Bangkok Airways Public Company Limited (SET: BA) reported 3Q25 results that exceeded analyst expectations, with both Maybank Securities (Thailand) and Yuanta Securities (Thailand) highlighting robust profit growth, effective cost management, and the strong performance of the Samui route as key drivers.
Maybank Securities (Thailand) noted that BA posted a net profit of THB 1.0 billion for the quarter, and core profit (excluding foreign exchange loss) of THB 1.1 billion, up 17% year-on-year and 106% quarter-on-quarter. These figures beat Maybank’s and the market’s forecasts by 28% and 34%, respectively, due to better-than-expected revenue and disciplined cost controls, particularly in maintenance and salaries.
While passenger revenue slipped 3% year-on-year to THB 4.3 billion, given more competition on non-Samui routes, higher profits came from high-margin ground and cargo operations. The high season for European and U.S. tourists to Samui drove a 12% quarter-on-quarter rise in passenger numbers to 1.04 million, and total revenue topped THB 5.9 billion.
Maybank expects Q4 core profit to decline quarter-on-quarter as the Samui high season ends, but sees possible consensus earnings upgrades of 10-14% after future analyst meetings. The brokerage firm maintains BA as its top pick in the sector thanks to Samui’s revenue stability and an attractive 9% dividend yield, giving a ‘Buy’ rating and a target price of THB 17.5 per share.
Yuanta Securities (Thailand) also recognized BA’s Q3 net profit at THB 1.041 billion, while core profit (excluding FX loss) totaled THB 1.067 billion, up 106% quarter-on-quarter and 18% year-on-year, beating expectations by 33%.
Yuanta cited the better-than-expected gross profit margin of 29.7%—helped by the absence of new maintenance charges and the return of one leased aircraft—and effective SG&A control, which kept expenses below forecasts. The high season for Samui supported both passenger volume and average fares, limiting annual fare and passenger declines to 2.2% and 1.7%, respectively.
BA’s nine-month profit figure reached 95% of the broker’s full-year forecast, indicating upside potential of about 10%. Yuanta expects Q4 results to soften as high season fades, but projects sequential growth in 1Q26 and continued annual improvement from cost efficiency. The broker reiterates its ‘Buy’ call with a target price of THB 20.00 per share.
