Airports of Thailand | Asia Pacific Open Skies Ahead

Research evidence excerpt

Airports of Thailand | Asia Pacific Open Skies Ahead

Update

June 24, 2026 11:06 AM GMT

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

Equity Analyst

Open Skies Ahead Mayank.Maheshwari@morganstanley.comRyan M Heng +65 6834-6719

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

Key Takeaways

International passenger traffic surprised positively despite higher fuel prices and

was flattish YoY. YTD international traffic remains ~2% higher YoY.

Domestic traffic saw a ~9% decline in May-26, in line with expectations.

Airports of Thailand (AOT.BK, AOT TB)

ASEAN, India, Japan and the Middle East saw the largest increase in arrivals, while

ASEAN Utilities and Infrastructure | Thailand

Europe declined the most, in line with seasonal trends.

Stock Rating Overweight

Industry View In-Line

AOT's infrastructure story is gaining strength, with the worst impact in passenger Price target Bt75.00

Up/downside to price target (%) 29

traffic likely behind us as fuel costs normalize. We estimate every 0.5mn change in Shr price, close (Jun 23, 2026) Bt58.00

international passenger numbers affects earnings and NAV by 2.2% and 1.3%, 52-Week Range Bt60.50-27.75

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

respectively. Currently trading at 16x FY2027 EV/EBITDA (~1SD below the 10 year Mkt cap, curr (mn) Bt828,571

avg.), with a ~20% ROE and ~25 years left on its concession agreement, we see EV, curr (mn) Bt776,417

Avg daily trading value (mn) Bt1,567.59

valuations as undemanding. Stay OW.

Fiscal Year Ending 09/25 09/26e 09/27e 09/28e

Exhibit 1: International passenger traffic remained rather resilient despite higher EPS (Bt)** 1.28 1.14 1.96 2.07

Prior EPS (Bt)** - - - -

fuel prices, while domestic traffic saw declines Revenue, net (Bt mn) 66,679 62,274 78,809 81,883