Transportation Infrastructure

Tisco Securities has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, from "hold" to "buy" and raised its fair value from 64 baht to 75 baht per share, after lifting its earnings forecasts for 2026-2028 by 5-6% and expecting profit in 2027 to grow 58%, driven by an increase in the international passenger departure service fee, growth in both international and domestic passenger traffic, and higher minimum-guarantee revenue from the duty-free business. Management expects passenger numbers in 2027 to potentially expand by about 8.8%, as Thai Airways International Public Company Limited, or THAI, has confirmed plans to expand its routes and aircraft delivery delays are beginning to ease. Meanwhile, AOTGA, which has been approved as the third ground handling and cargo service provider at Suvarnabhumi Airport, is expected to generate about 500 million baht per year for AOT through revenue sharing and its share of profit from investments in associates. The resumption of inbound duty-free services is expected to add about 600 million baht per year to AOT's profit if approved.

Tisco Securities has upgraded its recommendation on AOT shares from Hold to Buy and raised its fair value to 75.00 baht, citing a stronger outlook for 2027 driven by passenger growth benefiting from tourism demand and more efficient slot utilisation, the potential for new profit sources from ground services and the cargo concession of AOTGA, and a more stable duty-free business. Management expects flight cancellations during the winter slot season from October 2026 to March 2027 to decline, even though slot bookings are currently up only 1%, as airlines face fewer aircraft delivery delays and THAI confirms plans to expand routes, which should accelerate passenger growth to 8.8%. The approval of AOTGA as the third ground handling and cargo operator at Suvarnabhumi Airport is expected to generate about 500 million baht per year for AOT through revenue sharing and income from its equity stake in the joint venture. Meanwhile, the possibility of reopening inbound duty-free is expected to add roughly 600 million baht per year to AOT's profit. Tisco has raised its 2026-2028 earnings forecasts by 5-6% and expects profit in 2027 to grow 58%, supported by the increase in international departure passenger service charges, growth in both international and domestic passenger numbers, and higher guaranteed minimum revenue from the duty-free business.

BEM shares rose 3.82% to 6.80 baht at 11:04 a.m. after bondholders of Bangkok Expressway and Metro approved raising the ceiling on interest-bearing debt to equity from 2.5 times to 3.0 times, along with a 0.1% increase in the interest rate on existing bonds. The 22 bond tranches have a combined value of about 30 billion baht, and the rate increase represents additional cost of only about 30 million baht per year, or roughly 1% of estimated profit for 2026-2028. Kasikorn Securities said the higher debt ceiling adds flexibility to support new investment projects such as Double Deck and M9. It maintained a Buy rating with a target price of 10.31 baht and named the stock a Top Pick in the Ground Transportation group, citing strong second-half profit growth, upside from the MRT Purple Line South and Double Deck projects, and the 17-45 baht electric train fare policy. Meanwhile, Dao (Thailand) said third-quarter 2026 net profit is expected to expand year-on-year and quarter-on-quarter on lower interest and maintenance costs, with a catalyst from progress on the common ticket policy, which is expected to boost electric train passengers by more than 10% in 2027 and save about 100 million baht per year from bringing Purple Line maintenance work back in-house. It recommended Buy with a target price of 9.00 baht.

Tisco Securities upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" from "Hold," and raised its fair value to 75.00 baht from 64.00 baht, while lifting its 2026-2028 profit forecasts by 5-6%, supported by a stronger recovery trend in passenger numbers and expectations of higher concession revenue. Tisco's research team sees stronger profit momentum in 2028 driven by tourism demand, more efficient slot utilisation, opportunities for new profit sources from AOT's ground services and cargo concession business through AOTGA, as well as a more stable duty-free business. A significant upside point is the possibility of inbound duty-free services resuming, which is expected to add about 600 million baht per year to AOT's profit. Passenger surveys reflect strong support for bringing the service back, and if approved, AOT would benefit through a concession revenue-sharing model, another factor supporting non-aeronautical revenue. AOT shares today moved at 61.50 baht, up 1.00 baht, or 1.65%, with trading value of 368.38 million baht.

