Airports Of Thailand PCL

Four national business leaders — Siam Cement Group, Indorama Ventures, Airports of Thailand, and Bangkok Bank — said at Thailand Focus 2026 that the global geopolitical crisis is pushing Thailand to become ASEAN's trade, investment, and technology hub, with investment flowing steadily into data centers, biotechnology, and the green economy. They recommended that the public and private sectors accelerate regulatory improvements, expand FTAs, and adopt advanced technologies to achieve sustainable growth and guard against a flood of cheap Chinese goods. Thammasak Sethaudom of Siam Cement said the relocation of production bases to Thailand is a long-term structural change. Aloke Lohia of Indorama Ventures noted that Thailand has a strong manufacturing ecosystem and can become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Paweena Chariyathitiphong of Airports of Thailand said the company holds a 95% share of domestic air passenger traffic and is negotiating new direct routes to North America. Kobsak Pootrakool of Bangkok Bank said foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards within two years.

Four major listed companies stated that Thailand is benefiting from trade wars and global geopolitical issues, leading to continuous investment inflows and supporting the country's emergence as a regional economic hub. Mr. Thammasak Sethaudom, President of Siam Cement Public Company Limited (SCC), said that investment is not only concentrated in data center businesses but also includes biotechnology, carbon reduction technology, and green circular economy. The Thai government is driving new economic engines through four special subcommittees to improve laws, reduce restrictions, expand free trade frameworks, and develop human capital skills, with the expectation of making Thailand an economic hub within 5-10 years. Meanwhile, Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited (IVL), stated that the world is placing more importance on supply chain resilience, and Thailand has a strong trade and manufacturing ecosystem, as well as the potential to become a capital market hub for the CLMV countries, which have a combined population of over 250 million. Ms. Paweena Jariyathitipong, Director of Airports of Thailand Public Company Limited (AOT), said that Thai airports have adapted well to crises, such as increasing passengers from China and Japan by over 30%, and flights from the Middle East have now returned to 100% service. Dr. Kobsak Pootrakool, Executive Vice President of Bangkok Bank Public Company Limited (BBL), stated that foreign investment promotion applications have surged to record levels, and Thailand has become the world's fifth-largest producer of printed circuit boards (PCBs). He also recommended that Thai businesses accelerate investment in technology upgrades and scale expansion to remain competitive.

Kasikorn Securities said the government is preparing to launch the Thai Teaw Thai Plus programme on 1 October to stimulate domestic tourism, targeting total tourism revenue of 3 trillion baht within four years. For 2026, revenue is expected to be close to the previous year at 2.7 trillion baht, with around 33 million foreign tourists, while moving towards high-value tourism and using data and artificial intelligence to upgrade marketing. The research team views this as positive for tourism, hotel, airline, airport and retail sectors, especially Airports of Thailand, Central Plaza Hotel, The Erawan Group, Minor International and Asset World Corporation, if the measures help stimulate domestic travel and spending in the fourth quarter of 2026 as expected.

Bualuang Securities analyzed third-quarter 2026 profit trends, saying overall net profit and core profit are likely to expand compared with the same period last year, but are expected to slow from the previous quarter. Key support comes from Brent crude oil prices rising an average of 28 percent year on year, Singapore GRM refining margins surging 434 percent year on year, and wider petrochemical spreads for both HDPE and PET in the West, along with momentum from mobile and internet service revenue, electronics demand tied to the AI and data center cycle, and the recognition of new production capacity and overseas power plant profits at GULF. At the same time, higher jet fuel costs are pressuring airlines, and narrowing interest margins are weighing on the banking sector. Groups whose core profit grew year on year were led by energy, petrochemicals, construction materials, electronics, communications, and retail. Groups whose core profit fell year on year were led by transport and banking. Bualuang Securities recommends a selective investment strategy focused on stocks whose third-quarter profit trends are still expected to grow strongly, have not seen sharp profit downgrades over the past three months, and have clear positive factors supporting recovery. These include KCE, CBG, ITC, BH, BDMS, AOT, CENTEL, and GPSC.

