Airports of Thailand: Expansion plans intact despite conservative near-term traffic outlook

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Airports of Thailand: Expansion plans intact despite conservative near-term traffic outlook

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Airports of Thailand

Expansion plans intact despite

conservative near-term traffic outlook

Reiterate Rating: NEUTRAL | PO: 63.00 THB | Price: 62.25 THB

Site visit at Phuket Airport; Phuket Airport expansion 29 June 2026

AOT hosted a site visit to Phuket Airport. Phuket Airport has an annual passenger Equity

capacity of 12 million passengers (MAP) but handled 17.3 million passengers in FY25. To

Teerapol Udomvej, CFA ^^^

address the capacity constraint, AOT has launched Phase 2 expansion to increase Research Analyst

capacity to 18 MAP. The project consists of two parts: (1) relocating the localizer, a radio Kiatnakin Phatra Securities teerapol.udom@kkpfg.com

navigation antenna that guides aircraft to the runway centerline, which will increase

flight capacity from 25 to 30 flights per hour; and (2) constructing a new passenger

terminal. The project is expected to be completed by 2031.

Stock Data

Six-airport expansion plan Price 62.25 THB

Management also reiterated its plan to increase the combined capacity of its six airports Price Objective 63.00 THB

from 116 MAP to 211 MAP. The key project is the East Expansion of Suvarnabhumi Date Established 11-Jun-2026

Airport, which will increase capacity from 60 MAP to 70 MAP. The project is currently Investment Opinion B-2-8

awaiting final Cabinet approval and is scheduled for construction during 2027-2031. In 52-Week Range 29.50 THB-62.50 THB

addition, the South Terminal project will increase Suvarnabhumi's long-term capacity to Mrkt Val / Shares Out (mn) 26,649 USD / 14,285.7

120 MAP by 2039. Market Value (mn) 889,285 THB

Conservative passenger outlook Average Daily Value (mn) 62.32 USD Free Float 27.0%