Company Coverage
Airports of Thailand (AOT TB): Expect Weak 3QFY26 Earnings But Strong Outlook Awaits
BUY (Maintained)
Current price:
Target price:
Upside:
Bt64.00
Bt80.00
+25.0%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- We expect AOT to report 3QFY26 net profit of Bt3.2b (-17.3% yoy, -44.1% qoq), reflecting a drop in concession fee and weakened passenger volume caused by the war.
- We are starting to see a mom improvement in passenger arrivals in Jul 26 as airfares are starting to normalise and jet fuel prices have dropped in Jun 26.
We are optimistic about AOT’s growth outlook as there are several events in 2H26 that will provide a tourist traffic boost with the new PSC rate. Maintain BUY with a target price of Bt80.00.
Analysis
Earnings contraction expected in 3QFY26. Airports of Thailand (AOT) should report earnings of Bt3.2b (-17.3% yoy, -44.1% qoq) in 3QFY26. The yoy earnings contraction should be mainly due to the yoy drop in the concession revenue and the yoy drop in passengers due to the impact from
the war. The top-line should be at Bt14.4b (-5.9% yoy, -21.7% qoq) with the reduction of concession revenue due to the new agreement with King PowerDuty Free (KPD). Operational statistics weakened yoy in 3QFY26 due to the high airfare caused by the surging fuel cost of airlines. International passengervolume dropped by 1.4% yoy, and domestic passenger volume dropped by7.2% yoy, resulting in a 3.7% yoy decline in total passengers. Total flights also declined by 4.6% yoy. The margins should still fall by around 1.0 ppts yoy.
Highlights
- We expect AOT to report 3QFY26 net profit of Bt3.2b (-17.3% yoy, -44.1% qoq), reflecting a drop in concession fee and weakened passenger volume caused by the war.
- We are starting to see a mom improvement in passenger arrivals in Jul 26 as airfares are starting to normalise and jet fuel prices have dropped in Jun 26.
We are optimistic about AOT’s growth outlook as there are several events in 2H26 that will provide a tourist traffic boost with the new PSC rate. Maintain BUY with a target price of Bt80.00.
Analysis
Earnings contraction expected in 3QFY26. Airports of Thailand (AOT) should report earnings of Bt3.2b (-17.3% yoy, -44.1% qoq) in 3QFY26. The yoy earnings contraction should be mainly due to the yoy drop in the concession revenue and the yoy drop in passengers due to the impact from
the war. The top-line should be at Bt14.4b (-5.9% yoy, -21.7% qoq) with the reduction of concession revenue due to the new agreement with King PowerDuty Free (KPD). Operational statistics weakened yoy in 3QFY26 due to the high airfare caused by the surging fuel cost of airlines. International passengervolume dropped by 1.4% yoy, and domestic passenger volume dropped by7.2% yoy, resulting in a 3.7% yoy decline in total passengers. Total flights also declined by 4.6% yoy. The margins should still fall by around 1.0 ppts yoy.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt64.00
Bt80.00
+25.0%
Analyst
Analyst
Nonpawit Vathanadachakul
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