The Mass Rapid Transit Authority of Thailand, or MRTA, has signed contracts hiring consultants to study the Silver Line rail project from Bang Na to Suvarnabhumi Airport and the Grey Line from Watcharaphon to Thong Lo. The studies will take about 12 months, and both projects are expected to be submitted to the cabinet for approval in 2028. Initially, both projects are expected to be developed under a PPP Gross Cost model, in which the public sector invests in civil works and bears all revenue risk, while hiring private companies to build the systems and manage the projects over the long term. For the Silver Line, the route has been extended to connect to the south passenger terminal of Suvarnabhumi Airport, following discussions with Airports of Thailand Public Company Limited. For the Grey Line, the study will examine convenient connections with other rail lines. MRTA has signed a contract with MHPM Company Limited as consultant to study and design the Grey Line Phase 1 from Watcharaphon to Thong Lo, worth 76.35 million baht, and hired Chotichinda Consultant Company Limited as consultant to study and design the Silver Line from Bang Na to Suvarnabhumi Airport, worth 75.70 million baht.

Airports of Thailand, or AOT, is preparing to revive inbound duty-free services under three new models so passengers do not have to carry goods from abroad. It will open the process for private companies to submit proposals soon, which is expected to boost non-aeronautical revenue and improve the passenger experience.

Shares of Airports of Thailand, or AOT, rose for a fourth straight day to 66.50 baht, up 5.56 percent from 63.00 baht on 11 August 2026, reaching their highest level in about two years and three months since the stock last closed around 67 baht on 17 May 2024. The key driver is progress on plans to bring back duty-free shops for inbound passengers at AOT airports. If implemented, the move is expected to add about 1.5 to 1.7 billion baht a year to AOT revenue and lift profit by roughly 1.2 to 1.3 billion baht a year. AOT President Pavena Jariyathitipong said the Fiscal Policy Office under the Ministry of Finance has already approved the plan in principle and sees no need for AOT to submit the matter to the cabinet again. However, AOT wants the Ministry of Finance to present it to the cabinet so the approach is formally acknowledged. AOT sent a letter to the Fiscal Policy Office on 14 August 2026 to confirm that position. On the operating model, AOT is considering three main options: a pickup counter, combining general merchandise with duty-free goods in the same area, and selling both taxed and untaxed products. Currently, the combined purchase limit for duty-free goods is no more than 20,000 baht, while China sets its limit as high as 50,000 baht. Deputy Transport Minister Siriphong Angkasakulkiat said that if the Fiscal Policy Office concludes inbound duty-free should be reinstated, the matter must go to the cabinet to consider changing the previous resolution of 2 July 2024. As for whether AOT must hold a new auction or can negotiate with King Power Duty Free, the details still need to be examined and AOT, as the supervising agency, must be consulted.

Airports of Thailand Public Company Limited, or AOT, reported net profit for the third quarter of fiscal 2069 at 4,441.68 million baht, an increase of 576.88 million baht, or 14.93 percent, from the same period last year. A key supporting factor was a non-current trade receivable under a rehabilitation plan that repaid a total of 993.88 million baht following an order from the official receiver, which reduced expected credit losses and led to a reversal of the allowance for doubtful accounts. Revenue from sales or services fell by 433.00 million baht, or 2.82 percent, as non-aeronautical revenue declined by 627.52 million baht, even though aeronautical revenue rose by 194.52 million baht. For the first nine months, AOT posted net profit of 14,812.33 million baht, up 3.86 percent from the same period last year. Brokers had earlier estimated third-quarter profit for fiscal 2069 at 3,200 to 3,210 million baht, below the actual result.

Asia Plus Securities assesses that forward indicators for the hotel sector in the third quarter of 2069 remain strong compared with a year earlier, with Central Plaza Hotel having on-the-book revenue per available room up 15 percent, followed by The Erawan Group targeting revenue growth of 7 percent, and Minor International's on-the-book European hotel revenue per available room up 4 percent, with Thailand up 10 percent. July revenue per available room supports this trend, with Central Plaza Hotel Group up 13 percent and Thailand up 18 percent, The Erawan Group up 5 percent and its economy-to-luxury segment up 8 percent, with luxury up 15 percent, and Minor International's Europe up 4 percent and Thailand up 14 to 16 percent. Airports of Thailand's international passengers during the first 15 days of August were still up 2.5 percent year on year, compared with a decline of 1.7 percent year on year in July, reflecting resilient travel amid the war situation. Meanwhile, the average weekly jet fuel price for the week ending 14 August was around 159 US dollars per barrel, below the peak of 209 US dollars per barrel in April, helping ease pressure on travel costs. The research team selects stocks with company-specific support factors and laggard prices relative to the SET index, namely Central Plaza Hotel and Airports of Thailand, while Thai Airways is viewed as tactical on the assumption of lower jet fuel prices. It notes that if Brent crude exceeds 100 US dollars per barrel for several consecutive days, that would be a tactical trigger to consider reducing weightings in tourism-related stocks to limit risk.

