Maybank keeps THB 75.00 target for Airports of Thailand stock

Published on 10/15/2026 at 21:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Passenger risk equals 1.60 percent earnings sensitivity. AOT stock costs EUR 1.55 on October 15, 2026, up 1.30 percent versus the SET close.

Maybank maintains its target

Maybank Securities maintained a THB 75.00 target for AOT on October 9, 2026.
A 1.00 percent decline in international passengers could cut fiscal 2027 earnings by 1.60 percent.
AOT stock costs EUR 1.55 at Lang & Schwarz on October 15, 2026 at 9:47 p.m. CEST, 1.30 percent above the SET close.
Public consultations on the proposed outbound travel tax run through October 29, 2026.

AOT, TH0765010Z16, Illustration mit AI erstellt.

Maybank Securities maintained a THB 75.00 target for Airports of Thailand (ISIN TH0765010Z16) on October 9, 2026. Against the SET price of THB 58.25, that target is 28.76 percent higher. AOT stock was trading at EUR 1.55 at Lang & Schwarz on October 15, 2026 at 9:47 p.m. CEST, 1.30 percent above the SET close.

Passenger sensitivity sets the risk

Maybank's analysis said a 1.00 percent decline in international outbound passengers would reduce AOT's fiscal 2027 earnings by 1.60 percent and lower its target by THB 0.60 per share. The same report retained a Buy rating and linked the risk to a proposed THB 1,000 outbound travel tax.

The proposal is still subject to public consultation through October 29, 2026, while an entry fee for foreign tourists is planned at THB 450. Kaohoon International reported that Maybank viewed the entry fee as less damaging to demand than the outbound charge.

Stock stays below its yearly high

The SET quote was THB 58.25 on October 15, 2026 at 4:36 p.m. ICT, with 27,344,700 shares traded against an average volume of 3,085,108. The 52-week range was THB 39.00 to THB 67.25, placing the stock 13.38 percent below its high and 49.36 percent above its low.

Airports of Thailand reported 126.0 million passengers and THB 66.7 billion in sales and services revenue for fiscal year 2025 ended September 30, 2025. Net profit attributable to owners was THB 18.1 billion in that period, compared with THB 19.2 billion in fiscal year 2024. Aviation Intelligence compiled the figures from AOT's published financial materials.

Valuation and market comparison

AOT's market capitalization was THB 832.1 billion and its price-earnings ratio was 44.47 on October 15, 2026. The comparison below places the airport operator beside Bangkok Aviation Fuel Services and Thailand's broad market.

Comparison with peers

AOT (SET, THB): plus 1.30 percent, P/E 44.47, market capitalization THB 832.1 billion
Bangkok Aviation Fuel Services (SET, THB): plus 0.51 percent, P/E 27.92, market capitalization THB 6.3 billion
SET Index (SET, points): minus 0.18 percent, level 1,573.01

Price and dates

The next dated policy step is October 29, 2026, when consultations on the proposed outbound travel tax are scheduled to end. AOT's airport model combines passenger fees with commercial income, making traffic and concession conditions central to the earnings outlook.

Trading level in Germany

The euro quote stood at EUR 1.55 at Lang & Schwarz on October 15, 2026 at 9:47 p.m. CEST, 1.30 percent above the SET close used for the daily comparison. The SET quote was THB 58.25 on October 15, 2026 at 4:36 p.m. ICT.

The further course of trading is shown by the continuously updated real-time quote of AOT stock.