บทวิเคราะห์ (Research)

Slightly negative view on inbound duty-free cancellation, that the market already knows and we expect short-term impact on AOT's performance. Estimate 5-6% annual earnings impact. Revise TP24/25F down 5% to THB 64.50. Still forecast strong net profit growth for FY23/24F-24/25F at +118% y-y and +22% y-y respectively. If the share price adjusts down to reflect the negative issues above, we see it as an investment opportunity. Maintain Buy recommendation.