Airports of Thailand, or AOT, is pursuing a proactive strategy to attract airlines to add flights and open new routes, while using incentives to encourage early return of slots for reallocation and to sustain flight volumes into Thailand. President Paweena Jariyathitipong said operating results for the fourth quarter of fiscal year 2025-2026 are likely to be stable from the previous quarter, supported by collecting the passenger service charge for departing passengers for a full quarter for the first time, and by additional revenue from new services that will begin this quarter and become clearly visible in fiscal year 2026-2027. At the same time, the company continues to reduce expenses from restructuring procurement contracts, and is conducting roadshows with institutional investors and various funds to attract long-term capital and reduce share price volatility. Net profit for the third quarter of fiscal year 2026 was 4.44 billion baht, up 14.93 percent from a year earlier, even as total revenue fell 3.70 percent to 15.49 billion baht. InnovestX Securities said profit will return to an uptrend from the fourth quarter of fiscal year 2025-2026, supported by the passenger service charge increase and a recovery in international passenger volumes from a 5 percent decline in June to a 2 percent decline in July, and a turnaround to 4 percent growth during August 1-8. It also sees additional upside if landing and parking fees are raised by another 30-50 percent and a passenger service charge for transfer passengers is collected at 100 baht per person. It recommends buying, with a mid-2027 target price of 72 baht.

The Transport Ministry is accelerating efforts to ease congestion at Suvarnabhumi Airport and updating its large-scale infrastructure expansion plan. Deputy Transport Minister Siriphong Angkasakulkiat said Airports of Thailand will add about 2,250 square metres of check-in space for group passengers and passengers arriving early, with about 610 seats, 18 common-use self-service kiosks and 8 check-in counters. For long-term capacity expansion, the east extension of the passenger terminal will raise capacity to 70 million passengers a year, with construction from 2027 to 2031. The south passenger terminal will increase capacity to 120 million passengers a year, with construction from 2029 to 2035. The fourth runway will raise capacity to 120 flights per hour and is expected to open in 2040. Airports of Thailand also plans to develop commercial areas around the airport. The Airport Business A37 plot, covering about 548 rai, will be opened for private leasing to build upscale and midscale hotels. For the service and business support centre plot, private groups in air transport and logistics have expressed interest in investing in large-scale projects. In 2025, Suvarnabhumi Airport handled 62.90 million passengers and 370,823 flights. In 2026, it forecasts 61.85 million passengers and 368,959 flights.

Bualuang Securities said net profit of stocks under its coverage in the second quarter of 2026 rose 13% from a year earlier and 12% from the previous quarter, coming in 10% above market expectations and 11% above the company's estimates. Revenue was only 2% above market expectations, reflecting support from higher energy prices and petrochemical spreads, revenue and ARPU in the communications sector, electronics demand, and cost management in the retail sector. Pressure still came from lower meat prices, weak Cambodian and self-pay patients, and higher energy costs in the transport sector. Sectors with standout core profit growth included energy and petrochemicals, electronics, communications, retail, and hotels. Sectors with the main profit declines remained agriculture and food, hospitals, and transport. Although the overall results beat expectations, market expectations are starting to return to a more balanced level, with the proportion of stocks beating profit estimates at 48%, compared with 59% in the previous quarter, but still above the five-year average of 37%. The beat-to-miss ratio was 3.4 times, down from 6.8 times in the previous quarter, but still above the five-year average of 1.1 times. Stocks with profits notably above market expectations included AOT, SCC, PTTGC, and PTT, while DELTA came in below expectations. On the revenue side, only the petrochemical sector clearly beat expectations, while WHA and BAM came in below. The company assesses a mid-2027 SET target of 1,650 points in the base case and 1,710 points in the best case. But with the beat-to-miss ratio starting to decline, it recommends focusing on selective plays in stocks whose earnings are likely to continue recovering in the second half of 2026. These include CBG, whose earnings are expected to have passed their trough in the second quarter of 2026 before returning to year-on-year growth from the third quarter; BH, supported by recovering Thai and Middle Eastern patients, with third-quarter profit expected to grow both year-on-year and quarter-on-quarter; and tourism plays AOT, ERW, and CENTEL, after foreign tourist arrivals in July stood at 2.5 million, down 2.5% from a year earlier, but the average daily number rose 16% from the previous month, while Thai hotel RevPAR is expected to grow both year-on-year and month-on-month.

