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Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects. It operates six international airports, including Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai International Airport, Hat Yai International Airport, Phuket International Airport and Mae Fah Luang - Chiang Rai International Airport. The company is involved in the hotel and restaurant business; and operation and management of the project on perishable goods at Suvarnabhumi Airport. In addition, it offers ground equipment, security services, and manages projects, as well as ground, warehouse, and cleaning services. Airports of Thailand Public Company Limited was founded in 1979 and is headquartered in Bangkok, Thailand.
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Airports of Thailand Public Company Limited operates the country's primary commercial airports, including Suvarnabhumi and Don Mueang, and earns from aeronautical charges, retail concessions and property services. Long-term growth may be supported by rising passenger traffic, capacity projects and higher non-aeronautical revenues, and the company appears positioned as a regulated leader that may appeal to investors seeking airport infrastructure exposure.
Key risks include sensitivity to traffic shocks from pandemics or geopolitical events, execution and financing risk for expansions, regulatory or concession changes and exposure to currency and interest rate movements.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Income before tax | 23341.01M | 24545.45M | 11306.62M | -13863.65M | -20545.03M |
| Minority interest | -428.74M | -459.93M | -280.74M | -111.80M | 49.85M |
| Net income | 18125.21M | 19182.39M | 8790.87M | -11087.87M | -16322.01M |
| Gross profit | 36829.69M | 38943.06M | 25082.19M | -2925.15M | -11100.37M |
| Reconciled depreciation | 12042.43M | 11403.84M | 8870.32M | 8931.76M | 9027.38M |
| Ebit | 25856.39M | 27302.29M | - | -11068.25M | -16924.91M |
| Ebitda | 37898.82M | 38706.13M | - | -2136.49M | -7897.53M |
| Depreciation and amortization | 12042.43M | 11403.84M | - | 8931.76M | 9027.38M |
| Operating income | 25859.02M | 27302.86M | 14600.30M | -10933.67M | -17571.94M |
| Other operating expenses | 40820.37M | 39818.44M | - | 26636.05M | 23877.70M |
| Interest expense | 2515.38M | 2756.84M | 2890.49M | 2929.80M | 2973.00M |
| Tax provision | 4787.07M | 4903.13M | 2235.01M | -2887.59M | -4173.17M |
| Interest income | 811.82M | 100.44M | 23.63M | 47.32M | 233.25M |
| Net interest income | -1703.55M | -2656.40M | -2866.86M | -2882.48M | -2739.75M |
| Income tax expense | 4787.07M | 4903.13M | - | -2887.59M | -4173.17M |
| Total revenue | 66679.39M | 67121.30M | 48140.92M | 16560.02M | 7085.60M |
| Total operating expenses | 10970.67M | 11640.20M | 33540.61M | 7150.88M | 5691.73M |
| Cost of revenue | 29849.69M | 28178.25M | 23058.72M | 19485.17M | 18185.97M |
| Total other income expense net | -2518.01M | -2757.41M | -426.83M | -905.14M | -665.80M |
| Net income from continuing ops | 18553.94M | 19642.32M | 9071.60M | -10976.06M | -16371.86M |
| Net income applicable to common shares | - | - | - | -11087.87M | -16322.01M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Total assets | 209932.23M | 206149.84M | 195611.09M | 183812.92M | 195085.77M |
| Intangible assets | 1038.06M | - | - | - | - |
| Other current assets | 497.85M | 444.45M | -0.01M | 0.01M | -0.00M |
| Total liab | 77091.34M | 79750.92M | 83432.90M | 81294.32M | 81664.39M |
| Total stockholder equity | 130898.23M | 124233.01M | 110464.78M | 101323.97M | 112343.77M |
| Other current liab | 11033.69M | 11394.18M | 767.36M | 9428.29M | 9125.69M |
| Common stock | 14285.70M | 14285.70M | - | 14285.70M | 14285.70M |
| Capital stock | 14285.70M | - | 14285.70M | 14285.70M | 14285.70M |
| Retained earnings | 102293.45M | 95452.89M | 81412.27M | 72136.67M | 83224.69M |
| Other liab | - | - | - | 8808.36M | 7205.98M |
| Other assets | - | - | - | 25846.28M | 23634.24M |
| Cash | 19401.08M | 18486.84M | 6091.02M | 3797.65M | 8478.75M |
| Total current liabilities | 24585.59M | 23362.68M | 23292.52M | 14495.05M | 13610.28M |
| Current deferred revenue | 1714.31M | 1245.25M | - | 444.51M | 368.93M |
| Net debt | 30853.45M | 35742.41M | - | 57759.17M | 55555.23M |
| Short term debt | 6892.56M | 6836.30M | - | 3565.90M | 3185.84M |
| Short long term debt | 623.39M | - | 4212.43M | 2599.03M | 2316.60M |
| Short long term debt total | 50254.53M | 54229.24M | - | 61556.82M | 64033.98M |
| Other stockholder equity | 12567.67M | 13065.85M | - | 13473.04M | 13404.81M |
| Property plant equipment | - | - | - | 146974.03M | 147966.31M |
| Total current assets | 37329.79M | 30223.95M | 19013.87M | 8476.21M | 21498.93M |
| Long term investments | 587.21M | - | 1073.33M | 1240.73M | 1148.88M |
