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.
Airports Of Thailand PCLDao Securities maintains Buy on AOT with a 73 baht target, citing recovering international passengers and raised PSC revenue supporting profit forecasts.
