On Thursday at 2:57 PM (Bangkok time), the share price of Airports of Thailand Public Company Limited (SET: AOT) gained 3.11% or THB 1.75 to THB 58.00, with a trading value of THB 5.29 billion.
A surge in buying interest for AOT has been buoyed by an upcoming increase in the international Passenger Service Charge (PSC) to THB 1,120 per person, up from the previous rate of THB 730. This revision is scheduled to take effect on June 20, 2026.
AOT had informed the Stock Exchange of Thailand of its decision to adjust the PSC for international departures at all six of its managed airports: Suvarnabhumi, Don Mueang, Chiang Mai, Mae Fah Luang-Chiang Rai, Phuket, and Hat Yai. The domestic passenger service charge will remain unchanged at THB 130 per person, in line with the government’s policy to promote domestic tourism.
Ms. Paweena Jariyathitipong, President of AOT, stated that this adjustment to the international PSC is intended to accommodate the company’s operating and long-term investment costs, and support initiatives focused on enhancing airport safety, service standards, and the capacity to handle increasing passenger volumes, positioning Thailand’s airports as a sustainable aviation hub in the region and aligning them with international standards.
AOT emphasized that the PSC is not a tax nor a profit-generating income, but is allocated exclusively for airport-related activities. The increase is still subject to approval by relevant ministers, reflecting a transparent and deliberative regulatory process.
The incremental revenue from the PSC will be directed toward upgrading the infrastructure at all six airports. Projects include the construction of the SAT-1 Satellite Terminal at Suvarnabhumi Airport, improvements to passenger terminals at Don Mueang Airport, and implementation of the Common Use Passenger Processing System (CUPPS), which is designed to reduce wait times, streamline check-in processes, and improve the overall passenger experience.
Surveys conducted among passengers and airlines indicate that the majority of passengers view the revised PSC as reasonable and do not consider it a deterrent to travel. Airlines also generally agree with the new rate adjustment, while concurrently encouraging AOT to continue enhancing service quality. The company has incorporated this feedback into its ongoing operational improvements.
According to Asia Plus Securities, the PSC increase is expected to significantly boost AOT’s operational performance, particularly in fiscal year 2027, when the new rate will be recognized for a full year. The brokerage projects AOT’s normalized profit for the fiscal year ending September 2027 at approximately THB 30 billion, representing 30% growth year-on-year.
Expansion is expected to be notable from the fourth quarter of 2026 through the first half of 2027, with return on equity (ROE) forecast to reach around 20%, ranking highest among tourism sector peers.
In addition, plans to further increase revenue–notably through the implementation of Transfer & Transit passenger charges–are under consideration by relevant authorities. This prospect merits close monitoring, as it aligns with Thailand’s strategy to become the region’s premier aviation hub, particularly to accommodate rising volumes of international transfer and transit passengers.
In the first quarter of 2026 (October to December 2025), international transfer and transit passenger numbers rose to 1.10 million, up 10% year-on-year.