Jenkongklai Public Company Limited, or JPARK, has launched the GJ PARK project, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of more than 590 million baht. It is the second large-scale lifestyle mall developed on a 30-year long-term lease. The project comprises parking space for 1,000 cars, excluding stacked parking, and 4,000 square meters of commercial rental space, which is already about 90% leased. Chief Executive Officer Santipol Jenwattanapaisal said the project will begin generating revenue from the third quarter of 2026 onward, with a target of at least 60 million baht per year, and is expected to repay about 300 million baht in loans from financial institutions within five years from now. The company estimates revenue in 2026 will grow 25-30% from the previous year's figure of about 575.95 million baht, after posting 349.04 million baht in revenue in the first half. JPARK currently manages more than 60 parking areas in total, with more than 90% in Bangkok and the rest in the provinces, such as Nakhon Si Thammarat Airport, Khon Kaen Airport, and Ubon Ratchathani Airport. JPARK also plans to establish additional real estate investment trusts, or REITs. Initially, it is considering including about three to four lifestyle mall projects as assets of the trust, and aims to have clarity on the details within five years from 2025, or around 2029. The GJ PARK project is estimated to have an internal rate of return, or IRR, of 12-15%, while the company's minimum threshold is set at more than 10%.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht, to meet the parking demand of medical center visitors, staff, and members of the public who come to use services and take part in activities in the area, a group that has been continuously growing. The project can accommodate 1,000 cars and includes space for shops and various services within the development. Mr. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said that GJ PARK is not merely a new parking building but a reflection of bringing expertise in Parking Management to develop infrastructure that meets the needs of users, creates benefits for the surrounding area, and creates business opportunities for the company. The project is equipped with technology including License Plate Recognition, a Parking Guidance system, and Cashless Payment, in order to reduce the time spent searching for parking spaces and increase the efficiency of vehicle turnover within the building. This project is in line with JPARK's business direction, which aims to expand from providing parking area management services toward developing and managing projects of increasingly diverse formats and sizes, while helping to increase opportunities to expand the company's revenue sources and business base over the long term.

Jenkongklai, or JPARK, has launched GJ PARK, a new comprehensive car park building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said the project addresses the growing demand for parking space among medical center visitors, staff, and members of the public who come to use services and take part in activities in the area, a demand that has been rising steadily. The building is equipped with parking management systems, including automatic License Plate Recognition, a Parking Guidance system, and Cashless Payment, to reduce the steps and time needed to find a parking space. Beyond parking areas, the project also includes space for shops and various services to make things more convenient for visitors and to enhance the building's potential so that it generates more value than a facility that merely accommodates vehicles.

JPARK Public Company Limited, or JPARK, has launched the GJ PARK project, a full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with a total investment value of 590 million baht, comprising a 300 million baht loan from Kasikornbank, while the company has signed a 30-year long-term land lease. Santipol Jenwattanapaisal, Chief Executive Officer of JPARK, said the project is expected to deliver a return on investment, or IRR, of 12-15% and to pay back within 5 years, even though the loan agreement sets loan repayment within 7 years. It is expected to generate revenue of no less than 60 million baht per year and to begin recognizing revenue from the third quarter of 2026 onward. The project comprises parking space for at least 1,000 cars and a further 4,000 square meters of commercial rental space, which currently has a rental occupancy rate of more than 80%. The company plans to develop 3-4 more projects of this type, focusing on areas with high traffic volume, and aims to raise funds by injecting this group of project assets into a real estate investment trust, or REIT, within the next 5 years, or in 2029. As for the business outlook for the remainder of the year, the company will open a project to manage a medium-sized parking area of 400-500 parking spaces under a 3-year contract in the Bangkok area this December, and is confident that revenue this year will grow 20-30% and reach 1 billion baht in 2028 in line with its target. Meanwhile, the company is still studying opportunities to expand its business into neighboring countries in the service and technology business categories together with the public sector.

