Ms. Paweena Jariyathitipong, President of Airports of Thailand Public Company Limited (SET: AOT), stated that the increase in the Passenger Service Charge (PSC) for outbound international passengers, which was approved by the Civil Aviation Board (CAB) on December 3, 2025, raising the fee from THB 730 per person to THB 1,120 per person, is still awaiting the signature of Mr. Phiphat Ratchakitprakarn, Deputy Prime Minister and Minister of Transport. The new rate will take effect four months after his signature.
Previously, CAB had resolved to approve AOT’s adjustment of the international outbound PSC for six major airports, namely Suvarnabhumi, Don Mueang, Chiang Mai, Chiang Rai, Phuket, and Hat Yai. The collection is expected to commence in mid-2026, with the aim to support infrastructure investment and enhance service quality.
Additionally, Ms. Paweena stated that AOT anticipates passenger traffic through its six airports during the Chinese New Year festival, from 13-22 February 2026, to total over 4.11 million. This comprises approximately 2.6 million international passengers and about 1.51 million domestic passengers. The total number of flights is expected to be around 24,847, with about 14,295 international flights and 10,552 domestic flights.
Focusing on China routes, the passenger count continues to rise. AOT expects around 679,259 passengers on China routes, up 8.1% from Chinese New Year 2025, and about 4,447 flights, an increase of 3.4%. Suvarnabhumi Airport, which handles the most international flights, will see about 444,255 China route passengers, an increase of 24.2%, and approximately 2,889 flights, an increase of 20.5% (data as of 4 February 2026).
Ms. Paweena added that, to accommodate the rising number of travelers, AOT has prepared its airports in all dimensions, focusing on convenience, safety, and creating a world-class hospitality experience. Services will emphasize warmth, attention, and friendliness, reflecting Thai identity through courteous and humble service, facilitating passengers at every step.
Interpreters have been arranged to support international travelers, especially tourists from China. Technology and innovation have been introduced to reduce waiting times, improve efficiency, and enhance the travel experience to be more convenient and swift, including managing airport traffic flow to prevent congestion.
Daol Securities (Thailand) has a positive business outlook for AOT after unofficial election results showed that the Bhumjaithai Party received the most votes, increasing the chance of forming the next government. This has led to renewed optimism regarding progress in adjusting the PSC.
The securities company also anticipated that AOT will be able to proceed with the PSC rate increase for outbound international passengers. The Ministry of Transport is expected to sign and endorse the new PSC rates and publish them in the Royal Gazette once the political situation becomes clearer. The new rates are expected to take effect about four months after the announcement, likely starting in 4Q26 as previously projected.
In terms of earnings projections, Daol Securities maintains its forecast for AOT’s 2026 net profit at THB 19 billion, up 5% from the previous year. The company expects AOT to begin realizing benefits from the new PSC from July 2026, resulting in a strong earnings rebound in 4Q26. For 2027, net profit is projected to surge to THB 27 billion, an increase of 44% year-on-year, as the full positive impact of the PSC adjustment is recognized throughout the year.
For passenger volume assumptions, it is projected that in 2026–2027, AOT will handle 133 million and 140 million passengers respectively, representing growth of 6% and 5%, in line with the recovery of the tourism and international travel sectors.
As a result of these positive factors, Daol Securities has upgraded its recommendation for AOT to “BUY” from “HOLD,” and raised the price target to THB 60.00 per share for 2027 (from THB 54.00 previously) using the DCF (Discounted Cash Flow) valuation method to fully reflect the benefits from the PSC increase.
