Earnings Report /
Thailand

Airports of Thailand PCL: Deeper loss than expected

  • Loss was deeper than our estimate and the consensus

  • AOT reported a 3Q22 (April-June 2022) core loss of Bt2.39bn

  • Revenue from sales & services was Bt4.67bn in the quarter

Bualuang Securities
15 August 2022

We like AOT as the leading proxy for the Thai tourism industry recovery. Our BUY call stands to an end-Mar 2023 DCF-derived target price of Bt77.

Loss was deeper than our estimate and the consensus

AOT reported a 3Q22 (April-June 2022) core loss of Bt2.39bn, against core losses of Bt3.35bn for 2Q22 and Bt3.97bn for 3Q21. The loss was deeper than our estimate of a Bt1.38bn loss and the consensus projection of a Bt2.05bn loss, due to a lower top-line and higher expenses than assumed.