Dao Securities holds a positive view on shares of Airports of Thailand Public Company Limited, or AOT, on the expected recovery in Chinese flights, particularly during the long Golden Week holiday, and on the possible increase in airport service fees. Data from the Tourism Authority of Thailand projects that during the long holiday from September 25 to October 7, 2026, which covers the Mid-Autumn Festival and China's National Day holiday for a total of 13 days, about 250,000 Chinese tourists will visit Thailand, up 24% year on year, helping to support the number of flights and passengers from China. Meanwhile, AOT is considering raising its parking charge, which has not been adjusted since 2008 and is currently about 30-50% lower than that of regional competitors, and is also reviewing its landing charge and aircraft service charge to improve the efficiency of airport resource use. Ms. Paweena Jariyathitipong, Chief Executive Officer of AOT, said the trend in flight volume for October 2026 is expected to rise gradually, especially flights from China during Golden Week between October 1 and 7 and during the winter flight schedule from October 25 to March 27. The research team maintains its net profit forecast of 19.4 billion baht for FY2026E, up 7% year on year, and 26.2 billion baht for FY2027E, up 35% year on year, which would be a new record high from recognizing the full-year benefit of the new passenger service charge rate after raising the international departure PSC to 1,120 baht from 730 baht effective June 20, 2026. It also maintains a Buy recommendation with a target price of 73.00 baht, based on DCF at a WACC of 7.0% and terminal growth of 3.0%.
Airports Of Thailand PCLExpected 24% YoY surge in Chinese tourists during Golden Week to boost flights and passengers at AOT airports.
Dao Securities maintains a Buy rating and 73.00 baht target price on AOT, forecasting FY2027 profit up 35%.
