Airports of Thailand Public (AIPUY) AI Stock Analysis

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Airports of Thailand Public

(Other OTC:AIPUY)

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Rating:64Neutral

Price Target:$17.00▼(-4.79% Downside)

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 TTM operating cash flow and high free cash flow relative to net income indicate effective earnings conversion. The sharp improvement versus the prior annual period supports funding for airport operations and development, although traffic-linked cyclicality remains a consideration.

Negative Factors

Sharp TTM Revenue ContractionTTM revenue has fallen sharply despite strong profitability, raising a direct question about whether current earnings and cash generation can be sustained. If the contraction reflects normalized or weaker traffic, it could reduce both aeronautical fees and passenger-linked commercial income.

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

Market Cap: $25.51B
Dividend Yield: 1.42%
Average Volume (3M): 1,430
Price to Earnings (P/E): 47.1
Beta (1Y): 0.87
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
Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	65.97B	66.68B	67.12B	48.28B	16.56B	7.09B
Gross Profit	40.10B	36.83B	38.94B	30.49B	-2.93B	-11.10B
EBITDA	37.25B	37.90B	38.71B	23.07B	-2.00B	-8.54B
Net Income	18.68B	18.13B	19.18B	8.79B	-11.09B	-16.32B
Balance Sheet
Total Assets	207.01B	209.93B	206.15B	195.61B	183.81B	195.09B
Cash, Cash Equivalents and Short-Term Investments	24.23B	19.47B	18.54B	6.10B	3.82B	17.10B
Total Debt	46.73B	50.25B	54.23B	61.48B	61.56B	64.03B
Total Liabilities	70.64B	77.09B	79.75B	83.43B	81.29B	81.66B
Stockholders Equity	134.16B	130.90B	124.23B	110.46B	101.32B	112.34B
Cash Flow
Free Cash Flow	32.24B	19.81B	27.96B	5.27B	-9.74B	-20.35B
Operating Cash Flow	34.81B	29.34B	41.06B	16.87B	-171.36M	-11.93B
Investing Cash Flow	-5.03B	-9.49B	-13.13B	-11.56B	-936.40M	20.56B
Financing Cash Flow	-19.37B	-18.94B	-15.53B	-3.02B	-3.57B	-5.98B

Airports of Thailand Public Technical Analysis

Technical Analysis SentimentPositive

Last Price17.86

Price Trends

50DMA17.50Positive

100DMA17.82Positive

200DMA16.65Positive

Market Momentum

MACD0.24Negative

RSI53.50Neutral

STOCH52.40Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIPUY, the sentiment is Positive. The current price of 17.86 is above the 20-day moving average (MA) of 17.30, above the 50-day MA of 17.50, and above the 200-day MA of 16.65, indicating a bullish trend. The MACD of 0.24 indicates Negative momentum. The RSI at 53.50 is Neutral, neither overbought nor oversold. The STOCH value of 52.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIPUY.

Airports of Thailand Public Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

AIPUY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OMAB	82Outperform	$5.30B	17.87	50.23%	4.93%	20.53%	14.59%
PAC	74Outperform	$14.18B	17.74	32.98%	4.70%	20.11%	7.98%
ASR	71Outperform	$8.21B	15.04	23.73%	8.16%	25.70%	>-0.01%
CAAP	71Outperform	$4.09B	14.70	16.62%	3.69%	16.22%	102.59%
AIPUY	64Neutral	$26.04B	47.14	14.09%	1.42%	3.05%	6.57%
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

* Industrials Sector Average

Performance Comparison

AIPUY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
AIPUY	Airports Of Thailand Public Co. Ltd.	17.86	5.11	40.04%
OMAB	Grupo Aeroportuario Del Centro	109.37	7.37	7.22%
PAC	Grupo Aeroportuario Del Pacifico	236.75	27.96	13.39%
ASR	Grupo Aeroportuario Del Sureste	270.16	-14.23	-5.00%
CAAP	Corporacion America Airports	24.99	3.19	14.65%

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

Airports of Thailand Public AI Stock Analysis