AOT Eyes FY2027 Profit Boost as AOTGA Wins Suvarnabhumi Concession Worth 67 Billion Baht

Analyst
โดย Kaohoon·TH·Read original
Summary · why it matters

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.

Impact on stocks 3

Industrials▲ · 1 stocks
Airports Of Thailand PCL
AOT
▲ PositiveCapitalrelevance

AOT's 49%-owned AOTGA won the 67bn baht Suvarnabhumi concession, expected to add 400-600m baht/yr profit share and lift FY2027 net profit forecast 1.5-2.2%.

Information Technology▲ · 1 stocks
Sky ICT Public Company Limited
SKY
▲ PositiveCapitalrelevance

Sky ICT's subsidiary SAL holds 51% of AOTGA, the winning bidder of the 67bn baht Suvarnabhumi ground services concession.

Financials▲ · 1 stocks

Off-coverage companies 2

AOT Ground Aviation Services Company Limited (AOTGA)Private▲ Positive
Capitalrelevance

AOTGA was approved as winner of the 25-year Suvarnabhumi cargo warehouse and ground services concession worth over 67bn baht.

Bangkok Worldwide Flight Services Company LimitedPrivate± Mixed
relevance

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