บทวิเคราะห์ (Research)

AOT : Earnings Preview - Earnings Growth Expected to Continue We upgrad our recommendation to Buy (from Trading Buy) and maintain our target price (TP25F) of 64.50 baht. We believe AOT's share price decline reflects excessive concerns about Chinese tourists. We maintain a positive outlook on 1Q25F earnings growth (+23%y-y, +32%q-q) driven by the recovery in passenger traffic. Additionally, we expect 2Q25F earnings to sustain growth due to seasonality. Furthermore, there is upside potential from various projects expected to gain more clarity this year.