Jenkongklai Public Company Limited, or JPARK, has opened GJ PARK, a full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with a construction investment value of 590 million baht under a 30-year long-term lease. Chief Executive Officer Santipol Jenwattanapaisal said the building has a total area of 40,000 square meters, comprising at least 1,000 parking spaces and approximately 4,000 square meters of commercial space, of which more than 80% has already been leased. The internal rate of return, or IRR, is expected to be 12-15%, above the minimum target of 10%. Minimum revenue is projected at no less than 60 million baht per year, with revenue recognition beginning in the third-quarter 2026 financial statements, and the investment is expected to pay back within five years. Part of the investment is a 300 million baht loan from Kasikornbank, which under the agreement must be repaid within seven years. For the second-half outlook, the company expects operating results to grow from the first half, driven by new projects: the Nakhon Si Thammarat project, whose first phase of 400 spaces out of a total of 1,000 spaces opened on August 12, and a medium-sized project of approximately 400-500 parking spaces in the Bangkok area expected to begin operations and recognize revenue in December 2026. The company is maintaining its target of roughly 20-30% total revenue growth in 2026 from the previous year, and expects continued growth to reach 1 billion baht in 2028. It has set a total investment budget of approximately 300 million baht for this year. Meanwhile, the company plans to develop approximately three to four additional Lifestyle Mall projects over the next five years in Bangkok and its vicinity, as well as at large state hospitals and airports in Ubon Ratchathani, Khon Kaen, and Nakhon Si Thammarat provinces. It also plans to raise funds by injecting this group of project assets into a real estate investment trust, or REIT, within the next five years, to serve as a funding source for future project expansion.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Santiplo Jenwattanapaisal, the company's Chief Executive Officer, announced the launch. The project was developed under the concept of upgrading parking space into infrastructure that facilitates travel and access to medical services, serving the growing demand for parking among service users, personnel, and the general public. It also applies Parking Management technology, including an automatic license plate recognition system, or LPR, a parking space guidance system, and a cashless payment system. In addition, GJ PARK features space for shops and various services to enhance convenience for users and to increase the project's potential to generate value beyond serving as a place to park cars. Santiplo said the project aligns with JPARK's direction of expanding its business from parking space management into the development and management of projects of diverse formats and sizes, drawing on its strengths in knowledge, experience, personnel, and technology. GJ PARK will help increase opportunities to expand JPARK's revenue sources and business base over the long term, building on its core business and serving demand for parking space and infrastructure that tends to grow along with the expansion of cities, medical facilities, and public service areas. At the same time, JPARK continues to study opportunities to develop new projects and expand business channels, while applying technology to improve operational efficiency and create added value for its stakeholders.

Asia Plus Securities stated that the Royal Gazette has published a Ministry of Transport announcement adjusting toll rates for the Western Expressway, or the Srirat-Wong Waen Outer Ring Expressway in Bangkok, effective from December 15, 2026, under the concession contract's condition of adjusting tolls every 5 years. The project's concession runs until December 15, 2042. Under the new rates, vehicles with no more than 4 wheels rise from 65 baht to 80 baht per trip, vehicles with more than 4 but no more than 10 wheels rise from 105 baht to 130 baht, and vehicles with more than 10 wheels rise from 150 baht to 185 baht. This is the second increase under the new concession framework, which stipulates an increase of 15 baht each time every 5 years, starting from 2021. This toll adjustment is a positive factor for BEM, since the Srirat-Wong Waen Outer Ring Expressway is a route where BEM recognizes 100% of toll revenue, unlike inner-city expressways where it receives only a 40% revenue share. Although this route accounts for only about 5-6% of total expressway traffic volume, it generates roughly 14-15% of expressway business revenue. It is estimated to add about 330-350 million baht per year in revenue for the company. However, the research team views that BEM is entering a transition period toward a new round of growth, driven by the launch of the Orange Line electric train in 2028, which will directly add passengers to the Blue Line network. Meanwhile, opportunities from the Double Deck expressway project and the Purple Line South train operating contract remain important value-adding factors in the next phase. It therefore maintains a Buy recommendation with a DCF-based fair value of 8.20 baht.

Jenkongklai Public Company Limited, or JPARK, has launched GJ PARK, a new full-service parking building within the Kanchanaphisek Medical Center at Mahidol University, with an investment value of over 590 million baht. Chief Executive Officer Santipol Jenwattanapaisal said the project addresses the continuously growing demand for parking space among medical center visitors, staff, and the general public. The project is equipped with an automatic License Plate Recognition system, a Parking Guidance system, and a Cashless Payment system to reduce the time spent searching for parking and improve vehicle turnover. The building also includes space for shops and various services to generate value beyond simply accommodating vehicles, in line with JPARK's direction of expanding from parking space management into the development and management of large-scale, full-service projects in order to increase revenue sources and its long-term business base.

