Airports of Thailand Public (AIPUY) AI Stock Analysis

• Market Cap: $23.42B
• Dividend Yield: 1.08%
• Average Volume (3M): 207.00
• Price to Earnings (P/E): 47.3
• Beta (1Y): 0.92
• Revenue Growth: 6.27%
• EPS Growth: 0.96%
• Country: US
• Employees: 4,094
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.10
• Shares Outstanding: 1,428,570,000
• 10 Day Avg. Volume: 0
• 30 Day Avg. Volume: 207
• PEG Ratio: -5.75
• Price to Book (P/B): 4.16
• Price to Sales (P/S): 8.17
• P/FCF Ratio: 27.49
• Enterprise Value/Market Cap: 32.25
• Enterprise Value/Revenue: 11.47
• Enterprise Value/Gross Profit: 21.21
• Enterprise Value/Ebitda: 20.49
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $19.50 ▲(20.82% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is driven primarily by solid financial recovery and strong margins with improving leverage, supported by a technically positive trend. These are tempered by a premium valuation (high P/E and modest yield) and evidence of slowing revenue momentum with some cash-conversion friction.

Positive Factors

High Profitability

Sustained ~27% TTM net margin indicates durable pricing power and cost control across airport operations and concessions. High margins support internal funding for maintenance and expansions, cushion cyclical passenger swings, and enhance the firm's ability to service debt and return capital over multiple quarters.

Improving Leverage

An improving debt-to-equity trend and sizable equity relative to assets increase financial flexibility for capital projects and cushion shocks. Lower leverage ratios reduce refinancing and insolvency risk long-term, enabling the operator to pursue airport development and concession investments responsibly.

Solid Cash Generation

Consistent and improving operating cash flow and rising free cash flow support sustainable capex, concession investment, and debt servicing. Reliable cash generation underpins long-term operational resilience and funds strategic projects without depending solely on external financing.

Negative Factors

Slowing Revenue Momentum

Cooling or flat revenue after post-pandemic rebound signals weaker demand growth or pricing pressure in aeronautical or retail segments. Over months this constrains margin expansion, limits reinvestment capacity, and makes earnings more sensitive to passenger-volume volatility and tourism cycles.

Large Absolute Debt

A sizable nominal debt burden, even with improving ratios, raises structural risk: downturns or capital delays could strain interest coverage and liquidity. The company must maintain steady cash flows to avoid distress, which can limit tactical investments or require higher caution on dividend and capex policies.

Imperfect Cash Conversion

When FCF consistently falls short of accounting profits and exhibits historical volatility, earnings do not fully translate to spendable cash. This structural cash-conversion friction elevates refinancing and working-capital risk across cycles, potentially forcing external funding during weaker travel demand.

Airports of Thailand Public Business Overview & Revenue Model

Company Description

Airports of Thailand Public Company Limited, together with its subsidiaries, engages in developing, managing, and operating international airports in Thailand. The company operates through Airport Management Business, Hotel Business, Ground Aviation Services, Security Business, and Project on Perishable Goods Business segments. It operates 6 international airports, including Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket, and Mae Fah Luang Chiang Rai airports. The company is also involved in the hotel and restaurant business; and services or rental of ground equipment, as well as provides security services. Airports of Thailand Public Company Limited was founded in 1903 and is headquartered in Bangkok, Thailand.

How the Company Makes Money

AOT generates revenue through several key streams: airport service charges levied on airlines and passengers, landing and parking fees for aircraft, and concessions from retail and food and beverage operations within the airports. Additional income is derived from property leasing, advertising, and ground handling services. AOT also benefits from partnerships with airlines and tourism-related businesses, enhancing its operational synergies and increasing passenger flow, which further bolsters its revenue. The company's strategic focus on expanding services and improving infrastructure continues to drive growth and profitability.

