Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We view the analyst meeting on December 4, 2025 as neutral, as most updates on the KPD and PSC contract revisions were in line with our note published on the same day.</li><li>The company will collect an additional three months of bank guarantee from KPD as part of the contract amendment, and the revised contract will be applied retroactively from October 2025, which marks the start of the company’s fiscal year.</li><li>For the PSC, we now expect the earliest effective date to be mid-April 2026 (vs. early April previously).</li></ul>

We view the analyst meeting on December 4, 2025 as neutral, as most updates on the KPD and PSC contract revisions were in line with our note published on the same day.The company will collect an additional three months of bank guarantee from KPD as part of the contract amendment, and the revised contract will be applied retroactively from October 2025, which marks the start of the company’s fiscal year.For the PSC, we now expect the earliest effective date to be mid-April 2026 (vs. early April previously).

AIRPORTS OF THAILAND Plc. (AOT): Further Clarification on KPD and PSC Revenue Collection

<ul><li>We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).</li><li>The duty-free contract renegotiation with King Power (KPD) also improved.</li><li>However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.</li></ul>

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously).The duty-free contract renegotiation with King Power (KPD) also improved.However, we see a low chance of collecting the additional 35%, as: i) it applies only when spending per head exceeds Bt1,500 (vs Bt1,100 currently); and ii) spending per head in FY2026–27E is expected to stay flat.

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

<ul><li>Overhang factors from King Power Duty Free (KPD) and the PSC hike should become clearer after the board meeting on 28 Nov and the CAAT meeting on 3 Dec, potentially offering upside to our current forecast of 2Y core EPS CAGR 8%, in line with the sector.</li><li>We maintain a Neutral call with a fair value of Bt40.75, based on a 2.8% required return, equivalent to FY2026E PER of 35.3x (–1SD below the 3-year average).</li><li>Valuation metrics show a neutral fundamental view with 2% downside. Tactical view is neutral.</li></ul>

Overhang factors from King Power Duty Free (KPD) and the PSC hike should become clearer after the board meeting on 28 Nov and the CAAT meeting on 3 Dec, potentially offering upside to our current forecast of 2Y core EPS CAGR 8%, in line with the sector.We maintain a Neutral call with a fair value of Bt40.75, based on a 2.8% required return, equivalent to FY2026E PER of 35.3x (–1SD below the 3-year average).Valuation metrics show a neutral fundamental view with 2% downside. Tactical view is neutral.

AIRPORTS OF THAILAND Plc. (AOT): KPD And PSC Set To Clear Within Two Weeks

<ul><li>Despite a YoY drop in 4QFY25 core profit, it held flat QoQ—better than our expected QoQ decline.</li><li>With the overhang from the likely cut in KPD’s revenue share to 20%, we maintain our 2Y core EPS CAGR at 8%, tracking the sector.</li><li>We upgrade to Neutral (from Underperform) while keeping the FV at Bt40.75 (2.8% required return). Our view has turned more positive as the share price is now near FV, and the tactical outlook has shifted to neutral from previously limited upside.</li></ul>

Despite a YoY drop in 4QFY25 core profit, it held flat QoQ—better than our expected QoQ decline.With the overhang from the likely cut in KPD’s revenue share to 20%, we maintain our 2Y core EPS CAGR at 8%, tracking the sector.We upgrade to Neutral (from Underperform) while keeping the FV at Bt40.75 (2.8% required return). Our view has turned more positive as the share price is now near FV, and the tactical outlook has shifted to neutral from previously limited upside.

AIRPORTS OF THAILAND Plc. (AOT): 4QFY25 Core Profit Beat; KPD/PSC Talks in Focus

<ul><li>The Civil Aviation Board (CAB), chaired by Deputy Prime Minister and Transport Minister Pipat Ratchakitprakarn, is scheduled to meet on December 3, 2025, with a key agenda item being the proposed increase in passenger service charges (PSC) by AOT and the Department of Airports.</li><li>The Civil Aviation Authority of Thailand (CAAT) is gathering proposals from three key agencies for CAB’s consideration. i) CAAT has proposed raising international arrival and departure fees from Bt15 to Bt25 per passenger per trip.</li><li>Ii) AOT is seeking to increase international PSC rates by over Bt200 and is studying the possibility of collecting PSC from transit and transfer passengers. iii) The Department of Airports plans to raise the PSC at Trang Airport by Bt25. CAAT will also invite the Thai Airlines Association to discuss and finalize an appropriate resolution.</li></ul>

The Civil Aviation Board (CAB), chaired by Deputy Prime Minister and Transport Minister Pipat Ratchakitprakarn, is scheduled to meet on December 3, 2025, with a key agenda item being the proposed increase in passenger service charges (PSC) by AOT and the Department of Airports.The Civil Aviation Authority of Thailand (CAAT) is gathering proposals from three key agencies for CAB’s consideration. i) CAAT has proposed raising international arrival and departure fees from Bt15 to Bt25 per passenger per trip.Ii) AOT is seeking to increase international PSC rates by over Bt200 and is studying the possibility of collecting PSC from transit and transfer passengers. iii) The Department of Airports plans to raise the PSC at Trang Airport by Bt25. CAAT will also invite the Thai Airlines Association to discuss and finalize an appropriate resolution.

Airports Of Thailand Plc. (AOT): CAB To Meet On December 3 To Review PSC Rate Adjustments...

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Airports of Thailand (AOT TB)

AIRPORTS OF THAILAND Plc. (AOT): Further Clarification on KPD and PSC Revenue Collection

We view the analyst meeting on December 4, 2025 as neutral, as most updates on the KPD and PSC contract revisions were in line with our note...

Krungthai XSpring

AIRPORTS OF THAILAND Plc. (AOT): Earnings Upgraded On Easing KPD And PSC

We switch to Outperform and raise our FV to Bt56.00 (2.6% required return; vs Neutral/Bt40.75/2.8% previously). The duty-free contract...

Krungthai XSpring

AIRPORTS OF THAILAND Plc. (AOT): KPD And PSC Set To Clear Within Two Weeks

We maintain a Neutral call with a fair value of Bt40.75, based on a 2.8% required return, equivalent to FY2026E PER of 35.3x (–1SD below the 3-year...

Krungthai XSpring

AIRPORTS OF THAILAND Plc. (AOT): 4QFY25 Core Profit Beat; KPD/PSC Talks in Focus

With the overhang from the likely cut in KPD’s revenue share to 20%, we maintain our 2Y core EPS CAGR at 8%, tracking the sector.

Krungthai XSpring

Airports Of Thailand Plc. (AOT): CAB To Meet On December 3 To Review PSC Rate Adjustments...

The Civil Aviation Authority of Thailand (CAAT) is gathering proposals from three key agencies for CAB’s consideration. i) CAAT has proposed...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)