On Wednesday, the share price of Thai Airways International Public Company Limited (SET: THAI) at the time of 11.37 a.m. was at THB 13.80, a THB 1.80 or 15% increase with a total trading value of THB 4,536.34 million.
Chaiyot Jiwangkul, Assistant Director of Securities Analysis at Krungsri Securities, revealed to “Kaohoon” that THAI shares, which resumed trading after the SP (suspension) was lifted, are seeing strong demand from institutional investors. This demand is primarily driven by fund managers rebalancing their portfolios to align with the next revision of SET100 and SET50 indices.
Currently, THAI has a market capitalization exceeding the required minimum for index inclusion and is well-positioned to be reinstated in future SET50 and SET100 rounds. Krungsri Securities places THAI’s target price between THB 7.60-8.00 per share.
Earlier, Chai Iamsiri, CEO of THAI, expressed confidence that the company’s shares would be included in the SET50, reflecting optimism toward long-term growth and earnings prospects. Thai Airways is targeting THB 400 billion in revenue by 2033, which aligns with plans to expand its fleet to a total of 150 aircraft by then.
The Stock Exchange of Thailand (SET) will announce the list of constituents for SET50 for 1H26 at the end of this year.
Regarding fleet acquisition, there will be no import tax due to longstanding tax privileges granted to THAI by the Board of Investment (BOI). The airline’s procurement plan was finalized as of 2024 and is unrelated to the US tariff negotiations.” According to this plan, THAI’s fleet will grow from 78 at the end of 1Q25 to 150 aircraft by 2033, with expected revenue reaching THB 400 billion.
Progress is also being made on the company’s Maintenance, Repair, and Overhaul (MRO) center and related projects in the Eastern Economic Corridor (EEC) at U-Tapao Airport. The Eastern Economic Corridor Office recently sent a formal invitation to THAI to submit a proposal by September 2025, with construction likely to start in 2027; project investment is estimated at THB 10 billion.
Collaboration with Bangkok Airways Public Company Limited (SET: BA) is expected to be in the form of co-development rather than joint investment. Of the 210-rai MRO area at U-Tapao, approximately 30 rai will be allocated to BA, while THAI will manage the rest, owing to its significantly larger fleet size.
Bualuang Securities expects Thai Airways to pay a 2025 dividend of roughly THB 0.25 per share across 28 billion shares, totaling about THB 7 billion.
Yuanta Securities (Thailand) notes that THAI is now in a position to resume dividend payments, having cleared its accumulated losses. Under its policy to pay no less than 25% of net profit as dividends, THAI’s likely payout for 2025 is estimated at THB 0.25 per share, pending board approval.
For 2Q25, THAI is set to report results to the SET on August 4, with projected revenue of THB 45 billion and net profit of THB 3.5 billion. The company’s second-half 2025 performance is expected to further improve over the first half, with Q3 already anticipated to outpace Q2, and Q4 marking the airline’s annual high season.
Yuanta projects FY2025 revenues of THB 190 billion—up 2% YoY—and net profit of THB 28 billion. With first-half revenue already at THB 90 billion, and based on current operations, there is continued confidence that the full-year results will meet projections.