Yuanta Securities stated that Airports of Thailand, or AOT, reported net profit of 4.4 billion baht for the third quarter of fiscal 2026, down 22% from the previous quarter but up 15% from a year earlier. Normalised profit was 3.8 billion baht, down 35% from the previous quarter and up 3% from a year earlier, coming in 18% above market and broker expectations thanks to better-than-expected control of staff expenses. Aeronautical revenue was 7.7 billion baht, down 22% from the previous quarter but up 3% from a year earlier, helped by the increase in outbound passenger service charges effective from 20 June 2026, which offset total passenger numbers of 27.7 million, down 25% from the previous quarter and 4% from a year earlier. Non-aeronautical revenue was 7.3 billion baht, down 16% from the previous quarter and 8% from a year earlier, due to the reduction in minimum guaranteed revenue per head for duty-free concessions at all five airports by 29% to 37% from October 2025. Reported gross margin was 39.4%, down 672 basis points from the previous quarter but up 120 basis points from a year earlier, better than the 35% expected, as a revision to employee bonus estimates reduced employee benefit expenses by 17% from the previous quarter and 13% from a year earlier. The broker noted that Thailand's tourism recovery is happening gradually, reflected in total flights and passengers during 1 to 8 August stabilising from a year earlier and rising 2% from a year earlier respectively, an improvement from declines of 2% to 3% from a year earlier in July. It expects fourth-quarter fiscal 2026 results to grow from the previous quarter even though it is the low season, and to return to strong year-on-year growth for the first time in seven quarters. For 2027, normalised profit is expected to return to a strong growth cycle of 39% from a year earlier to 27 billion baht, supported by a full year of the new outbound passenger service charges and the tourism recovery. The broker maintained a trading recommendation based on a fair value of 67.00 baht, noting that in the short term the stock has a chance to react positively to better-than-expected results, but limited upside reduces its valuation appeal. It recommends cautious speculative trading or waiting to accumulate when the stock consolidates around support at 63.00 and 61.00 baht.

