On Wednesday at 11:18 AM (Bangkok time), the share price of Bangkok Airways Public Company Limited (SET: BA) advanced by 2.94% or THB 0.40 to THB 14.00, with a trading value of THB 56.86 million.
Phillip Securities (Thailand) stated that BA plans to invest in the development of two key regional airports—Trat and Samui—as part of its long-term expansion strategy.
CEO Puttipong Prasarttong-Osoth detailed the investment blueprint, which allocates THB 800 million for upgrading Trat Airport, positioning it as a future hub for the eastern region. The investment will be split across two phases of THB 400 million each. The first phase is scheduled to commence at the end of this year and finish in the third quarter of 2026.
Improvements will include an extension of the runway from 1,800 to 2,000 meters, the construction of a new aircraft apron, and expansion of the passenger terminal to 3,400 square meters. These upgrades will allow the airport to handle up to 250,000 passengers annually and increase check-in counters to eight. The second phase will be considered depending on rising passenger demand, as current traffic stands at around 90,000 passengers per year.
For Samui Airport, the company plans to begin construction between late 2025 and early 2026, with an investment of THB 3 billion over two years. The first phase will require THB 1.5 billion and aims to upgrade capacity to 73 daily flights (from 60 currently) and double annual passenger numbers to 6 million when all phases are complete. Plans also call for expanding commercial space from 1,800 to 4,000 square meters.
On the fleet side, BA currently operates 23 aircraft and expects to receive 2-3 new Airbus planes in 2026. The company has also signed for 10 new ATR aircraft, requiring an investment of THB 6-7 billion, with deliveries scheduled between 2026 and 2028. In addition, BA intends to modernize its fleet by purchasing 20 new narrow-body aircraft, while gradually phasing out older leased planes, with proposals expected by the end of 2026. The company aims to restore its fleet size to 40 aircraft, matching pre-pandemic levels.
However, the U-Tapao Airport project remains stalled despite a five-year-old contract with U-Tapao International Aviation Co., Ltd. (UTA), a consortium including BA, BTS, and STECON (with respective stakes of 45%, 35%, and 20%). Construction has yet to commence due to outstanding government commitments, such as the high-speed rail link connecting three airports.
The EEC board has postponed issuing the Notice to Proceed (NTP) three times, and if no progress is made, the consortium may cancel the contract and seek to recover THB 4 billion in investments.
Nonetheless, Phillip Securities continues to recommend a ‘Buy’ rating on BA, maintaining a target price of THB 16.70 per share. The brokerage firm cites clearer investment plans for both Trat and Samui Airports, strong potential for tourism in the eastern region and Samui, and strategic fleet expansion as factors supporting Bangkok Airways’ long-term growth prospects.