| Net tangible assets | - | - | - | 100048.31M | 111506.36M |
| Short term investments | 64.44M | 54.39M | 4.33M | 24.76M | 8624.67M |
| Net receivables | 16652.48M | 10839.76M | 12183.77M | 3828.36M | 3697.09M |
| Long term debt | 399.16M | - | 1646.34M | 3314.38M | 6079.74M |
| Inventory | 713.93M | 398.52M | 285.13M | 337.50M | 307.01M |
| Accounts payable | 2152.53M | 1767.20M | 2086.34M | 1056.34M | 929.82M |
| Accumulated other comprehensive income | 1751.41M | 1428.57M | - | 1428.57M | 1428.57M |
| Non currrent assets other | 18434.68M | 16181.99M | 285.84M | 14532.94M | 15221.27M |
| Non current assets total | 172602.45M | 175925.89M | 176597.22M | 175336.70M | 173586.84M |
| Capital lease obligations | 49231.98M | - | 55616.38M | 55643.40M | 55637.63M |
| Breakdown | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-09-30 | 2024-09-30 | 2023-09-30 | 2022-09-30 | 2021-09-30 |
| Investments | -13.06M | -13127.54M | -11559.22M | 8596.13M | 29099.81M |
| Change to liabilities | - | - | - | 66.04M | -849.06M |
| Total cashflows from investing activities | -9488.25M | -13127.54M | - | -936.40M | 20561.06M |
| Net borrowings | -4240.73M | -7354.86M | - | -2136.35M | -3051.14M |
| Total cash from financing activities | -18935.98M | -15532.95M | -3020.14M | -3573.34M | -5975.89M |
| Change to operating activities | - | - | - | 835.37M | -2857.51M |
| Net income | 23341.01M | 24545.45M | 8790.87M | -13863.65M | -20545.03M |
| Change in cash | 914.24M | 12395.81M | 2293.37M | -4681.09M | 2650.66M |
| Begin period cash flow | 18486.84M | 6091.02M | 3797.65M | 8478.75M | 5828.09M |
| End period cash flow | 19401.08M | 18486.84M | 6091.02M | 3797.65M | 8478.75M |
| Total cash from operating activities | 29338.47M | 41056.31M | 16872.74M | -171.36M | -11934.51M |
| Issuance of capital stock | - | - | - | - | 332.90M |
| Depreciation | 12042.43M | 11403.84M | 8870.32M | 8931.76M | 9027.38M |
| Other cashflows from investing activities | 36.05M | -28.75M | - | 52.14M | -51.43M |
| Dividends paid | 11958.81M | 5151.34M | -18.19M | -8.03M | -2714.11M |
| Change to inventory | -323.29M | -112.73M | 39.23M | -42.39M | 31.73M |
| Change to account receivables | -5599.02M | 281.54M | -8872.96M | -270.92M | -1275.73M |
| Sale purchase of stock | - | - | - | - | -533.10M |
| Other cashflows from financing activities | -2736.44M | -3026.76M | - | -791.09M | -516.53M |
| Change to netincome | - | - | - | 1396.65M | 310.70M |
| Capital expenditures | 9524.03M | 13092.46M | 11603.08M | 9571.78M | 8412.20M |
| Change in working capital | -4901.69M | 2921.53M | -6676.63M | 751.97M | -4789.14M |
| Other non cash items | -1143.28M | 2185.49M | 2690.14M | 4008.56M | 4372.28M |
| Free cash flow | 19814.44M | 27963.85M | 5269.66M | -9743.14M | -20346.71M |
Sector: Industrials Industry: Airports & Air Services
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AIPUY Airports of Thailand PCL ADR |
1.35 6.94% |
20.80 | 45.18 | 36.50 | 0.38 | 5.15 | 12.23 | 21.86 |
| ANNSF Aena S.M.E. S.A |
- -% |
31.24 | 18.56 | 17.54 | 7.50 | 4.50 | 6.76 | 10.89 |
| ANYYY Aena S.M.E. S.A |
-0.20 1.26% |
15.65 | 18.48 | 17.04 | 7.39 | 4.37 | 6.81 | 10.96 |
| APTPF Airports of Thailand Public Company Limited |
- -% |
1.78 | 28.25 | 38.17 | 0.28 | 5.39 | 12.18 | 21.76 |
| ARRPY Aeroports de Paris SA |
- -% |
11.58 | 29.67 | 19.76 | 1.97 | 2.63 | 2.86 | 9.09 |
Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects. It operates six international airports, including Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai International Airport, Hat Yai International Airport, Phuket International Airport and Mae Fah Luang - Chiang Rai International Airport. The company is involved in the hotel and restaurant business; and operation and management of the project on perishable goods at Suvarnabhumi Airport. In addition, it offers ground equipment, security services, and manages projects, as well as ground, warehouse, and cleaning services. Airports of Thailand Public Company Limited was founded in 1979 and is headquartered in Bangkok, Thailand.
| Name | Title | Year Born |
|---|---|---|
| Mr. Nitinai Sirismatthakarn | Pres, Sec. of the Board of Directors & Director | 1971 |
| Mr. Chenwit Musikarat | Sr. Exec. VP of Accounting & Fin. and CFO | 1967 |
| Ms. Chadanisa Chumnanvej | Sr. Exec. VP of HR & Admin. | 1968 |
| Mr. Sirote Duangratana | Sr. Exec. VP of Bus. Devel. & Marketing | 1968 |
| Ms. Dalad Asaves | EVP & Deputy GM of Suvarnabhumi Airport - Commercial Ops Group | NA |
| Mr. Montri Mongkoldaow | Sr. Exec. VP of Regional Airports | 1963 |
| Ms. Suwanna Natpracha | Exec. VP of Regional Airports | 1958 |
| Ms. Wasana Lakkhongkha | Exec. VP of Legal Group | NA |
| Ms. Pichajarat Pengpinij | Exec. VP of Corp. Sec. Group | NA |
| Ms. Wanporn Buasri | Exec. VP of HR & Admin. | NA |
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