Yuanta Securities (Thailand) said in an analysis dated September 30, 2026, that the earnings outlook for Airports of Thailand, or AOT, is continuing to recover and could enter a new growth cycle, driven by a full quarter of recognition of new Passenger Service Charge, or PSC, revenue, along with a recovery in passenger numbers and the tourism sector. The research team expects AOT to post normal profit of about 4.7 billion baht in the fourth quarter of 2026, up 25% from the previous quarter and 17% from the same period a year earlier. Total revenue is expected at about 18 billion baht, up 17% from the previous quarter and 12% from a year earlier, marking the first year-on-year growth in seven quarters. The gross margin is expected at about 41%, improving both from the previous quarter and from the same period a year earlier. The research team also raised its 2027 profit forecast by 7% to about 28 billion baht, or an increase of 45% from a year earlier, lifting its assumptions for passenger and flight growth in 2027 to 6% from 4%. It upgraded its recommendation on AOT to Buy and set a fair value of 73 baht at the end of 2027, up from 67 baht.
Airports Of Thailand PCLYuanta upgraded AOT to Buy and raised its fair value to 73 baht, lifting 2027 profit forecast 7% to 28 billion baht.
