SAV Hopes for Flight Recovery in Second Half, Broker Sets Target at 18 Baht

EarningsAnalyst

โดย Kaohoon·

Summary · why it matters

Siam Aviation Solutions Public Company Limited (SAV) is expected to see a recovery in its performance during the second half of 2026, as flight volumes through Cambodian airspace begin to increase again. The company has opportunities to bid for new projects totaling over 3.2 billion baht. Meanwhile, two brokerages have turned positive and maintained a "Buy" recommendation, with a maximum target price of 18 baht. In the second quarter of 2026, SAV reported a net profit of 122 million baht, down 6% year-on-year, and revenue of 451 million baht, down 5% year-on-year, due to Middle East tensions reducing international flights. However, in July and August, flight volumes through Cambodian airspace increased, particularly from Vietnamese airlines that have adjusted routes to fly more through Cambodia, following Cambodia's reopening of charter flights with China. The company is preparing to bid for the installation of foreign object debris detection systems on runways at Airports of Thailand (AOT), valued at 1.3 billion baht, and the procurement of equipment for Aeronautical Radio of Thailand, valued at 1.9 billion baht, totaling over 3.2 billion baht in projects bid for. Krungsri Securities expects normalized profit for 2026 to be 550 million baht, flat from the previous year, rising to 615 million baht in 2027. Meanwhile, Pi Securities has cut its 2026 profit estimate by 3% to 584 million baht, but still representing 7% growth from the previous year.