MSCI rebalancing supports Thai stocks with net inflows of 500 million baht. GUNKUL and HANA surprised by entering the small-cap index, while PTTEP and TRUE received higher weightings. The market impact is expected to be neutral to slightly positive. PTT posted second-quarter profit for fiscal year 2026 surging 143.9 percent to 52.525 billion baht, supported by international trading, petrochemicals, refining and oil businesses as product price spreads improved, pushing first-half profit to 78.263 billion baht, up 74.5 percent. TOP reported net profit of 8.284 billion baht, up 28 percent year-on-year, with first-half net profit of 27.765 billion baht, and is moving ahead with the CFP project scheduled for 2028. AOT showed third-quarter profit for fiscal year 2026 of 4.44168 billion baht, up 14.93 percent, supported by a 2.61 percent increase in aeronautical revenue, especially passenger service charge revenue rising by 168.36 million baht, or 2.85 percent, after the charge was raised from 730 baht to 1,120 baht per person, pushing nine-month net profit to 14.81233 billion baht, up 3.86 percent, while total passengers reached 99.03 million, up 1.84 percent, with an average target price of 67.56 baht. BGRIM posted second-quarter profit for fiscal year 2026 growing by 676 million baht, up 9,557 percent, on higher total electricity sales volume, and continues expanding its renewable portfolio, targeting six LNG cargoes of 280,000 tonnes this year and gradually achieving commercial operation dates for new power plants, with an interim dividend of 0.18 baht per share. ACE reported second-quarter net profit for fiscal year 2026 of 278.7 million baht, surging 87.3 percent, supported by strong growth in solar and waste-to-energy power plants and lower financial costs, and is advancing a clean energy portfolio of 92 projects with total capacity of 767.42 megawatts. MGC posted second-quarter profit for fiscal year 2026 surging 554 percent to 352 million baht, a record high for four consecutive quarters, pushing first-half net profit to 675 million baht, up 521 percent, supported by deliveries of XPENG and Alpha X electric vehicles growing 688 percent, and the board approved an interim dividend of 0.24 baht per share with the XD date on 26 August. JMART's CEO is confident second-half profit for fiscal year 2026 will exceed the first half, driven by the lock-phone business, SINGER, JMT and Suki Tee Noi, maintaining a profit target for 2028 of more than 2 billion baht. ACE said it will continue seeking opportunities to bid for clean energy power plants in the second half of 2026 and accelerate construction of new projects, expecting several more projects to reach commercial operation by 2027. 88TH has laid out three growth strategies, expanding the LYO portfolio into China and Hong Kong and building a new S-curve in the pet business through Monster Lab, with new revenue expected to be recognised from the second half of 2026 after second-quarter revenue reached 151.82 million baht, up 10.16 percent. GFC is shifting its second-half strategy with digital marketing plans targeting Gen Z to drive egg-freezing services, while accelerating expansion of its foreign customer base through nine agents, aiming to raise the foreign customer share to 25 percent, partnering with more than eight hospitals, and approving an interim dividend of 0.03 baht per share. ILINK expects solar product sales revenue to double this year, benefiting from government subsidies of 50,000 baht per household for rooftop installation and a 200,000 baht tax deduction, with about 9 billion baht in auctions still pending, and hinted third-quarter results will grow on surging trading and engineering demand. III expects second-half performance to improve as the freight transport business enters its high season, advancing its Logistics and Beyond strategy to build an aviation ecosystem, with two to three M&A deals under negotiation and expected to be concluded within this year, while raising this year's revenue growth target to 20 percent from 15 percent, after posting second-quarter profit for fiscal year 2026 of 140.9 million baht, a ten-quarter high. SAWAD is pushing ahead at full speed, benefiting from the high season in the second half, confident this year's growth will meet targets, with first-half profit of 2.74 billion baht, up 16 percent, and brokers see SAWAD's asset quality as having passed its lowest point. TEAMG posted first-half revenue for fiscal year 2026 of 1.266 billion baht, up 22 percent, and profit of 111 million baht, up 18 percent, after second-quarter revenue of 635 million baht, up 19 percent, and profit of 61 million baht, up 29 percent, with the zoo phase two and light red line rail projects lifting backlog to 5.988 billion baht, and targets new work of at least 1 billion baht in the second half. KLINIQ posted second-quarter net profit for fiscal year 2026 surging to 111.53 million baht, up 24.9 percent, pushing first-half profit to 232.66 million baht, and the board approved an interim dividend of 0.88 baht per share with the XD date on 27 August and payment on 11 September 2026. PIS posted first-half net profit of 164 million baht, up 8 percent, with total revenue reaching 1.531 billion baht, up 6 percent, on continued project deliveries and effective cost control, and the second-half outlook is bright as it bids for new work to add to a backlog of more than 6.096 billion baht to be recognised over the next three to four years, confident of driving this year's revenue growth of 10 to 15 percent. MTC is expanding its loan portfolio amid Thailand's slowing economy, with first-half revenue of 16.064 billion baht, up 8.63 percent, and net profit of 3.728 billion baht, up 15.84 percent, while keeping NPLs at 2.61 percent and expressing confidence that second-half loan growth will be around 10 percent.

The Board of Directors of Bangkok Aviation Fuel Services, or BAFS, has approved the temporary continuation of the aircraft fuel services system project, or Into-plane Services, at Suvarnabhumi Airport for a period not exceeding 3 years and 6 months, under the original conditions set out in the project contract. The resolution was passed at the company's Board of Directors meeting number 3/69 on 13 August 2026. The Into-plane Services contract with Airports of Thailand, or AOT, has a term of 20 years and will expire on 27 September 2026. This temporary extension follows AOT's management guidelines.

