Krungsri Securities Public Company Limited stated that SAV reported flight volumes through Cambodian airspace in July-August 2026 returned to growth of +8% y-y and +High teen% y-y, respectively, recovering from the -2% y-y decline in 2Q26, supported by flights from China and Vietnam. Meanwhile, there are two new tender projects with a total value of over 3.2 billion baht, including the Safety equipment installation project at Suvarnabhumi Airport (FOD) worth 1.3 billion baht, expected to be tendered in October 2026, and the radar equipment project for Aeronautical Radio of Thailand worth 1.9 billion baht, expected to be tendered in early 2027. The FOD project is a 50/50 joint venture with a partner, with a profit margin of 12-14%, while the radar project has a profit margin of 6-8%. The research department views this as slightly positive for the core business trend recovering in 3Q26F and maintains its 2026F normal profit estimate of 550 million baht, flat y-y, while maintaining a "Buy" recommendation with a 2027F target price of 18.00 baht (DCF, WACC 9.2%). It also points out that the stock trades at a 2026F P/E of approximately 12.8 times, below -1SD, and offers a high dividend yield of 6-8% per year.
Samart Aviation Solutions Public Company LimitedFlight volumes through Cambodian airspace recovered to +8% y-y in July and high-teen% y-y in August, supported by China and Vietnam flights, indicating stronger demand for air traffic services.
