Yuanta Securities (Thailand) has upgraded its recommendation on Airports of Thailand Public Company Limited, or AOT, to Buy and raised its end-2027 target price to 73.00 baht from 67.00 baht, reflecting an upward revision of its 2027 profit forecast to 28 billion baht, an increase of 45% year on year, on the recovery in tourism and cost management measures. For the fourth quarter, covering July to September 2026, the research team expects profit of 4.7 billion baht, up 25% quarter on quarter and up 17% year on year, supported by the full-quarter recognition of the new passenger service charge base. Although travel activity remains slower than a year earlier, the pace of the slowdown has improved compared with the third quarter. The research team assesses that fourth-quarter 2026 and full-year 2027 results will return to a growth cycle, driven by full-quarter recognition of the new passenger service charge and the recovery trend in the tourism industry. In addition, AOT is studying the creation of additional revenue sources, while airport expansion and flight-handling capacity will drive AOT's long-term growth.
Airports Of Thailand PCLYuanta upgraded AOT to Buy and raised its target price to 73 baht on a 45% profit growth forecast.
