DAOL upgrades AOT to "Buy" with 69 baht target, betting on Q4/2026 earnings growth from PSC fee

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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.

Impact on stocks 3

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

DAOL upgraded AOT to Buy with a 69 baht target, citing the stock trading over 11% below fair value.

Defense & Geopolitical Fragmentation▲ · 1 stocks
Aerospace & Aviation▲ · 1 stocks

Off-coverage companies 1

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

AOTGA received cabinet approval to enter a contract for warehousing, apron services and ground handling at Suvarnabhumi Airport.

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