Cabinet Greenlights AOTGA to Proceed with Mega Projects, Boosting SKY-III

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Vision Stock - Yuanta Securities stated that the Cabinet has given the green light for AOT to sign the AOTGA contract, proceeding with two mega projects: "Ground Services and Third Cargo Terminal" at Suvarnabhumi Airport, with a total investment of 67.3 billion baht. The public-private partnership will run at full capacity for 25 years, enhancing capacity to accommodate a 4% surge in winter slots, positioning Suvarnabhumi as a regional aviation hub. This is seen to boost AOT's profits by an upside of 5%, leveraging synergies to strengthen bargaining power with airlines. SKY-III also stands to benefit long-term, as the AOTGA project has a 25-year contract term, with an expected market share of 15-20%, generating profits of around 700-1,000 million baht per year. SKY holds a net stake of approximately 24% in AOTGA, while III holds about 13%, which is positive for both stocks. For SKY, this project extends its existing aviation technology business into a comprehensive offering under a long-term contract. The company targets revenue growth of around 20% YoY in 2026, with continued growth expected in 2027. Meanwhile, III benefits from vertical integration and a concession period of up to 25 years, with its 2026 normal profit forecast revised to 454 million baht, up 12% YoY, and 2027 to 499 million baht, up 10% YoY.

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Yuanta Securities (Thailand) Company LimitedPrivate± Mixed
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