The Expressway Authority of Thailand, under the Ministry of Transport, has announced that it will adjust the toll rates on the Prachim Ratthaya Expressway, also known as the Si Rat–Outer Ring Road Expressway in Bangkok, effective from 15 December 2026 onward. This adjustment applies only to this particular Prachim Ratthaya Expressway route. The rate change follows the conditions of the investment concession contract, which stipulates that toll rates be adjusted every five years, with Bangkok Expressway and Metro Public Company Limited, or BEM, as the concessionaire and the sole investor in the entire project. Under the new rates, four-wheel vehicles will pay 80 baht per vehicle, up from 65 baht; six- to ten-wheel vehicles will pay 130 baht per vehicle, up from 105 baht; and vehicles with more than ten wheels will pay 185 baht per vehicle, up from 150 baht. The Expressway Authority of Thailand is currently discussing the details with BEM and relevant agencies to finalize measures to ease the burden and reduce the impact on the public's expenses, and will announce the official details in advance before the toll increase takes effect.

The Expressway Authority of Thailand, under the Ministry of Transport, says it is in talks with Bangkok Expressway and Metro Public Company Limited, or BEM, and related agencies to set out measures to assist the public and reduce the cost impact before toll rates rise on the Western Expressway, also known as the Sirat Expressway to the Bangkok Outer Ring Road, starting December 15, 2026. The adjustment follows the terms of the concession contract, which requires toll rates to be revised every five years, in a range of 15 to 35 baht. BEM holds the concession and has invested 100% in the entire project. Under the new rates, vehicles with no more than four wheels will rise from 65 baht to 80 baht per vehicle, an increase of 15 baht. Vehicles with more than four but no more than ten wheels will rise from 105 baht to 130 baht per vehicle, an increase of 25 baht. Vehicles with more than ten wheels will rise from 150 baht to 185 baht per vehicle, an increase of 35 baht. The adjustment covers only the Western Expressway, or the Sirat Expressway to the Bangkok Outer Ring Road. The Expressway Authority of Thailand will move quickly to finalize measures to ease the hardship and reduce the cost burden on road users, and will announce the details officially to the public in advance before the new toll rates take effect.

Krungsri Securities said in a research note that expressway and rail traffic volumes at Bangkok Expressway and Metro, or BEM, continued to recover in August 2026, in line with its profit forecast for 2026, which is expected to grow 3.4% from a year earlier. Average expressway traffic in August 2026 was 1.11 million trips per day, up 1.4% from the previous month and 0.7% from the same period a year earlier, rising for a fourth consecutive month since May 2026. Average rail passengers stood at 444,000 trips per day, up 4.2% from the previous month and 1% from the same period a year earlier, the second-highest level of the year after February 2026 at 474,700 trips per day, and up from a year earlier for a seventh consecutive month. For the first eight months of 2026, average expressway traffic was 1.1 million trips per day, up 0.8% from the same period a year earlier, while average rail passengers were 424,000 trips per day, up 2%. Krungsri Securities maintained its net profit forecast for BEM in 2026 at 3.91 billion baht, before expanding to 3.97 billion baht in 2027 and 4.07 billion baht in 2028. It kept its Buy rating and 2027 target price of 8.80 baht per share, against a closing price of 6.65 baht, implying roughly 32% upside. It views the recent share price correction as an investment opportunity and estimates that the Double Deck expressway project, if awarded to BEM, would add about 1 baht per share in value.

KGI Securities said the increase in tolls on the Chalong Rat Expressway, also known as the Si Rat - Outer Ring Road Expressway in Bangkok, which is adjusted every five years under the terms of the investment concession contract, takes effect from 15 December 2026. Four-wheel vehicles will pay 80 baht per vehicle, up from 65 baht, and six- to ten-wheel vehicles will pay 130 baht per vehicle, up from 105 baht. This is seen as slightly positive, given traffic volume on the expressway route of about 62,500 vehicles per month, or 5.5% of the 1.1 million vehicles using the expressway each month. The impact is expected to be about 3% of expressway revenue. The tolls will undergo a major contractual adjustment in 2029, rising from 50 baht to 60 baht for the city-bound routes and from 55 baht to 65 baht for Sector C. The years 2028 to 2031 are expected to be a golden era for BEM, driven by the full operation of the Orange Line and Purple Line electric train services and the increase in urban expressway prices. KGI maintains its buy recommendation with a target price of 8.40 baht.