Airports of Thailand Public Company Limited, or AOT, and PTT Public Company Limited, or PTT, have signed a memorandum of understanding to enhance organizational management capabilities. The collaboration focuses on developing management system technologies, related infrastructure, and the application of digital technology and artificial intelligence to boost operational efficiency and create shared value across all dimensions—economic, social, and environmental. The partnership also covers the promotion of clean energy, alternative energy, and greenhouse gas emission reduction, as well as personnel development, with the goal of advancing Thailand's airports toward becoming Green Airports and supporting the country's long-term sustainable development goals. This cooperation is part of a state enterprise pairing project under the State Enterprise Policy Office, which has designated AOT and PTT as partners to study and exchange knowledge on core business enablers.

Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Dao Securities stated that SAV reported a net profit for the second quarter of 2026 of 122 million baht, down 6 percent from the prior year and 15 percent from the previous quarter, roughly in line with market expectations. Total flight volume slowed to 30,000 flights, down 2 percent from the prior year and 12 percent from the previous quarter, as several airlines worldwide cancelled some flights due to the impact of higher fuel prices. Service revenue was 451 million baht, down 5 percent from the prior year and 8 percent from the previous quarter, in line with flight volume trends. Meanwhile, cost control remained effective, with a gross margin of 52.9 percent, compared with 51.4 percent in the second quarter of 2025 and 52.8 percent in the first quarter of 2026. The analyst maintains the 2026 profit forecast at 547 million baht, flat from the prior year, with first-half profit of 265 million baht, down 2 percent from the prior year, accounting for 48 percent of the full-year estimate. Second-half profit is expected to return to growth from the prior year and the first half, driven by a recovery in flights from seasonal factors and easing fuel prices. Total flight volume in July 2026 returned to growth of 8 percent from the prior year, the first growth in four months. The recommendation remains buy with a target price of 14.50 baht, based on discounted cash flow, with the assessment that second-quarter profit marked the bottom and will accelerate in the third and fourth quarters. Additional support comes from Airports of Thailand's auction and plans to bid for work from Aeronautical Radio of Thailand within 2026, which will enhance sustained profit growth opportunities. A first-half dividend of 0.40 baht per share was announced, representing a dividend yield of 3.4 percent.

AOT is moving forward with promoting Fifth Freedom traffic rights to attract foreign airlines to use Thailand as a transit point, aiming to boost passenger numbers and elevate the country to a regional aviation hub. Ms. Pavina Jariyathitipong, Director and President, revealed that the company is working with the Ministry of Transport and the Civil Aviation Authority of Thailand to promote the use of such rights. Currently, long-haul routes like Helsinki–Suvarnabhumi–Melbourne are helping to increase transit passengers. At the same time, AOT aims to restructure its revenue mix so that the aviation business accounts for 60 percent and non-aviation revenue drops to 40 percent, from the current 51 percent and 49 percent respectively. It also plans to implement biometric systems throughout the passenger journey and develop commercial areas around all six airports. As for passenger estimates, the forecast for fiscal year 2025/2026 remains at 126 million, while for 2026/2027 it is projected at 128.5 to 129 million, an increase of 2 percent, based on a 2 percent growth in the winter flight schedule. KGI Securities Thailand expects fourth-quarter 2026 profit to recover thanks to the return of foreign tourists, and to benefit from the increase in international outbound passenger service charges to 1,120 baht per person effective from 20 June. It maintains its profit forecast for 2025/2026 at 19 billion baht, up 5.4 percent, and for 2026/2027 at 27 billion baht, up 42.4 percent, while keeping a buy recommendation with a target price of 71 baht.

SAMART expects the second half of 2026 to accelerate with the gradual signing of large-scale projects, especially from August to November. Key projects awaiting results include an AOT project through SAV worth 1.3 billion baht, a power transmission system for a data center worth 1.1 billion baht, an Interior Ministry project worth 1 billion baht, and other government projects worth 2 to 3 billion baht. The total value of projects awaiting bidding results exceeds 10 billion baht. If secured as targeted, this will push the backlog from 14 billion baht at the end of the first quarter of 2026 to the target of 20 billion baht by year-end. The company is also advancing its cyber security business through a SOC center in partnership with IBM, responding to surging demand after cyber attacks on major organizations. Currently, 65 to 70 percent of revenue comes from recurring income, and SAV is supported by Vietnamese tourism and Cambodia's visa-free policy.

