Tisco Securities upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to "Buy" from "Hold," and raised its fair value to 75.00 baht from 64.00 baht, while lifting its 2026-2028 profit forecasts by 5-6%, supported by a stronger recovery trend in passenger numbers and expectations of higher concession revenue. Tisco's research team sees stronger profit momentum in 2028 driven by tourism demand, more efficient slot utilisation, opportunities for new profit sources from AOT's ground services and cargo concession business through AOTGA, as well as a more stable duty-free business. A significant upside point is the possibility of inbound duty-free services resuming, which is expected to add about 600 million baht per year to AOT's profit. Passenger surveys reflect strong support for bringing the service back, and if approved, AOT would benefit through a concession revenue-sharing model, another factor supporting non-aeronautical revenue. AOT shares today moved at 61.50 baht, up 1.00 baht, or 1.65%, with trading value of 368.38 million baht.
Airports Of Thailand PCLTisco upgraded AOT to Buy and raised its fair value to 75 baht from 64 baht, lifting 2026-2028 profit forecasts.
