Airports of Thailand (AOT.BK): Key points from C-Suite Day and Phuket Airport’s site visit

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Airports of Thailand (AOT.BK): Key points from C-Suite Day and Phuket Airport’s site visit

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28 Jun 2026 18:08:51 ET │ 11 pages

Airports of Thailand (AOT.BK)

Key points from C-Suite Day and Phuket Airport’s site visit

CITI’S TAKE

AOT held a C-Suite Day and Phuket Airport’s site visit on Jun 26th. Key

Buy points are (i) Landing and Parking charges’ hike applications have been

Short-Term View: Upside, expires 26-JUL-26 submitted to regulators and consultation process has started. AOT

Price (26 Jun 26 17:00) Bt62.25 reaffirms that runway value was not included in the RAB that was used for

recent PSC hike. While the hike magnitude has not been explicit beyond Target price Bt70.00

CEO believing rates can be doubled over time, the discussion reiterates Expected share price return 12.4%

our view that our 2028E hike by 50% assumption is realistic. (ii) AOT Expected dividend yield 1.6%

charges Bt1,120 PSC to all international outbound passengers from Jun Expected total return 14.1%

20th. However there is a cBt530mn PSC shortfall on tickets sold ahead of Market Cap Bt889,285M

booking systems’ PSC revision date in early March for departure after Jun

US$27,046M 20th. AOT will be compensated on this with a lower rate of PSC collection

fee paid to airlines over c2 years.

(iii) AOT explicitly disclosed that it is in discussions with Emirates and Etihad to Kaseedit ChoonnawatAC

establish secondary hubs in Thailand over next 3 years and beyond as additional hub +66-2-079-3606

traffic drivers beyond home carriers such as Thai Airways. This is to reinforce mid- kaseedit.choonnawat@citi.com

term traffic drivers, aligning with its capacity expansions and capex/RAB growth

Eric Lautrajectory. AOT proactively works with Emirates and Etihad to secure fifth freedom