We like AOT as a leading proxy for the Thai tourism industry recovery. Our BUY call stands to an end-Mar 2023 DCF-derived target price of Bt77.
Shallower loss than we had expected (but in line with street)
AOT reported a 2Q22 (Jan-Mar 2022) core loss of Bt3.35bn (against core losses of Bt3.71bn for 2Q21 and Bt4.49bn for 1Q22). The loss was a bit shallower than our estimate, due to lower expenses than assumed, but was in line with the consensus projection.