Equity Analysis /
Thailand

Airports of Thailand PCL: Airport extension visit

  • Site visit to SAT-1

  • Five-year expansion plan

  • Our earnings forecast looks achievable

Bualuang Securities
26 September 2022

We joined AOT’s site visit last week to the Satellite Terminal-1 (SAT-1) extension to Suvarnabhumi Airport. Construction of SAT-1 is finished; it is now undergoing trail running ahead of its official opening in Sep 2023. The new terminal is part of the airport’s phase-2 development that will increase passenger throughput capacity by 33% and the airport apron by 56% in Sep 2023. AOT is our top tourism pick. BUY!

Site visit to SAT-1

AOT aims to increase the capacity of Suvarnabhumi Airport by adding the midfield satellite concourse building, SAT-1, which has a total floor area of 216k sq.m and 28 aircraft parking lots. It is connected to the main terminal building by 700-meter tunnels fitted with an automated people mover (APM, a driverless train) and an automated baggage handling system (BHS). SAT-1 is undergoing trial running and is now expected to open in Sep 2023, rescheduled from Apr 2023. The opening date was changed to fit with anticipated heavy passenger traffic, starting Oct 2023. SAT-1 will increase Suvarnabhumi Airport’s passenger capacity to 60m persons (currently 45m) and airport apron capacity to 79 contact gates (currently 51).