Krungsri Securities says BA is keeping its 2026 forecast targets: 4.3 million passengers, up 2 percent from the previous year; average ticket price of 4,200 baht, up 1 percent; load factor of 80 percent, up 4 percent; and capacity of 3.3 billion seat-kilometres, down 5 percent. Despite the impact of the war, the Samui route is growing strongly, and the strategy of raising ticket prices and hedging fuel has limited the damage. The company's targets are close to the broker's assumptions, which still project 2026 normalised profit of 3.9 billion baht, up 4 percent. Forward bookings for the rest of 2026 as of 14 August were down 1 percent from the previous year, with the Samui route also down 1 percent. However, part of this is expected to reflect shorter booking behaviour, because Samui passenger numbers in August 2026 continue to show good momentum, growing 10 percent year on year. The broker still expects third-quarter 2026 normalised profit, the high season for the Samui route, to reach 1 billion baht, up 5 percent. BA plans to raise passenger service charges at Samui airport from the current 300 baht for domestic and 700 baht for international flights, and is preparing information to submit to government agencies for approval, with investment of about 1.5 billion baht. The broker estimates that every 100 baht increase would lift BA's revenue by 300 million baht per year and profit after depreciation and tax by 200 million baht per year, or about 5 percent upside to profit, based on Samui airport passenger volume of 3 million in 2025 and 30-year depreciation, before any additional costs such as a higher share that may need to be paid to BAREIT. The U-Tapao airport development project is waiting for the EEC office to discuss with relevant government agencies about changing conditions to match the current situation. BA expects a conclusion and the start of investment from late 2026 to early 2027. The broker maintains a buy rating on BA with a target price of 25 baht, viewing BA as the most outstanding airline in the sector because it is less affected by the US-Iran war and high oil prices than competitors. In the short term, third-quarter 2026 normalised profit, the high season for the Samui route, is expected to grow strongly to more than 1 billion baht, up 5 percent from the previous year. In the long term, there is further upside from the opportunity to raise Samui airport passenger service charges and from the U-Tapao airport development project, which is expected to become clearer from late this year to early next year. BA holds a 40 percent stake in the company that won the bid.
Bangkok Airways Public Company LimitedPlans to raise passenger service charges at Samui airport, boosting revenue and profit.
