Bangkok Airways: Samui demand recovered faster than expected

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Bangkok Airways: Samui demand recovered faster than expected

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Bangkok Airways

Samui demand recovered faster than

expected

Maintain Rating: BUY | PO: 19.00 THB | Price: 14.20 THB

Slightly positive feedback from analyst meeting 21 May 2026

BA report a positive 1Q core profit surprise of Bt1.9bn, growing 14% YoY, hitting a Equity

quarterly record high and beating our estimate by 12%. The analyst meeting revealed

that there were some ticket cancellations in March, but the situation has returned to Teerapol Udomvej, CFA ^^^ Research Analyst

normal by the end of April. April and May passenger volume trend was relatively Kiatnakin Phatra Securities

unchanged YoY. June-September forward bookings increased by 1% YoY, driven by the +66teerapol.udom@kkpfg.com2 305-9216

Samui route, which grew by 5% YoY. However, both domestic and international routes

still declined YoY overall. BA noted that European tourist demand has recovered since

the end of April and continues to show strong momentum during July-August, which is

Stock Datathe peak summer travel season for European tourists visiting Thailand.

Price 14.20 THB

Samui passenger growth resumed in May Price Objective 19.00 THB

After 1Q26, BA still has 25-26% of its jet fuel consumption hedged for 2Q-4Q26 at an Date Established 6-May-2026

average jet fuel price of US$80 per barrel. BA has reduced 2Q26 flight capacity by 8- Investment Opinion B-1-8

10% compared to 1Q26 and is trying to use more ATR72-600 aircraft instead of Airbus 52-Week Range 10.60 THB-18.90 THB

aircraft due to lower fuel consumption. BA has also raised average ticket fares by Bt100- Mrkt Val / Shares Out (mn) 902 USD / 2,074.3

500 depending on the route, equivalent to an increase of around 2-12% compared with Market Value (mn) 29,455 THB