On Thursday, the share price of Airports of Thailand Public Company Limited (SET: AOT) closed the morning session at THB 62.50, a THB 0.75 or 1.21% increase with a total trading value of THB 842.79 million.
TISCO Securities stated in an analysis on September 2 that AOT revealed flight and passenger statistics for August 2026 across its six airports. The total flight volume decreased by 1.4% year-on-year, while the number of passengers decreased by 1.1%. This marks the fifth consecutive month that performance has fallen below 2025 levels, driven by the impact of geopolitical tensions.
However, the overall picture shows satisfactory signs of recovery, with both flight volume and passenger numbers improving compared to July. This comes after airlines gradually resumed flight routes to Thailand. Passenger numbers recovered slightly faster than flight volume, reflecting that airlines are still maintaining a strong passenger load factor to help offset jet fuel costs that remain high.
TISCO expects the recovery momentum to continue into September, with AOT likely to serve up to 128 million passengers by the end of fiscal year 2026. Suvarnabhumi Airport has been supported by international travel demand, reflecting that full-service airlines are leading the recovery compared to low-cost carriers.
Specifically, the number of international passengers at Suvarnabhumi Airport increased by 7.3% YoY. This stands in contrast to Don Mueang Airport, which saw a 29.4% decline, following drops of 15%, 39%, and 34% during May, June, and July, respectively. Full-service airlines continue to gradually resume medium- and long-haul flights after passing their lowest point in May.
International flights at Don Mueang Airport still face profitability challenges, leading some airlines to suspend services on certain routes amid high jet fuel prices. As for the domestic market, the total number of passengers decreased by 3.9%, primarily driven by a 7.8% decline at Suvarnabhumi Airport.
Asia Aviation Public Company Limited (SET: AAV) reduced its flight frequency from Suvarnabhumi during June – September, before preparing to resume services in accordance with the winter flight schedule.
Regarding Thai airlines, preliminary data from AOT indicates that the passenger volume of Thai Airways International Public Company Limited (SET: THAI) increased by 7% in August. This represents an acceleration from declines of 10%, 6%, and 1% in May, June, and July, respectively, marking the strongest growth in passenger volume since April 2025.
The key supporting factors include THAI resuming and increasing its flight frequency by 4% in August, driven by improved travel confidence and the deployment of new aircraft into service.
Meanwhile, other airlines saw a 3% increase in passengers and a 2% increase in flight frequency, reflecting continued positive momentum. TISCO maintains a “Hold” recommendation for AOT with a target price of THB 64 per share.
