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Airports of Thailand Public (AIPUY) AI Stock Analysis

AIPUY

Airports of Thailand Public

(Other OTC:AIPUY)

Select Model
Rating:64Neutral
Price Target:$17.00â–²(5.52% Upside)
Action:reiterated
Date:08/19/26

The score is primarily supported by strong cash flow and an improving balance sheet, partially offset by the sharp TTM revenue contraction. Technicals show an established uptrend but with stretched/weakening momentum signals, and the high P/E with only a modest dividend yield weighs on the overall score.

Positive Factors
Strong cash generationStrong operating and free cash flow indicates that reported earnings are converting into internally generated funds. This supports airport investment, debt servicing, and commercial development while reducing reliance on external financing over the next several quarters.
Negative Factors
Sharp TTM revenue contractionA steep decline in trailing revenue creates concern that passenger-related and commercial activity may be normalizing after recovery. If the contraction persists, it could pressure utilization, concession income, operating leverage, and the durability of current earnings.

Airports of Thailand Public (AIPUY) vs. SPDR S&P 500 ETF (SPY)

-20%-10%0%10%20%30%40%50%60%70%AIPUY+29.92%SPY+11.79%Dec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
Market Cap
$23.01B
Dividend Yield
1.58%
Average Volume (3M)
1,565
Price to Earnings (P/E)
45.6
Beta (1Y)
0.98
Revenue Growth
3.05%
EPS Growth
6.57%
Country
US
Employees
4,094
Sector
Industrials
Sector Strength
63
Industry
Airlines, Airports & Air Services

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 activ...

How the Company Makes Money

AOT primarily makes money by operating airports and charging for both aviation-related services and non-aviation commercial activities. 1) Aviation (aeronautical) revenue: AOT earns fees tied directly to aircraft operations and passenger processing....

Airports of Thailand Public Financial Statement Overview

Summary

Strong cash flow generation (high FCF relative to net income) and a healthier balance sheet trajectory (improving leverage, ROE recovery to mid-teens) support the score. The main risk is the sharp TTM revenue decline, which could pressure sustainability of profits and cash flows if it persists.

Income Statement

62Positive

Balance Sheet

74Positive

Cash Flow

86Very Positive
Financial statement breakdown
BreakdownTTMSep 2025Sep 2024Sep 2023Sep 2022Sep 2021
Income Statement
Total Revenue65.97B66.68B67.12B48.28B16.56B7.09B
Gross Profit40.10B36.83B38.94B30.49B-2.93B-11.10B
EBITDA37.25B37.90B38.71B23.07B-2.00B-8.54B
Net Income18.68B18.13B19.18B8.79B-11.09B-16.32B
Balance Sheet
Total Assets207.01B209.93B206.15B195.61B183.81B195.09B
Cash, Cash Equivalents and Short-Term Investments24.23B19.47B18.54B6.10B3.82B17.10B
Total Debt46.73B50.25B54.23B61.48B61.56B64.03B
Total Liabilities70.64B77.09B79.75B83.43B81.29B81.66B
Stockholders Equity134.16B130.90B124.23B110.46B101.32B112.34B
Cash Flow
Free Cash Flow32.24B19.81B27.96B5.27B-9.74B-20.35B
Operating Cash Flow34.81B29.34B41.06B16.87B-171.36M-11.93B
Investing Cash Flow-5.03B-9.49B-13.13B-11.56B-936.40M20.56B
Financing Cash Flow-19.37B-18.94B-15.53B-3.02B-3.57B-5.98B

Airports of Thailand Public Technical Analysis

Technical Analysis SentimentNegative
Last Price16.11

Price Trends

50DMA17.91Negative
100DMA17.75Negative
200DMA16.55Negative

Market Momentum

MACD-0.17Negative
RSI42.57Neutral
STOCH52.06Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIPUY, the sentiment is Negative. The current price of 16.11 is below the 20-day moving average (MA) of 16.57, below the 50-day MA of 17.91, and below the 200-day MA of 16.55, indicating a bearish trend. The MACD of -0.17 indicates Negative momentum. The RSI at 42.57 is Neutral, neither overbought nor oversold. The STOCH value of 52.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIPUY.

Airports of Thailand Public Peers Comparison

Overall Rating

UnderperformOutperform
Sector (63)

Financial Indicators

AIPUY against its peers
NameOverall RatingMarket CapP/E RatioROEDividend YieldRevenue GrowthEPS Growth
OMABOMAB82Outperform$4.97B17.0850.23%5.24%20.53%14.59%
ASRASR71Outperform$7.53B14.1823.73%8.79%25.70%>-0.01%
CAAPCAAP71Outperform$3.87B13.9616.62%3.89%16.22%102.59%
PACPAC71Outperform$13.75B17.5732.98%―20.11%7.98%
AIPUYAIPUY64Neutral$25.31B45.6114.09%1.58%3.05%6.57%
Sector *63Neutral$10.79B15.437.44%2.01%2.89%-14.66%

* Industrials Sector Average

Performance Comparison

-20%0%20%40%AIPUYOMABPACASRCAAPDec '25Jan '26Feb '26Mar '26Apr '26May '26Jun '26Jul '26Aug '26Sep '26Oct '26
AIPUY and its peers over the selected period
Show on chartTickerCompany NamePriceChange% Change
AIPUYAirports Of Thailand Public Co. Ltd.16.113.1123.92%
OMABGrupo Aeroportuario Del Centro102.925.976.16%
PACGrupo Aeroportuario Del Pacifico230.5917.238.08%
ASRGrupo Aeroportuario Del Sureste250.86-39.73-13.67%
CAAPCorporacion America Airports23.742.4711.63%
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.

Date of analysis: Aug 19, 2026