Krungsri Securities views Thai equities as having positive signals from Thailand becoming an AI investment hub and the Federal Reserve likely holding interest rates steady, setting an index target of 1,600 to 1,680 points and selecting eight standout stocks in banking, power plants, tourism, and other sectors. Mr. Korrapat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, said Thailand is being seen as a new strategic location for AI infrastructure investment in the region, with advantages from sufficient reserve power generation capacity, competitive land costs, and utilities ready to support data centers. Meanwhile, the Fed may choose to patiently hold interest rates rather than hike aggressively amid fragile signals in the US labor market, which would be positive for Asian stock markets and value-market segments. The research team maintains its index target at 1,600 to 1,680 points, expecting the market to gradually recover and have a chance to revise earnings estimates upward after the second-quarter results pass. Recommended standout stocks include KBANK and KTB in the banking group, where prices are still below book value; GULF and GPSC in the power plant group to support electricity demand from data centers; PTT and SCC, which benefit from a new wave of investment; and AOT and BH in the tourism and healthcare group, helped by lower oil cost pressures and the return of Chinese tourists.

The Ministry of Tourism is preparing to propose to the Cabinet by the end of August 2026 for approval of the Thai Tour Thai Plus project, requesting a budget of 2.45 billion baht from the emergency loan decree. It aims to stimulate the economy during the low season and generate over 56 billion baht in circulation. If approved, the public can start using the benefits from late 2026, including accommodation discounts of up to 3,000 baht, digital coupons, and airfare discounts, alongside measures to attract foreign tourists. Analysts assess that this project will be positive for tourism, hotel, and domestic airline stocks, namely CENTEL, ERW, MINT, AWC, AOT, BA, and AAV.

The Minister of Tourism and Sports has assigned policies to the Tourism Authority of Thailand board to drive the tourism industry under the concept of Tourism for All, Tourism for the Future, preparing to move forward with three key projects during the high season. These are the Thai Travels Thailand Plus, or Co-pay, project to stimulate domestic travel; the Fly Thai All the Feelings project, partnering with six domestic airlines to offer ticket discounts to Thai citizens for 400,000 seats; and the Thailand Air Connect project, collaborating with airlines and partners to increase frequency and seat capacity on both charter and commercial flights. In addition, the government aims to elevate Thailand into a valuable and sustainable destination, promoting travel to secondary cities and 55 target communities, and pushing for the country to become a global event hub by hosting the Tomorrowland Thailand music festival from 11 to 13 December 2026 in Chonburi province, which is expected to attract no fewer than 150,000 attendees and generate total economic value of up to 6.132 billion baht. Kasikorn Securities, or KS, assesses that these measures are a positive factor for tourism-related stocks, including AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, as well as retail operators in tourist cities, viewing that travel and spending have an opportunity to recover in the second half of the year.

The Thai stock market closed the morning session at 1,632.48 points, down 11.91 points or 0.72%, with trading value of 53.83 billion baht. The main pressure came from DELTA shares, which fell 5.86% after reporting lower-than-expected second-quarter profit, dragging the SET index down by as much as 17.73 points. Meanwhile, buying interest in BBL, AOT, KBANK, and MINT helped cushion the index. Dao Securities Thailand assessed the afternoon trend, expecting the index to fluctuate in a narrow range with a downward bias, setting support at 1,626 to 1,629 points and resistance at 1,636 to 1,638 points.

The SET index opened the morning session down 11 points, bucking the regional trend, with selling in DELTA shares as the main drag after its second-quarter 2026 earnings came in below expectations. Selling in oil stocks such as PTTEP also weighed, after global oil prices fell on a temporary easing of Middle East tensions. However, funds rotated into tourism stocks including AOT and MINT. At 9.59 a.m., the SET index stood at 1,633.33 points, down 11.06 points or 0.67 percent, with resistance at 1,650 points and support at 1,620 points.

Prime Minister Anutin's visit to China is bolstering investment and tourism confidence. The Tourism Authority of Thailand is partnering with Sichuan Airlines, Meituan, and several Chinese allies to increase flights, enhance safety, and market to quality tourists. The target for Chinese tourists in 2026 has been adjusted to 5.13 million, generating revenue of approximately 288 billion baht. Research views this as positive for tourism and aviation stocks such as AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, given the continued recovery in flights and Chinese tourist arrivals.

