Yuanta raises AOT target to 73 baht, recommends Buy on 45% profit growth in 2027

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Yuanta Securities raised its end-2027 price target for AOT shares to 73.00 baht and upgraded its recommendation to "Buy" after lifting its 2027 normalized profit forecast by 7% to 28 billion baht, or 45% growth year on year. The revision assumes 2027 tourist and flight volumes growing 6% year on year, up from 4% previously, a gross margin rising to 50.7% from 49.1%, and SG&A to sales falling to 4.8% from 5.1%. For the fourth quarter of 2026, normalized profit is expected at 4.7 billion baht, up 25% quarter on quarter and 17% year on year, supported by recognition of higher passenger service charges on new international routes, up 53% to 1,120 baht per passenger for a full quarter, bringing total revenue back to year-on-year growth of 18 billion baht for the first time in seven quarters. Total passenger and flight volumes are expected to fall 1% to 3% year on year, an improvement from a decline of 4% to 5% year on year in the third quarter of 2026, with gross profit margin forecast at 41.0%. On growth plans, AOT is expanding Suvarnabhumi Airport to 120 million passengers per year by 2039 through the East Expansion, South Terminal, and fourth runway projects. AOTGA is expected to sign a contract and begin services as the third operator between the fourth quarter of 2026 and the first quarter of 2027 under a 25-year concession. The company is also studying passenger service charges for connecting passengers, increases to landing and parking fees, and the return of inbound duty-free, with clarity expected within six months to a year.

Impact on assets 1

Industrials▲
Airports Of Thailand PCL
AOT
▲ PositiveCapitalrelevance

Yuanta raised AOT's end-2027 target to 73 baht and upgraded to Buy after lifting its 2027 normalized profit forecast 7% to 28 billion baht.

Off-coverage companies 1

AOT Ground Aviation Services Company Limited (AOTGA)i
Private▲ PositiveRegulationrelevance

AOTGA is expected to sign a contract and begin services as the third operator in Q4 2026-Q1 2027 under a 25-year concession.