Airports of Thailand（AOT.TB）Q324： Decent set of in~line results

Investment Rating - The report maintains a "Sell" rating for Airports of Thailand (AOT) with a 12-month price target of Bt54.00, while the current price is Bt55.75 [7][21]. Core Insights - AOT reported a Q324 pre-tax net profit of Bt4.6 billion, representing a 42% year-over-year increase but a 21% decrease quarter-over-quarter. This result was in line with consensus estimates and 7% above the report's estimates [2][3]. - Aeronautical revenue increased by 29%, driven by a 34% year-over-year rise in departure passenger service charge (PSC) revenue, as tourist volume grew by 16% year-over-year. Concession revenue surged by 39% year-over-year, primarily due to higher duty-free minimum guarantee revenue [3][9]. - The EBITDA margin expanded by 2 percentage points year-over-year to 56%, attributed to improved operating leverage and a decline in utility costs [3][9]. Summary by Sections Financial Performance - Q324 revenue was Bt16.4 billion, a 27% increase year-over-year, while the operating cost was Bt7.2 billion, up 22% year-over-year. The EBITDA for Q324 was Bt9.2 billion, reflecting a 31% increase year-over-year [9]. - The net profit for Q324 was reported at Bt4.6 billion, a 45% increase from the previous year, with an adjusted net profit of Bt4.6 billion, marking a 42% year-over-year increase [9]. Revenue Breakdown - Aeronautical revenue for Q324 was Bt7.8 billion, a 29% increase year-over-year, while concession revenue reached Bt5.8 billion, a 39% increase year-over-year [9]. - The passenger service charge revenue was Bt6.2 billion, up 34% year-over-year, indicating strong recovery in passenger traffic [9]. Outlook and Guidance - No new guidance was provided by the company, with an analyst meeting scheduled for 15 August to discuss the outlook and updates on transit PSC adoption and expansion plans [4]. Valuation and Market Metrics - The report indicates that AOT lacks re-rating catalysts beyond short-term trading sentiment, maintaining a DCF-based price target of Bt54.00 [5][7]. - The forecasted stock return is -1.7%, with a forecast dividend yield of 1.4% [10]. Company Overview - Airports of Thailand operates six major airports in Thailand, handling about 90% of the country's air traffic and servicing over 130 scheduled airlines. The revenue split is approximately 57% aeronautical and 43% non-aeronautical [11].