TTB Wealth Securities views the SET Index as still in a long-term uptrend, maintaining a year-end target of 1,720 points. New investment cycles from both the public and private sectors continue to be driving factors, while pointing to several signs of recovery. Bank lending has returned to growth for four consecutive months after contracting for nearly three years. Government budget disbursement has recovered from its low point, rising 8 percent year-on-year in the first nine months of fiscal year 2026. Money supply in the first five months of 2026 grew 5 percent year-on-year. Second-quarter 2026 earnings are trending better and have limited impact from the trade war, supporting upward earnings revisions for the SET. Domestic car sales are starting to recover, with the first five months of 2026 growing 14 percent year-on-year. Exports grew 17 percent year-on-year, and non-oil imports grew 35 percent year-on-year in the first five months of 2026. TTB Wealth has adjusted its Siam Senses portfolio, recommending 10 stocks: AMATA, AOT, BGRIM, CPN, DELTA, GLOBAL, GULF, KTB, STECON, and TRUE, with a buy recommendation for this round.

Krungsri Securities disclosed that the latest progress on the Thailand Individual Savings Account, or TISA, scheme is currently in the final stage of study and condition revision, with clarity expected by September. Meanwhile, the proposal to raise the investment ceiling for tax deductions is still under review for suitability. The research team assesses that the scheme will be positive for the Thai stock market due to long-term fund inflows, with every 10 billion baht of new money supporting the index by 25 to 30 points. This will benefit large-cap stocks in investment themes such as GULF, GPSC, KBANK, KTB, ADVANC, AMATA, and WHA, as well as service-sector stocks like BDMS, BH, and AOT. Additionally, the approval of the five-year national fisheries management plan will help reduce trade barrier risks and enhance ESG credibility, positively impacting seafood and food export stocks such as TU and ITC.

Kasikorn Securities notes that the Ministry of Tourism and Sports reported that from January 1 to July 18, 2026, Thailand welcomed a cumulative 17.36 million foreign tourists, generating revenue of 839 billion baht. Although this is still down 3.05 percent compared to the same period last year, the top five source markets were China, Malaysia, India, Russia, and South Korea. Meanwhile, in the latest week, tourist numbers rose 4.04 percent from the previous week, supported by school holidays, increased flights, and a recovery in the Taiwan market. The research team views this as positive for tourism and airport stocks such as Airports of Thailand, Asia Aviation, Bangkok Airways, Central Plaza Hotel, Erawan Group, Minor International, and Asset World Corporation, given the gradual recovery in tourist numbers expected in the second half of the year, even though cumulative arrivals remain slightly below last year's level.

Yuanta Securities Thailand says crude oil prices have started to soften after Iran signalled that diplomatic channels with the United States through intermediaries remain open, easing concerns over the Middle East conflict and providing a short-term positive sentiment boost for anti-commodity stocks. Stocks expected to benefit from this trend include TASCO, AOT, MINT, BA, MTC, BH, and BDMS.

Sky ICT Public Company Limited, or SKY, has announced it is moving forward with its aviation technology business to drive long-term growth, with plans to develop an airport management platform and AI humanoid robots targeting the global market. Chief Executive Officer Sittidej Mayalarp revealed that the aviation industry is on an upswing, with global passenger numbers expected to grow by around 20 to 25 percent in 2026, while passenger numbers in Thailand are projected to grow by an average of 5 to 7 percent per year and will accelerate in the fourth quarter of 2026, which is the tourist season. Meanwhile, Airports of Thailand has plans to expand Suvarnabhumi Airport from a capacity of 60 million passengers per year to 75 million in the next three years, and to 140 million by 2034, which will be a factor driving increased demand for airport management technology. SKY is also developing the OCC Platform, a comprehensive ground handling management platform, with plans to launch it in international markets in 2030, while also pushing into the humanoid robot business through a joint venture with AGIBOT and TKC, in which SKY holds a 55 percent stake, to develop Thai-language AI and a large language model, aiming to deploy robots in actual airport operations by the end of this year. Currently, SKY provides technology systems at 13 airports nationwide, and as of the end of the first quarter of 2026, it had a backlog valued at 25.287 billion baht, with over 90 percent being long-term projects in the Technology as a Service segment.