Airports of Thailand: Potential impact of medium-term catalysts

Research evidence excerpt

Airports of Thailand: Potential impact of medium-term catalysts

Global Research

16 July 2026ab

Airports of Thailand Equities

ThailandPotential impact of medium-term catalysts

Transportation Services

12-month rating Neutral

Incremental EPS uplift increasingly reflected; focus to shift to demand

The share price has risen steadily since mid-May, albeit with fluctuations due to the 12m price target Bt58.00

Middle East conflict. We believe this has been driven by growing investor confidence in

management and a more positive view of the company’s strategic direction. However,

Price (16 Jul 2026) Bt64.25

we think underlying fundamentals are broadly unchanged with incremental earnings

upside in the next 15 months if AOT secures changes to its landing and parking charges. RIC: AOT.BK BBG: AOT TB

We estimate that could provide 4-6% upside to consensus FY28F EPS if the adjustment

Trading data and key metrics

is reflected. This also suggests that the recent share price performance reflects this with

52-wk range Bt64.75-36.00

an 8% rally over the past month. With this increasingly priced in, we expect investor

focus should shift to the next earnings drivers. Over the next six months, we expect Market cap. Bt918b/US$27.3b

attention to centre on international arrival trends, particularly as several government Shares o/s 14,286m (ORD)

agencies have revised up their 2026 forecasts, and on the evolution of AOT’s capex Free float 30%

plans where the more phased investment has contributed to recent upgrades in Avg. daily volume ('000) 31,210

consensus price targets. While discussion about the introduction of a Transit and Avg. daily value (m) Bt1,797.8

Transfer (T&T) passenger service charge should continue, we believe implementation Common s/h equity (09/26E) Bt138b