Analysts at CLSA have revised their rating on Airports of Thailand Public Company Limited (SET: AOT), moving it from “Outperform” to “Hold” due to limited upside and no clear near-term catalysts, but raising target price by THB 2 per share. This follows a cautious tone from AOT management during its post-earnings call.
The company highlighted a 10% year-on-year decline in forward bookings for this summer (April-September), attributing this to ongoing Middle East tensions. Consequently, AOT has lowered its FY26 passenger guidance to 126 million—flat from the previous year and a reduction from its earlier projection of 135 million (which would have been a 6% increase). This comes despite a 4% increase in traffic in the first half of FY26.
To counteract the weaker passenger environment, AOT is focusing on cost reduction and efficiency improvements. Notably, CLSA has raised its target price for AOT shares from Bt55 to Bt57 by rolling forward its valuation to 2027.
However, with limited near-term catalysts and only modest upside from the current share price, CLSA believes a “Hold” rating is more appropriate at this junction.
