Maybank Securities (Thailand) said in an analysis dated October 9, 2026, that concerns over an outbound travel tax are weighing on Airports of Thailand, or AOT, but are instead creating an opportunity to buy, as it maintained its Buy recommendation and a target price of 75 baht per share. The research team said it had met with AOT's senior executives to discuss business trends, and that there was no material new information, though the tourism tax and outbound travel tax became the main topics of discussion. Executives viewed that the 450 baht tourism tax on inbound tourists is unlikely to affect demand, while the proposal to levy a 1,000 baht outbound travel tax on international air travel is unlikely to materialize, as it could have a broad impact on the private sector, especially low-cost airlines. Departures by land and by water would still be exempt in the initial phase, and the public consultation process will run until October 29, 2026. The measure would take effect 180 days after its announcement. Based on a sensitivity analysis, the research team estimated that for every 1% decline in the number of international outbound passengers, AOT's profit in fiscal year 2027 would fall 1.6% and its target price would drop 0.60 baht per share. As for the tourism tax, the government plans to introduce a 450 baht levy, higher than the 300 baht level the Ministry of Tourism and Sports had previously proposed. The research team expects the impact to be limited, as it accounts for less than 1% of average spending per tourist per trip, and revenue from the tax will be used to improve tourism infrastructure and provide insurance for tourists.
Airports Of Thailand PCLProposed 450 baht inbound tourism tax and 1,000 baht outbound travel tax create regulatory uncertainty for AOT, though Maybank sees limited demand impact and the outbound levy unlikely to materialize.
Maybank Securities (Thailand) PCLMaybank Securities maintains Buy on AOT with a 75 baht target price, calling the travel-tax concern an accumulation opportunity.
