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>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...

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Oct 9th. We estimate that they had an aggregated short interest worth USD3.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Airports of Thailand, PTT GlobalChem, Minor International, SCB X, Delta Electronics, Delta Electronics, Airports Of Thailand, Minor International, Ptt Globalchem.


Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

Cross Asset Strategy

<ul><li>Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.</li><li>China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.</li><li>The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).</li></ul>

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY.China's imports surged 36% YoY in June, which is expected to support Thailand's electronics exports.The government continues to roll out economic stimulus measures, including a Bt220bn large-scale infrastructure investment plan for 2027 (STECON, CK) and a domestic tourism co-payment scheme (CENTEL).

Krungthai XSpring Zoom Eng. July 15, 2026

Thailand

Airports of Thailand Public Company Limited (AOT) operates and manages six international airports in Thailand, including Suvarnabhumi Airport and Don Mueang International Airport. The company provides aeronautical services such as landing and parking, passenger service, and aircraft service charges. It also offers non-aeronautical services, including concession revenues, office and property rentals, hotel and restaurant businesses, ground services, and security services. AOT was founded in 1979 and is headquartered in Bangkok, Thailand.

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Airports of Thailand (AOT TB)

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

Thailand Short Interest Weekly (Oct 9th): Airports of Thailand, PTT GlobalChem, Minor International

We analyzed SET short interest report for the past week and highlighted short interest changes in Airports of Thailand (AOT TB), PTT GlobalChem...

Ke Yan, CFA, FRM

Krungthai XSpring Zoom Eng. July 15, 2026

Major US banks reported stronger-than-expected 2Q26 earnings, with Goldman Sachs posting 92% YoY growth and JPMorgan Chase 47% YoY. China's...

Krungthai XSpring

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