Pi Securities upgrades AOT to Buy with 69 baht target on new PSC fee and AOTGA concession tailwinds

AnalystIndustry
โดย ทันหุ้น·TH·Read original
Summary · why it matters

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.

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 the stock trading over 11% below fair value.

Off-coverage companies 1

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

AOTGA won a concession as the third ground services provider at Suvarnabhumi Airport, supporting AOT's share of profit and enabling more foreign airline flights.

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