บทวิเคราะห์ (Research)

BAREIT : Neutral real yield Samui Airport delivered favorable performance in 1H24, with the volume of departing passengers and flight landings exceeding pre-Covid level by 11% and 1%, respectively. This implies strong income for its sponsor (BA) and secure income stream for the REIT. However, this did not align with BAREIT’s ops because it charges a fixed rent under the lease agreement. We expect core profit to grow 3% qoq to Bt422m in 3Q24F premised on full-quarter effect of interest-savings, but DPU would be stable at Bt0.18 as the REIT wants to reserve cash for principal repayment. At last close, the counter offers 7.5% gross yield and 3.1% real yield.