บทวิเคราะห์ (Research)

We expect AOT to report an impressive FY1Q25F net profit of Bt6.16bn (+35.0% YoY, +44.2% QoQ), accounting for 26.4% of our full-year forecast at Bt23.3bn (+21.8% YoY). We expect the proportion of revenue from aero and non-aero businesses to be 48:52 in FY1Q25F. Apart from the continued peak season for tourism in FY2Q25F (January-March 2025), the outlook over the longer term remains positive. Given the strong earnings outlook for FY1H25F onward, we maintain a rating of Outperform with a FY2025 DCF-based target price of Bt71.50.