Airports of Thailand Public (AIPUY) AI Stock Analysis

• Market Cap: $22.43B
• Dividend Yield: 1.08%
• Average Volume (3M): 207.00
• Price to Earnings (P/E): 39.4
• 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): 0.10
• 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: 34.94
• Enterprise Value/Revenue: 11.90
• Enterprise Value/Gross Profit: 22.02
• Enterprise Value/Ebitda: 21.26
• 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: $14.00 ▼(-13.26% Downside)
• 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 post-pandemic net margins near 27% indicate durable operating leverage and pricing power in airport operations. Strong margins support internal funding for upkeep and selective expansion, provide a buffer against cyclical passenger swings, and underpin long-term cash generation.

Improving Leverage

Debt-to-equity improvement and sizable equity relative to assets increase financial flexibility and lower short-term refinancing risk. Better leverage supports capacity to fund capex and withstand slower periods, making the capital structure more resilient over the medium term.

Solid Cash Generation

Improving operating cash flow and stronger trailing free cash flow growth enhance the company's ability to self-fund maintenance, concession investments, and debt service. Reliable cash generation supports strategic reinvestment and shareholder returns over coming quarters.

Negative Factors

Slowing Revenue Momentum

Flattening or declining revenue after the rebound signals normalization and possible demand or pricing pressure. Slower top-line growth constrains future margin expansion and makes earnings improvements more dependent on cost cuts and non-aeronautical revenue execution over the medium term.

Cash-Conversion Friction

FCF covering ~65% of net income implies working-capital or reinvestment timing issues that reduce available liquidity. Historical cash volatility underscores cyclicality risk, meaning weaker periods could strain funding for capex, dividends, or debt reduction without policy adjustments.

Large Absolute Debt Load

Despite improving ratios, a sizable absolute debt balance increases exposure to interest and refinancing risk if traffic or yields slip. High nominal debt limits strategic flexibility and heightens the need for steady earnings to preserve credit metrics through economic or travel downturns.

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 primarily earns revenue by operating airports and charging for both aviation and non-aviation activities that occur on airport property. Key aviation-related revenue streams typically include fees paid by airlines and aviation service users for aircraft landing and parking, passenger service charges collected in connection with departing passengers, and other airport service charges tied to the use of airside and terminal facilities. Non-aviation revenue is generated from monetizing airport real estate and passenger footfall, including concession income and/or revenue sharing from duty-free and other retail, food and beverage outlets, and other commercial tenants; rental and leasing of space (shops, offices, warehouses, and operational areas); and service income from activities such as advertising/media placements, utilities and facility services, and car parking and ground-transport-related fees. AOT’s earnings are influenced by passenger volumes, flight movements, tourism and macroeconomic conditions, regulatory frameworks governing airport charges, the mix of domestic vs. international traffic (which affects per-passenger commercial spend), and the structure of concession agreements with major commercial partners operating duty-free, retail, and other airport services.

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIPUY, the sentiment is Negative. The current price of 16.14 is below the 20-day moving average (MA) of 16.80, below the 50-day MA of 16.28, and above the 200-day MA of 12.86, indicating a bearish trend. The MACD of -0.18 indicates Positive momentum. The RSI at 30.02 is Neutral, neither overbought nor oversold. The STOCH value of 33.33 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$5.15B	19.42	52.26%	4.03%	-2.04%	-3.82%
RYAAY	73 Outperform	$31.14B	269.96	27.85%	1.37%	14.75%	71.73%
CAAP	71 Outperform	$4.05B	13.32	12.78%	―	14.87%	-47.71%
ASR	69 Neutral	$9.65B	16.66	30.03%	11.85%	8.70%	-21.15%
AIPUY	66 Neutral	$22.43B	39.38	15.20%	1.08%	6.27%	0.96%
PAC	65 Neutral	$11.51B	27.91	44.97%	4.46%	11.58%	1.15%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%