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.