Tisco raises AOT target to 75 baht, expects 58% profit growth in 2027

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โดย Kaohoon·TH·Read original
Summary · why it matters

Tisco Securities has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, from "hold" to "buy" and raised its fair value from 64 baht to 75 baht per share, after lifting its earnings forecasts for 2026-2028 by 5-6% and expecting profit in 2027 to grow 58%, driven by an increase in the international passenger departure service fee, growth in both international and domestic passenger traffic, and higher minimum-guarantee revenue from the duty-free business. Management expects passenger numbers in 2027 to potentially expand by about 8.8%, as Thai Airways International Public Company Limited, or THAI, has confirmed plans to expand its routes and aircraft delivery delays are beginning to ease. Meanwhile, AOTGA, which has been approved as the third ground handling and cargo service provider at Suvarnabhumi Airport, is expected to generate about 500 million baht per year for AOT through revenue sharing and its share of profit from investments in associates. The resumption of inbound duty-free services is expected to add about 600 million baht per year to AOT's profit if approved.

Impact on stocks 2

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

Tisco upgraded AOT from hold to buy and raised its fair value to 75 baht after lifting 2026-2028 earnings forecasts.

Aerospace & Aviation▲ · 1 stocks

Off-coverage companies 1

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

AOTGA approved as the third ground handling and cargo provider at Suvarnabhumi, expected to generate about 500 million baht per year for AOT.

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