Krungsri Securities said BEM reported its monthly ridership figures for August 2026, with average expressway traffic at 1.11 million trips per day, up 1.4% month-on-month and 0.7% year-on-year, while average electric train passengers stood at 444,000 trips per day, up 4.2% month-on-month and 1.0% year-on-year, the second-highest level of the year after February's 474,700 trips per day. The research house maintained its profit growth estimate at 3.4% year-on-year for 2026F, assuming 0% expressway growth and 3% growth in electric train passengers, and noted that every 1% increase in expressway traffic would add another 1.2% to estimated 2026F profit. The research house kept its Buy recommendation and its previous target price of 8.8 baht, viewing the share price decline over the past two weeks as a buying opportunity, and said lower fare rates in the range of 17 to 45 baht would help unlock concerns about future concession buybacks for both the Blue Line and the Orange Line. It added that the double-deck expressway project is still awaiting approval, and if approved it would add another 1 baht of value to BEM.

Two brokerages have maintained their buy recommendations on BEM shares, with KGI Securities (Thailand) setting a sum-of-the-parts target price of 8.40 baht and Yuanta giving a fair value of 10.50 baht for the end of 2026. This follows the August 2026 report on Blue Line electric train passenger volumes, which averaged 444,000 people per day, up 1.0% year on year and 4.2% month on month, while ticket sales revenue came in at 13.2 million baht. Average daily vehicle volume on the expressway was 1.12 million vehicles, up 0.7% year on year and 1.4% month on month, generating revenue of 25.6 million baht. For the first eight months of 2026, average passenger volume was 424,500 people per day, up 0.8% year on year, and average vehicle volume was 1.1 million vehicles, up 0.8% year on year. KGI maintained its 2026 profit forecast at 3.9 billion baht, up 4% year on year, and its 2027 forecast at 4.0 billion baht, up 3% year on year, excluding any upside from the Orange Line. Yuanta maintained its 2026 normalized profit forecast at 3,973 million baht, up 5.1% year on year, and expects third-quarter 2026 profit to hit a new all-time high, driven by a dividend of 221 million baht received from TTW and the start of maintenance cost savings on the Purple Line. Meanwhile, the first of 32 trains for the entire Orange Line will be delivered to Thailand in November 2026, with the eastern section expected to begin commercial service by January 2028 and the western section by July 2030.

Several brokers have issued analyses of Bangkok Expressway and Metro Public Company Limited, or BEM, expecting profit to grow in the second half of this year and viewing the Orange Line electric train as a long-term growth driver, and therefore recommend buying with target prices of 8.20-9.00 baht. Asia Plus Securities said BEM reported continued strong August statistics, with average Blue Line electric train ridership of 444,304 trips per day, up 1.0% year-on-year, marking the seventh consecutive month of year-on-year growth, while average expressway usage was 1.118 million trips per day, up 0.7% year-on-year, and recommends buying with a fair value of 8.20 baht. KGI Securities (Thailand) expects third-quarter profit to be the peak quarter of the year and maintains its 2026 profit forecast at 3.9 billion baht, up 4% year-on-year, and 2027 at 4.0 billion baht, up 3% year-on-year, not yet including the opportunity from Orange Line ridership, and recommends buying with a target price of 8.40 baht. Dao Securities (Thailand) expects net profit in 2026 of 3.9 billion baht, growing 3% year-on-year, and recommends buying with a target price of 9.00 baht. Tisco Securities recommends buying with a fair value of 8.80 baht, citing stable cash flow from concessions and support from various projects that is not yet reflected in the share price.

KGI Securities (Thailand) said in an analysis that Bangkok Expressway and Metro, or BEM, will post strong profit in the second half of the year. In August 2026, average electric train ridership was 444,000 passengers per day, up 1.0% from the same period last year and up 4.2% from the previous month, while average fare revenue was 13.2 million baht per day. In the expressway business, average traffic volume was 1.12 million vehicles per day, up 0.7% from a year earlier, with average revenue of 25.6 million baht per day. For the first eight months of 2026, average train ridership was 424,500 passengers per day, up 0.8%, and average expressway traffic was 1.10 million vehicles per day, up 0.8%. KGI expects third-quarter 2026 ridership and revenue to rise about 1-1.3% from the same period last year and 11-12% from the previous quarter. It maintained its 2026 net profit forecast at 3.9 billion baht, up 4% from a year earlier, and its 2027 forecast at 4.0 billion baht, up 3%. It also maintained its Buy recommendation with a sum-of-the-parts target price of 8.40 baht, comprising 6.30 baht for the core business, 0.75 baht for investments in TTW and CKP, and 1.35 baht for the Orange Line electric train project.

