บทวิเคราะห์ (Research)

Among all BA’s flight routes, Samui is the most lucrative and most crowded routes with long-term pent-up demands as a result of BA’s monopoly on Samui airport and the attractive nature and beaches with a number of five-star resorts and hotels in the island. In 2024, Samui contributed significant revenue portion to BA at 68% of BA’s total revenue, up from 63% in 2023, thanks to Samui’s high contributions of 64% passengers and 63% of number of flights of BA’s totals. We initiated coverage on BA with BUY and a TP of THB21.3, based on 13x 2025E P/E. We think BA is an integrated airline-airport-air supports company that has proved itself as a highly resilient and fast adapted airline operator in response to the dynamic changes in industry environment, regulation, and consumer behavior.