Finansia Syrus Securities (FSS) has released an updated analysis following the announcement by Airports of Thailand Public Company Limited (SET: AOT) regarding adjustments to its Passenger Service Charge (PSC). AOT will increase its PSC for outbound international travelers from THB 730 to THB 1,120 per person, effective June 20, 2026. The PSC for domestic passengers will remain unchanged at THB 130 per person.
According to FSS, this official announcement clarifies the PSC implementation timeline, with AOT expected to recognize the increased fee revenue by the end of the third quarter of 2026. This is slightly ahead of the securities firm’s prior assumption, which anticipated implementation in the fourth quarter, providing a minor upside to previous estimates. The broker now projects a 0.6% increase in AOT’s 2026 revenue and a 1.7% uptick in normalized profit for the year.
FSS further notes that while the fee hike could affect travel decisions to some degree, the level of Thailand’s PSC remains competitive in comparison to several global counterparts. The adjustment, according to the analyst firm, is aimed at supporting AOT’s long-term operating and investment expenditures.
The brokerage house maintains its “BUY” rating on AOT shares with a target price of THB 63.5, based on discounted cash flow (DCF) methodology, which equates to about 30 times estimated fiscal year 2027 earnings (roughly 0.5 standard deviation below the 10-year average P/E).
FSS expects AOT’s earnings performance in the second half of 2026 to surpass that of the first half, forecasting robust profit growth of 57% for 2027—compared to a 5% increase in 2026—as the firm will recognize the full-year benefit of the new PSC rate. Net profit is expected to hit a record THB 30.1 billion, with ROE projected to reach 20%, well above pre-pandemic levels.
