Pi Securities upgrades AOT to "Buy" with 69 baht target

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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.

Impact on stocks 1

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

Pi Securities upgraded AOT to Buy with a 69 baht target, citing a >11% gap to fair value and likely FY2026 profit beat.

Off-coverage companies 1

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

AOTGA received cabinet approval for the contract to manage the third ground-handling operator's cargo terminal and ground services at Suvarnabhumi Airport.

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