After the cabinet meeting on October 7, 2025, resolved to appoint Mr. Chanin Kaenhiran as a member of Civil Aviation Board (CAB), enabling the board to consider various important matters from this point on with its full quorum of 10 members.
Ms. Paweena Jariyathitipong, Acting President of Airports of Thailand Public Company Limited (SET: AOT), informed “Kaohoon” that the CAB is expected to hold its first meeting in early November to deliberate on AOT’s proposal to increase the Passenger Service Charge (PSC). If approved, the announcement will be made four months in advance before the new rates become effective.
The increase will be more than THB 200 per person. The PSC for outbound international passengers is currently THB 730 per person, and for domestic outbound passengers, it is THB 130 per person. By increasing the PSC, AOT’s annual revenue could rise by about THB 11 billion.
Currently, the collected PSC rates do not cover operating costs, with AOT incurring losses of about THB 200 per international passenger and around THB 50 per domestic passenger, averaging a loss of THB 125 per person. Adjusting the PSC rate is therefore seen as a necessary measure to better align with actual costs and support future airport expansion investments.
Meanwhile, a proposal has been made to amend CAB’s regulations regarding the import and registration of aircraft for service. Instead of the current stipulation setting an age limit for aircraft, the amendment proposes to eliminate age limitations and instead determine eligibility based on airworthiness of aircraft, or via safety inspections as per service standards.
Many airlines are preparing to lease aircraft for service. Lifting the age limit for aircraft will provide greater flexibility in Thailand’s aviation market, which has a high demand for aircraft. Meanwhile, the International Civil Aviation Organization (ICAO) does not specify aircraft age as a criterion.
This change aims to ensure appropriateness and agility, given the current high demand for aircraft alongside manufacturers’ inability to produce new planes fast enough. The age restriction has hindered the growth and competitiveness of Thailand’s aviation service market. By unlocking the age limit, airlines will be able to deploy inspected and certified leased aircraft as needed.
Regarding the progress of the contracts signing between AOT and AOT Ground Aviation Services Company Limited (AOTGA), the third qualified bidder for two private sector participation (PPP) projects for Suvarnabhumi Airport valued at a combined THB 67.30 million, the draft contracts are currently under review by the Office of the Attorney General before being submitted to the Cabinet for approval, with completion expected within November.
AOTGA is jointly owned by AOT (49%) and SAL Group (Thailand) Company Limited (SAL), which holds a 51% stake. SAL itself is held by SKY ICT Public Company Limited (SET: SKY) (46.8%), Triple i Logistics Public Company Limited (SET: III) (25.46%), and MyBox Company Limited (13.60%), making SKY’s effective interest in AOTGA approximately 24%.
Analysts at Bualuang Securities have revised their investment recommendation for AOT shares to “BUY” and raised the fundamental target price to THB 47 from THB 27. The main factor cited as a “Game Changer” is the increase in PSC, which is expected to take effect in fiscal year 2026.
The adjustment of PSC and disciplined investment management will be key factors in enabling AOT’s profit to return to pre-crisis (2019) levels of THB 25 billion by 2027, with a compound annual growth rate of 22%. Importantly, the increase in aeronautical revenue will offset the annual THB 6 billion loss from the duty-free business, shifting revenue focus primarily to aviation.
Additionally, under Ms. Paweena’s leadership, new supplementary revenue streams have been introduced, such as charges for electricity usage (400Hz) and PC-AIR services at the SAT-1 satellite terminal, adding THB 300 million annually, along with more than THB 500 million annually from AOTGA (ground services and cargo).