Dao Securities stated that BEM reported August 2026 electric train passengers at 440,000 trips per day, up 1% year-on-year and 4% month-on-month, while the 8M26 figure stood at 420,000 trips per day, up 2% year-on-year. Expressway users in August 2026 came in at 1.1 million trips per day, up 0.7% year-on-year and 1% month-on-month, with the 8M26 average at 1.1 million trips per day, up 0.8% year-on-year. The research team holds a positive view on the overall user picture, as electric train passengers expanded both year-on-year and month-on-month for a third consecutive month, and expressway users grew for a fourth consecutive month on seasonal factors as travel and tourism gradually enter the high season, along with benefits from avoiding the Orange Line construction and the Thai Chai Thai Plus stimulus measures. Dao Securities maintained its 2026E net profit forecast at 3.9 billion baht, up 3% year-on-year, and kept its Buy recommendation with a target price of 9.00 baht based on SOTP, with catalysts from progress on new projects during 2H26E-2027E and the common ticketing policy for electric trains in early 2027E, though details of the government's subsidy calculation still need to be monitored, particularly the volume of passengers added by the policy.

KGI Securities (Thailand) has upgraded its investment weighting for the transport sector to "overweight" from "neutral," selecting Airports of Thailand, or AOT, as its top pick with a 2027 forecast DCF-based target price of 71.00 baht. The move follows discussions on economic stimulus measures between Deputy Prime Minister and Finance Minister Dr. Ekniti Nitithanprapas and Tourism and Sports Minister Surasak Phanchareonworakul, with the proposals expected to go before the Cabinet for consideration within one to two weeks. The program will offer 1 million entitlements, comprising a fixed accommodation subsidy of up to 1,500 baht per night per entitlement, capped at no more than 5 entitlements per person, and co-payment travel coupons worth 1,500 baht per entitlement in major cities and 2,000 baht in secondary cities. Registration opens from October 1 to 25, 2026, with usage permitted in two periods: November 1 to December 15, 2026, and January 15 to February 28, 2027. The scheme should boost domestic travel demand and benefit domestic airlines such as Thai AirAsia, Bangkok Airways, Nok Air, and Thai Airways. For AOT, the company is expected to enjoy a full quarter of benefit from the new increase in the international passenger service charge to 1,120 baht per person from the previous 730 baht per person, starting in the third quarter of 2026. Thai Airways is meanwhile expected to remain profitable in the third quarter of 2026 on high yields and an optimal cabin factor, with fourth-quarter 2026 profit forecast to grow strongly quarter-on-quarter in line with the tourism season.

KGI Securities (Thailand) said BEM reported average daily passenger volume and electric train ticket revenue for August 2569 at 444,000 people, up 1.0% YoY and 4.2% MoM, and 13.2 million baht, up 0.1% YoY and 3.8% MoM, respectively. Meanwhile, average daily vehicle volume for expressway users and revenue stood at 1.12 million vehicles, up 0.7% YoY and 1.4% MoM, and 25.6 million baht, up 0.6% YoY and 1.9% MoM, respectively. Over the first eight months of 2569, average daily passenger volume and revenue stood at 424,500 people, up 0.8% YoY, and 12.72 million baht, up 2.2% YoY, while average daily vehicle volume and revenue stood at 1.1 million vehicles, up 0.8% YoY, and 25.2 million baht, up 0.3% YoY, respectively. It expects average daily passenger volume and revenue in the third quarter of 2569 to rise about 1-1.3% YoY and 11-12% QoQ, while average daily vehicle volume and revenue may grow 0.6-0.7% YoY and 2.5-3.5% QoQ. Normally the third quarter tends to be the year's peak quarter for results, as revenue from the expressway and rail system businesses grows in the single digits. Good cost control plus an interim dividend from TTW. Fourth-quarter 2569 profit should be slightly stronger than previously expected YoY, driven by a cost adjustment of about 100 million baht. It maintains its 2569 profit estimate at 3.9 billion baht, up 4% YoY, and its 2570 estimate at 4.0 billion baht, up 3% YoY, without yet including the opportunity for passenger volume to increase from the trial run of the Orange Line (eastern side), which will feed more passengers into the Blue Line, and the new, cheaper fare rate of 17-45 baht, which should also help improve operating efficiency. The first Orange Line train sets will gradually arrive in late 2569, and all 17 trains should be ready in late 2570 for trial runs before officially opening for commercial service in early 2571. Meanwhile, additional Blue Line train sets will gradually arrive from mid-2570 through late 2571, and the end of the Blue Line project's compensation payments in 2572 will help BEM save about 5 billion baht per year in cash flow. The official opening of the Orange Line's western side and the Purple Line's southern section will support growth in 2573. For the expressway business, full-year positive effects should be seen from the increase in tolls on the urban FES and SES routes to 60 baht in 2572 from the current 50 baht. BEM also still hopes for the 35-billion-baht elevated expressway project and the 30-billion-baht M&E contract, with the Purple Line's southern section expected to receive government approval early next year. It maintains a buy recommendation with an SOTP target price of 8.40 baht, derived from the core business at 6.30 baht using a WACC of 5.3% and terminal growth of 0%, and investments in TTW and CKP at 0.75 baht, plus the Orange Line project at 1.35 baht. The target price reflects a 2570 PE of 32-33x, minus 0.5 S.D.

