Airports of Thailand: A Buy Despite Concerns About Retail Revenues

2025-03-16 10:18:09 ET

Summary

• Airports of Thailand stock has dropped 36.3% since my buy rating in September, contrasting with a 2.4% gain for the S&P 500.
• AoT operates six major Thai airports, including Bangkok's Suvarnabhumi and Don Mueang, handling 119.3 million passengers in FY2024, down from pre-pandemic levels.
• Risks include macroeconomic instability and retail concession challenges, but expansion projects at Don Mueang and Suvarnabhumi airports offer significant long-term growth potential.
• Despite recent setbacks, AoT has a 6% upside for FY26 and up to 66% upside for FY25, with a base case price target of $1.72.

In September, I added Airports of Thailand (APTPF) (AIPUY) (AIPUF) to my coverage. I rated the stock a buy, but that call has not worked out. The stock lost 36.3% of its value against a 2.4% gain for the S&P 500....

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