Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.</li><li>KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.</li><li>The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.</li></ul>

We maintain an Outperform rating and the 12M FWD fair value (FV) at Bt68.00, based on an earnings yield of 2.5%.KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.The long- term growth outlook is strong, with an FY2025-27E EPS CAGR of +14%, exceeding the industry average of +11%.

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

<ul><li>We maintain an Outperform rating with a target price of Bt68.00, based on an earnings yield of 2.1%.</li><li>We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.</li><li>We also maintain a positive view on its strong long-term growth, with a FY25-27E EPS CAGR of +18%, surpassing the industry average of +11%, supported by increasing passenger numbers, which are nearing pre-COVID levels.</li></ul>

We maintain an Outperform rating with a target price of Bt68.00, based on an earnings yield of 2.1%.We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.We also maintain a positive view on its strong long-term growth, with a FY25-27E EPS CAGR of +18%, surpassing the industry average of +11%, supported by increasing passenger numbers, which are nearing pre-COVID levels.

Airports of Thailand - Good 4QFY24 as Expected; Entering Tourism Season in 1QFY25E

<ul><li>We downgrade our rating to Outperform from Buy and revise the 12-month fair value (FV) down to Bt68.00 from Bt72.00, based on an earnings yield of 2.4%.</li><li>This adjustment follows an upward revision to our market risk premium (MRP), resulting in a higher required return, up from the previous 2.3%.</li><li>KTX’s <span style="font-size: var(--content-font-size);">valuation metrics suggest a strong outlook for the long-term </span>growth prospects for FY25-27E, with expected EPS growth of +15%. </li></ul>

We downgrade our rating to Outperform from Buy and revise the 12-month fair value (FV) down to Bt68.00 from Bt72.00, based on an earnings yield of 2.4%.This adjustment follows an upward revision to our market risk premium (MRP), resulting in a higher required return, up from the previous 2.3%.KTX’s valuation metrics suggest a strong outlook for the long-term growth prospects for FY25-27E, with expected EPS growth of +15%. 

Airports of Thailand - 4QFY24E Earnings to Decline QoQ; FY2025E NP to Remain Strong

<ul><li>Mr. Keerati Kijmanawat, AOT's president, shared details on upcoming projects:</li><li>1) East expansion project: Valued at Bt10bn, the project will be presented to the AOT board in September before being submitted to the Cabinet.</li><li>Bidding is expected to open in December 2024.</li><li>2 ) Third ground service provider and cargo project at Suvarnabhumi Airport, with a total budget of Bt67bn: The invitation for private sector investment under the PPP model is now expected in September, delayed from the original August timeline due to ongoing drafting of the TOR bidding conditions.</li></ul>

Mr. Keerati Kijmanawat, AOT's president, shared details on upcoming projects:1) East expansion project: Valued at Bt10bn, the project will be presented to the AOT board in September before being submitted to the Cabinet.Bidding is expected to open in December 2024.2 ) Third ground service provider and cargo project at Suvarnabhumi Airport, with a total budget of Bt67bn: The invitation for private sector investment under the PPP model is now expected in September, delayed from the original August timeline due to ongoing drafting of the TOR bidding conditions.

<ul><li>We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.</li><li>The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.</li><li>The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.</li></ul>

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.The valuation metrics indicate upside potential of +21%, with core EPS for FY24-26E expected to grow at a CAGR of +24%, driven by revenue and profits surpassing pre-COVID levels.The tactical downside risk is limited, as the recent declines in the share price have already factored in the impact of returning commercial areas and the closing of inbound duty-free operations.

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels

Thailand

Airports of Thailand Public Company Ltd. operates the Bangkok International Airport (Don Muang) and the New Bangkok International Airport (Suvarnabhumi).. The Company also operates provincial airports in Chiang Mai, Chiang Rai, Hat Yai, and Phuket.

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Airports of Thailand (AOT TB)

Airports of Thailand - Entering the High Season; Passenger Volume Likely to Exceed AOT’s Target

KTX’s valuation metrics recommend buying based on the fundamentals, given that the current market price provices upside of +11% to the FV.

Krungthai XSpring

Airports of Thailand - Good 4QFY24 as Expected; Entering Tourism Season in 1QFY25E

We are increasingly positive on the fundamentals due to the wider upside of +11% from the current market price relative to the fair price.

Krungthai XSpring

Airports of Thailand - 4QFY24E Earnings to Decline QoQ; FY2025E NP to Remain Strong

We downgrade our rating to Outperform from Buy and revise the 12-month fair value (FV) down to Bt68.00 from Bt72.00, based on an earnings yield of...

Krungthai XSpring

AOT: Flash News - August 28, 2024

The invitation for private sector investment under the PPP model is now expected in September, delayed from the original August timeline due to...

Krungthai XSpring

Airports of Thailand - Revenue and Earnings to Exceed Pre-COVID Levels

We initiate coverage on AOT with a Buy rating and a 12-month fair value (FV) of Bt72.00, based on an earnings yield of 2.3%.

Krungthai XSpring

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