Airports of Thailand Public Financial Statement Overview

Summary

Strong post-pandemic profitability (TTM net margin ~27%) and improved leverage support a solid score. Offsetting factors are cooling/declining recent revenue growth and imperfect cash conversion (free cash flow about two-thirds of net income) alongside a still sizable absolute debt load.

Income Statement

Profitability is strong in recent periods, with TTM (Trailing-Twelve-Months) net margin around 27% and solid operating profitability, reflecting a meaningful recovery from the heavy losses seen in 2021–2022. However, growth has cooled: TTM (Trailing-Twelve-Months) revenue is down versus the prior year and annual revenue is essentially flat in 2025 after a sharp rebound in 2023–2024, suggesting normalization and some demand/price pressure. Overall: strong margins, but momentum has weakened recently.

Balance Sheet

Leverage looks manageable for the business profile, with debt-to-equity improving versus 2022–2023 and sitting at a moderate level in the most recent periods. Equity is sizable relative to total assets, providing balance-sheet flexibility, and returns on equity have moved back into healthy positive territory after pandemic-era negatives. Key watch-out: the company still carries a large absolute debt load, so earnings stability remains important if operating conditions soften.

Cash Flow

Cash generation is positive and improving in TTM (Trailing-Twelve-Months), with solid operating cash flow and strong free cash flow, and TTM (Trailing-Twelve-Months) free cash flow growth notably higher than the prior annual period. That said, free cash flow covers only about two-thirds of net income in recent periods, implying some cash conversion friction (e.g., working capital or reinvestment needs). The longer history also shows cash flow volatility during 2021–2022, reinforcing cyclicality risk.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	65.87B	66.68B	67.12B	48.28B	16.56B	7.09B
Gross Profit	35.60B	36.83B	38.94B	30.49B	-2.93B	-11.10B
EBITDA	36.86B	37.90B	38.71B	23.07B	-2.00B	-8.54B
Net Income	17.43B	18.13B	19.18B	8.79B	-11.09B	-16.32B
Balance Sheet
Total Assets	206.92B	209.93B	206.15B	195.61B	183.81B	195.09B
Cash, Cash Equivalents and Short-Term Investments	21.19B	19.47B	18.54B	6.10B	3.82B	17.10B
Total Debt	44.67B	50.25B	54.23B	61.48B	61.56B	64.03B
Total Liabilities	69.35B	77.09B	79.75B	83.43B	81.29B	81.66B
Stockholders Equity	135.51B	130.90B	124.23B	110.46B	101.32B	112.34B
Cash Flow
Free Cash Flow	24.33B	19.81B	27.96B	5.27B	-9.74B	-20.35B
Operating Cash Flow	33.29B	29.34B	41.06B	16.87B	-171.36M	-11.93B
Investing Cash Flow	-8.92B	-9.49B	-13.13B	-11.56B	-936.40M	20.56B
Financing Cash Flow	-18.80B	-18.94B	-15.53B	-3.02B	-3.57B	-5.98B

Airports of Thailand Public Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 16.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIPUY, the sentiment is Positive. The current price of 16.14 is below the 20-day moving average (MA) of 16.94, below the 50-day MA of 16.24, and above the 200-day MA of 12.75, indicating a bullish trend. The MACD of 0.53 indicates Negative momentum. The RSI at 61.08 is Neutral, neither overbought nor oversold. The STOCH value of 61.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIPUY.

Airports of Thailand Public Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OMAB	79 Outperform	$5.46B	19.58	49.49%	4.03%	-2.04%	-3.82%
RYAAY	73 Outperform	$32.15B	12.91	28.00%	1.37%	14.75%	71.73%
CAAP	71 Outperform	$4.37B	23.67	13.25%	―	14.87%	-47.71%
ASR	69 Neutral	$10.15B	18.45	22.64%	11.85%	8.70%	-21.15%
AIPUY	66 Neutral	$23.42B	47.31	15.20%	1.08%	6.27%	0.96%
PAC	65 Neutral	$12.23B	24.50	42.68%	4.46%	11.58%	1.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%