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Airports of Thailand Public
(OTC:AIPUY)
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Rating:68Neutral
Price Target:
$18.50
▲(14.62% Upside)
Action:Reiterated
Date:07/15/26
The score is supported primarily by strong post-pandemic financial performance and improving leverage, with robust profitability and positive free cash flow. Offsetting this, technicals show near-term weakness (below the 20-day average with a subdued RSI), and valuation is a key constraint given the high P/E and modest dividend yield.
Positive Factors
Profitability
AOT's trailing‑12‑month profitability shows healthy gross and net margins and solid operating results, reflecting durable recovery in air travel. Strong margins underpin internal funding for maintenance and concessions, supporting long‑term service quality and reinvestment capacity.
Negative Factors
Absolute Debt Burden
Despite improving ratios, material absolute debt still constrains flexibility in a business that requires ongoing capex. If passenger volumes or pricing weaken, servicing large nominal debt could force deferred projects or higher financing costs, squeezing long‑run operational margins.
Read all positive and negative factors
Positive Factors
Negative Factors
Profitability
AOT's trailing‑12‑month profitability shows healthy gross and net margins and solid operating results, reflecting durable recovery in air travel. Strong margins underpin internal funding for maintenance and concessions, supporting long‑term service quality and reinvestment capacity.
Read all positive factors
Airports of Thailand Public (AIPUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$27.19B
Dividend Yield1.08%
Average Volume (3M)207.00
Price to Earnings (P/E)50.4
Beta (1Y)1.11
Revenue Growth4.18%
EPS Growth1.55%
CountryUS
Employees4,094
SectorIndustrials
Sector Strength72
IndustryAirlines, Airports & Air Services
Share Statistics
EPS (TTM)12.70
Shares Outstanding1,428,570,000
10 Day Avg. Volume0
30 Day Avg. Volume207
Financial Highlights & Ratios
PEG Ratio-5.75
Price to Book (P/B)4.16
Price to Sales (P/S)8.17
P/FCF Ratio27.49
Enterprise Value/Market Cap32.39
Enterprise Value/Revenue13.26
Enterprise Value/Gross Profit23.17
Enterprise Value/Ebitda23.08
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Airports of Thailand Public Business Overview & Revenue Model
Company Description
Airports of Thailand Public Company Limited (AOT), alongside its subsidiary entities, is a pivotal organization dedicated to the development, oversight, and operation of international air travel hubs throughout Thailand. The company's extensive ac...
How the Company Makes Money
AOT primarily earns revenue through two broad categories: aeronautical (aviation-related) and non-aeronautical (commercial) income. Aeronautical revenue is generated from fees and charges paid by airlines and aircraft operators for using airport i...
Airports of Thailand Public Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
78
Positive
Cash Flow
81
Very Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 66.40B | 66.68B | 67.12B | 48.28B | 16.56B | 7.09B |
| Gross Profit | 38.01B | 36.83B | 38.94B | 30.49B | -2.93B | -11.10B |
| EBITDA | 38.16B | 37.90B | 38.71B | 23.07B | -2.00B | -8.54B |
| Net Income | 18.10B | 18.13B | 19.18B | 8.79B | -11.09B | -16.32B |
Balance Sheet | ||||||
| Total Assets | 200.00B | 209.93B | 206.15B | 195.61B | 183.81B | 195.09B |
| Cash, Cash Equivalents and Short-Term Investments | 17.98B | 19.47B | 18.54B | 6.10B | 3.82B | 17.10B |
| Total Debt | 45.15B | 50.25B | 54.23B | 61.48B | 61.56B | 64.03B |
| Total Liabilities | 69.90B | 77.09B | 79.75B | 83.43B | 81.29B | 81.66B |
| Stockholders Equity | 128.52B | 130.90B | 124.23B | 110.46B | 101.32B | 112.34B |
Cash Flow | ||||||
| Free Cash Flow | 26.92B | 19.81B | 27.96B | 5.27B | -9.74B | -20.35B |
| Operating Cash Flow | 34.53B | 29.34B | 41.06B | 16.87B | -171.36M | -11.93B |
| Investing Cash Flow | -7.59B | -9.49B | -13.13B | -11.56B | -936.40M | 20.56B |
| Financing Cash Flow | -19.50B | -18.94B | -15.53B | -3.02B | -3.57B | -5.98B |
Airports of Thailand Public Technical Analysis
Neutral
16.14
Price Trends
16.88
Positive
15.82
Positive
15.07
Positive
Market Momentum
0.22
Positive
41.67
Neutral
>-0.01
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIPUY, the sentiment is Neutral. The current price of 16.14 is below the 20-day moving average (MA) of 18.34, below the 50-day MA of 16.88, and above the 200-day MA of 15.07, indicating a neutral trend. The MACD of 0.22 indicates Positive momentum. The RSI at 41.67 is Neutral, neither overbought nor oversold. The STOCH value of >-0.01 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AIPUY.
Airports of Thailand Public Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.05B | 14.03 | 18.34% | ― | 16.95% | 99.42% | |
68 Neutral | $27.19B | 50.39 | 13.84% | 1.08% | 4.18% | 1.55% | |
68 Neutral | $30.84B | 12.73 | 24.66% | 1.37% | 19.66% | 49.49% | |
67 Neutral | $11.13B | 19.24 | 58.94% | 4.46% | 16.80% | 17.58% | |
65 Neutral | $5.08B | 16.83 | 49.96% | 4.03% | 12.55% | 6.09% | |
64 Neutral | $8.37B | 15.00 | 32.91% | 11.85% | 18.61% | -27.53% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
AIPUY
Airports of Thailand Public
17.15
5.15
42.92%
OMAB
Grupo Aeroportuario Del Centro
105.31
-3.83
-3.51%
PAC
Grupo Aeroportuario del Pacifico
220.91
-3.13
-1.40%
ASR
Grupo Aeroportuario del Sureste
279.71
-9.92
-3.43%
RYAAY
Ryanair Holdings
62.57
3.37
5.70%
CAAP
Corporacion America Airports SA
24.83
5.15
26.17%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.