Airports of Thailand Public (AIPUY) AI Stock Analysis

• Market Cap: $23.33B
• Dividend Yield: 1.08%
• Average Volume (3M): 207.00
• Price to Earnings (P/E): 41.4
• Beta (1Y): 0.86
• 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): 0.08
• 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: 24.70
• Enterprise Value/Revenue: 8.64
• Enterprise Value/Gross Profit: 15.64
• Enterprise Value/Ebitda: 15.20
• 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: 58 Neutral
• Price Target: $13.50 ▼(-16.36% Downside)

Airports of Thailand Public shows strong financial performance with robust profitability and a stable balance sheet. However, technical indicators suggest the stock is overbought, and valuation metrics indicate potential overvaluation. Addressing revenue and free cash flow declines is crucial for sustained growth.

Positive Factors

High Profitability & Margins

Sustained high net and gross margins indicate strong pricing power and efficient operations across aviation and commercial concessions. This margin cushion supports investment in terminal upgrades and resilience against demand shocks, bolstering long-term cash generation and returns.

Strong Equity Base / Moderate Leverage

A high equity ratio and modest debt-to-equity provide financial flexibility for large, multi-year airport projects and reduce refinancing risk. This capital structure supports sustained capex cycles and strategic expansions without overleveraging the business long term.

Solid Operating Cash Generation

Strong operating cash conversion versus net income shows core airport operations reliably generate cash, enabling funding of maintenance, concession development, and dividends. This cash profile underpins durable capital allocation and financial stability over cycles.

Negative Factors

Declining Free Cash Flow Trend

A falling free cash flow trend constrains the company’s ability to self-fund capex and shareholder returns without altering financing plans. If sustained, negative FCF growth may force higher borrowing or reduced investment in terminals and retail assets, weakening long-term growth.

Recent Revenue Weakness

A recent drop in revenue undermines the sustainability of improved margins and puts pressure on concession income tied to passenger spend. Persistent revenue shortfalls would limit reinvestment in commercial facilities and could erode bargaining power with retail partners.

Exposure to Travel Demand & Regulation

Revenue and cash flows are structurally tied to tourism, flight volumes, and regulatory constraints on airport charges. This exposure creates cyclical earnings and regulatory risk that can limit pricing flexibility and make long-term cash flow projections more uncertain.

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

Airports of Thailand Public has shown strong profitability with improved margins and a stable balance sheet. However, concerns arise from the recent decline in revenue growth and free cash flow, which need to be addressed to maintain financial health.

Income Statement

Airports of Thailand Public has shown a strong recovery in its income statement metrics over the past few years. The gross profit margin has improved significantly from negative values in 2021 to a healthy 55.23% in 2025. The net profit margin has also turned positive, reaching 27.18% in 2025. However, the revenue growth rate has been negative recently, indicating a slight decline in revenue. Overall, the company demonstrates strong profitability, but the recent dip in revenue growth is a concern.

Balance Sheet

The balance sheet of Airports of Thailand Public reflects a stable financial position with a debt-to-equity ratio of 0.38 in 2025, indicating moderate leverage. The return on equity has improved to 13.85% in 2025, showcasing efficient use of equity. The equity ratio stands at 62.34%, suggesting a strong equity base. Despite these strengths, the company has experienced fluctuations in its debt levels over the years.

Cash Flow

The cash flow statement reveals a mixed picture. The operating cash flow to net income ratio is 1.62 in 2025, indicating strong cash generation relative to net income. However, the free cash flow growth rate is negative, reflecting a decline in free cash flow. The free cash flow to net income ratio is 1.09, showing adequate conversion of net income to free cash flow. The company needs to address the declining free cash flow trend.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	66.68B	66.68B	67.12B	48.28B	16.56B	7.09B
Gross Profit	36.83B	36.83B	38.94B	30.49B	-2.93B	-11.10B
EBITDA	37.90B	37.90B	38.71B	23.07B	-2.00B	-8.54B
Net Income	18.13B	18.13B	19.18B	8.79B	-11.09B	-16.32B
Balance Sheet
Total Assets	209.93B	209.93B	206.15B	195.61B	183.81B	195.09B
Cash, Cash Equivalents and Short-Term Investments	19.47B	19.47B	18.54B	6.10B	3.82B	17.10B
Total Debt	50.25B	50.25B	54.23B	61.48B	61.56B	64.03B
Total Liabilities	77.09B	77.09B	79.75B	83.43B	81.29B	81.66B
Stockholders Equity	130.90B	130.90B	124.23B	110.46B	101.32B	112.34B
Cash Flow
Free Cash Flow	19.81B	19.81B	27.96B	5.27B	-9.74B	-20.35B
Operating Cash Flow	29.34B	29.34B	41.06B	16.87B	-171.36M	-11.93B
Investing Cash Flow	-9.49B	-9.49B	-13.13B	-11.56B	-936.40M	20.56B
Financing Cash Flow	-18.94B	-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: Positive
• RSI: Neutral
• STOCH: Positive

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 above the 20-day moving average (MA) of 15.99, above the 50-day MA of 14.31, and above the 200-day MA of 12.01, indicating a neutral trend. The MACD of 0.19 indicates Positive momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 14.65 is Positive, 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
RYAAY	83 Outperform	$35.29B	13.31	28.67%	1.37%	14.75%	71.73%
OMAB	77 Outperform	$5.14B	18.95	53.28%	4.03%	-2.04%	-3.82%
ASR	73 Outperform	$9.54B	16.84	24.69%	11.85%	8.70%	-21.15%
CAAP	71 Outperform	$4.17B	22.98	13.25%	―	14.87%	-47.71%
PAC	65 Neutral	$13.03B	25.70	46.45%	4.46%	11.58%	1.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AIPUY	58 Neutral	$23.33B	41.40	15.20%	1.08%	6.27%	0.96%