Dao Securities maintains its "Buy" rating on AOT, or Airports of Thailand, with a target price of 73.00 baht based on a DCF method using a WACC of 7.0% and terminal growth of 3.0%. The broker is positive on the passenger trend, which is starting to show signs of recovery, especially international passengers, which should support results in the fourth quarter of fiscal year 2026 and in fiscal year 2027. Total passenger numbers for July to August 2026 improved to -1.6% year on year from -3.7% year on year in the third quarter of fiscal year 2026. July still fell 1.7% year on year, but August turned positive at +0.8% year on year, and September 1 to 5, 2026 rose 1.5% year on year, better than the -1.4% year on year decline in the third quarter of fiscal year 2026. The broker estimates passengers in the fourth quarter of fiscal year 2026 will decline slightly by about 1.5% to 2.0% year on year, better than the -3.7% year on year in the third quarter of fiscal year 2026, and will rise 1.5% to 2.0% quarter on quarter, bringing full-year fiscal 2026 passengers to 127 million, or +1.0% year on year, above the previous forecast of 126 million. For fiscal year 2027, it estimates total passengers of 130 to 131 million. It maintains its net profit forecasts of 19.4 billion baht for fiscal year 2026, or +7% year on year, and 26.2 billion baht for fiscal year 2027, or +35% year on year. Core profit in the fourth quarter of fiscal year 2026 should grow well both year on year and quarter on quarter, driven by recovering international passengers supporting PSC revenue and by the benefit of raising the international outbound passenger PSC to 1,120 baht from 730 baht effective June 20, 2026. Profit in fiscal year 2027 will grow strongly to a new record high from recognizing the full-year benefit of the new PSC rate. There is also upside from issues under study, namely collecting PSC on transfer and transit passengers, raising landing and parking fees, and reopening inbound duty-free.

The analyst at DAOL Securities (Thailand) Public Company Limited has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" after the share price fell more than 11% below its estimated fair value of 69 baht. The analyst views AOT as the aviation-sector stock least affected by the recent sharp rise in oil prices. The main positive factor is fourth-quarter 2026 earnings, which will recognise revenue from the new international departure passenger service charge, or PSC, of 1,120 baht per person for a full quarter. Although international passenger numbers in the first two months of the quarter fell 0.5% from a year earlier, the new rate, 53% higher than before, will offset that impact. International passengers rose 0.8% in August and were up 2% year on year from September 1 to 5. Total passengers for fiscal year 2026, through September 5, reached 120 million, raising the possibility that full-year passenger numbers will exceed AOT's forecast of 125.95 million, and that net profit for fiscal year 2026 could beat the preliminary estimate of 19.654 billion baht. Fourth-quarter 2026 profit is preliminarily forecast at 4.8 billion baht, growing both year on year and quarter on quarter. Meanwhile, AOTGA has received cabinet approval to enter into a contract to manage warehousing, apron services, ground equipment and third-party ground passenger handling at Suvarnabhumi Airport, following the first operator, Thai Airways, and a subsidiary of BA. AOT holds a 49% stake in AOTGA, which is expected to add about 1-2% to AOT's profit through its share of investment income, with an indirect benefit of giving foreign airlines more opportunity to add flights to Thailand, supporting airport service revenue, landing and parking fees, and departure passenger service charges. In addition, the government's Thai Teaw Thai Plus measure is expected to stimulate travel during the high season from late 2026 to early 2027.

