Tisco upgrades AOT to Buy with 75 baht target on surging passenger traffic

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โดย HoonVision·

Summary · why it matters

Tisco Securities has upgraded its recommendation on AOT shares from Hold to Buy and raised its fair value to 75.00 baht, citing a stronger outlook for 2027 driven by passenger growth benefiting from tourism demand and more efficient slot utilisation, the potential for new profit sources from ground services and the cargo concession of AOTGA, and a more stable duty-free business. Management expects flight cancellations during the winter slot season from October 2026 to March 2027 to decline, even though slot bookings are currently up only 1%, as airlines face fewer aircraft delivery delays and THAI confirms plans to expand routes, which should accelerate passenger growth to 8.8%. The approval of AOTGA as the third ground handling and cargo operator at Suvarnabhumi Airport is expected to generate about 500 million baht per year for AOT through revenue sharing and income from its equity stake in the joint venture. Meanwhile, the possibility of reopening inbound duty-free is expected to add roughly 600 million baht per year to AOT's profit. Tisco has raised its 2026-2028 earnings forecasts by 5-6% and expects profit in 2027 to grow 58%, supported by the increase in international departure passenger service charges, growth in both international and domestic passenger numbers, and higher guaranteed minimum revenue from the duty-free business.

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