8bn Is in line with MSe with ~Bt5.6bn of duty-free revenue Hinal.Choudhary@morganstanley.com +91 22 6118-2044

and receivables collected in F2Q26, reducing total receivables to Bt16bn.

Airports of Thailand (AOT.BK, AOT TB)

International passenger traffic was strong in F2Q26, up 4% YoY to 10.3mn pax; ASEAN Utilities and Infrastructure | Thailand

however, we see a slowdown in the coming months as ticket prices rise. Stock Rating Overweight

Industry View In-Line

Opex was 4% higher QoQ on higher salary and outsourcing expenses while utility Price target Bt75.00

costs remained flattish. Up/downside to price target (%) 41

Shr price, close (May 14, 2026) Bt53.25

Core FCF was ~Bt10bn before dividend payments, maintaining net cash of Bt17bn. 52-Week Range Bt59.00-26.75

Sh out, dil, curr (mn) 14,286

Apr-26 traffic slowed more than expected at 2.9mn pax (+1.4% YoY) despite Mkt cap, curr (mn) Bt760,714

EV, curr (mn) Bt708,560

Songkran festivities. We see further challenges as jet fuel prices remain high.