Pi Securities has upgraded its recommendation on AOT to "Buy" after the share price showed a gap of more than 11% versus the research team's fair value estimate of 69 baht. The brokerage views AOT as the aviation-sector stock least affected by the recent sharp rise in oil prices, since its business has relatively low direct exposure to oil prices. The main positive factor comes from fiscal fourth-quarter 2026 results, which will recognise revenue from the new international departure passenger service fee of 1,120 baht per person for a full quarter, 53% higher than before. Meanwhile, total passenger volume for fiscal year 2026 through September 5 stood at 120 million, giving it a good chance of coming in above AOT's own forecast of 125.95 million, and full-year 2026 net profit has a good chance of beating the research team's earlier forecast of 19,654 million baht. As for AOTGA, which received cabinet approval to enter into a contract to manage the third ground-handling operator's cargo terminal, apron services, ground equipment and ground passenger services at Suvarnabhumi Airport, it is expected to add roughly 1-2% to AOT's profit through its share of investment income, with AOT holding a 49% stake in AOTGA. There is also support from the Thai Tiew Thai Plus stimulus measure, which will boost travel during the high season from late 2026 to early 2027.

Pi Securities has upgraded shares of Airports of Thailand Public Company Limited, or AOT, to "Buy" after the stock fell more than 11% below the research team's fair value estimate of 69 baht. The brokerage views AOT as a stock with low exposure to the sharp rise in oil prices over the past month. The research team noted further upside from an expected surge in earnings in the fourth quarter of fiscal year 2026, driven by a full quarter of the new passenger service charge. Meanwhile, the benefit of AOTGA winning a concession as the third ground services provider at Suvarnabhumi Airport should provide support both directly, through recognition of its share of profit from the investment, and indirectly, by giving foreign airlines the opportunity to add more flights to Thailand.

KGI Securities (Thailand) stated that the Cabinet has approved Bangkok Flight Services Ground Company, or AOTGA, as the winner of the bidding for the cargo warehouse, aircraft parking, and ground services project at Suvarnabhumi Airport under the PPP Net Cost model. AOTGA will become the third service provider. The project comprises two main contracts: cargo warehouse services, and aircraft parking, ground support equipment, and passenger services, with a concession period of 25 years and a total value exceeding 67 billion baht. AOTGA is a joint venture between AOT, holding 49%, and Bangkok Flight Services Ground Company, or SAL, holding 51%. SAL is a subsidiary of Sky ICT, or SKY. KGI Securities estimates that AOTGA will manage approximately 400,000 to 600,000 tons of cargo per year, generating revenue of about 4 to 6 billion baht annually, and expects AOT to recognize profit sharing of approximately 400 to 600 million baht per year, representing an opportunity to increase its FY2027 net profit forecast by about 1.5% to 2.2%. KGI Securities maintains a "Buy" recommendation with a FY2027 target price of 71 baht.

AOT is moving forward with its cargo and ground handling services project after the cabinet approved AOTGA to become the third service provider at Suvarnabhumi Airport under a 25-year PPP Net Cost concession, with a total value exceeding 6.7 billion baht. The project comprises two main contracts: cargo handling and ramp handling services. AOTGA is a joint venture between AOT, holding 49%, and SAL, holding 51%, with SAL being a subsidiary of SKY. Broker KGI estimates that if operations reach full potential, this project could generate revenue of around 4.0-6.0 billion baht per year and boost AOT's profit by approximately 400-600 million baht per year, representing an upside to 2027 earnings of about 1.5-2.2%. KGI maintains a "Buy" recommendation with a target price of 71 baht.

The Cabinet has resolved to approve Airports of Thailand Ground Services Company Limited (AOTGA), a subsidiary of Airports of Thailand Public Company Limited (AOT), as the winner of the selection for the provision of warehouse services and the provision of apron, ground equipment, and ground passenger services (third operator) at Suvarnabhumi Airport. The warehouse project covers the management of five main categories of goods: inbound, outbound, transit, perishable, and express/e-commerce. Meanwhile, the apron project is divided into main service groups and other related service groups. The signing of the contract between AOT and AOTGA will enhance the capacity to handle cargo volume and air traffic, raise service standards, and promote Suvarnabhumi as a regional aviation hub.