Equity Analysis /
Thailand

Airports of Thailand PCL: Four-fold passenger growth in 3Q22

  • Passenger throughput has shot up since Apr 2022

  • A much shallower loss expected for 3Q22 (Apr-June)

  • 4Q22 should be the last quarter for which AOT marks a loss

Bualuang Securities
22 July 2022

AOT should mark passenger throughput of 13.46m persons for 3Q22 (Apr-Jun), growth of 4.15x YoY, driven by international passenger growth, following the global easing of cross-border travel restrictions. We estimate a much shallower loss of Bt1.58bn for the quarter (losses of Bt4.08bn for 3Q21 and Bt3.25bn for 2Q22). The skies are clearing. BUY!

Passenger throughput has shot up since Apr 2022

AOT’s passenger throughput expanded from 3.32m persons in March to 4.08m (up 23% MoM) in April, 4.61m in May (up 13% MoM), and 4.77m in June (up 4% MoM). The growth was driven by international passengers, up by an average of 40% MoM, Apr-through-June, follow-ing the easing of cross-border travel restrictions in most countries. Domestic passenger throughput rose by an average of 8% MoM, Apr-Jun. Rising international passenger numbers benefit AOT more than higher domestic numbers, as international service charges are higher and AOT gets a cut from duty-free shopping sales.