Fact based stock research
Airports Of Thailand (SET:AOT)

TH0765010Z08

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

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Airports Of Thailand stock research in summary

airportthai.co.th

ANALYSIS: With an Obermatt Combined Rank of 49 (worse than 51% compared with investment alternatives), Airports Of Thailand (Airport Services, Thailand) shares have somewhat below-average financial characteristics compared with similar stocks. Shares of Airports Of Thailand are low in value (priced high) with a consolidated Value Rank of 22 (worse than 78% of alternatives) and show below-average growth (Growth Rank of 23) but are safely financed (Safety Rank of 93), which means low debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 49, is a hold recommendation based on Airports Of Thailand's financial characteristics. As the company Airports Of Thailand's critical financial metrics exhibit below-average performance, such as low value (Obermatt Value Rank of 22) and low growth (Obermatt Growth Rank of 23), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. In this case, good financing practices (Obermatt Safety Rank of 93) are a positive sign, because it may allow the company to weather challenging times until the hoped-for cash flows materialize. This may be true for high-tech or biotechnology companies with enough cash to sustain prolonged business development. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and unattractive today. In such cases, the Obermatt Method has limited value, as it is based on facts we can observe today. If the facts lie all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that account for a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	22
Growth Rank	23
Safety Rank	93
Combined Rank	49

Country	Thailand
Industry	Airport Services
Index	SET
Size class	Medium

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Airports Of Thailand

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	7	11	17	22
GROWTH
GROWTH	97	89	49	23
SAFETY
SAFETY	42	70	71	93
SENTIMENT
SENTIMENT	48	33	65	^new
360° VIEW
360° VIEW	55	48	54	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better Airports Of Thailand is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	7	11	17	22
GROWTH
GROWTH	97	89	49	23
SAFETY
SAFETY	42	70	71	93
COMBINED
COMBINED	48	60	33	49

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of Airports Of Thailand the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 22 (worse than 78% compared with alternatives), Airports Of Thailand shares are significantly more expensive than comparable stocks. The Value Rank is based on consolidating four value indicators, with all four indicators below average for Airports Of Thailand. Price-to-Sales is 7 which means that the stock price compared with what market professionals expect for future profits is higher than 93% of comparable companies, indicating a low value concerning Airports Of Thailand's sales levels. Price-to-Book Capital (also referred to as market-to-book ratio) also has a low Price-to-Book Rank of 17, which means that both reliable company size indicators, sales, and invested capital cannot explain the high stock price of Airports Of Thailand. In addition, the two profit-related value indicators, Price-to-Profit (also referred to as price-earnings, P/E) with a low rank of 19 and Dividend Yield, which is lower than 56% of comparable companies, also make the stock more expensive compared with investment alternatives. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 22, is a sell recommendation based on Airports Of Thailand's stock price compared with the company's operational size and dividend yields. How can market participants pay such a high price for Airports Of Thailand? One reason may be that the company is simply too popular. If enough people want a particular stock, its price can exceed reasonable levels. This is often the case for companies offering new and exciting products and everybody wants a piece of the action. Should you pay a lot for a hot stock such as Airports Of Thailand? It's risky, and even if the stock price continues to grow because of popular demand, it may return to more typical lower levels later. And that return can be sudden and quick, making it impossible for retail investors to exit on time. Sometimes, high prices are deserved. This is the case when it is justified to believe that the company will dominate a market with high profit margins. It has happened in the past for many technology companies and indeed for commercially successful pharmaceutical discoveries. Sometimes they last, sometimes, they get eaten alive. Airports Of Thailand may be such a type of stock. That would mean, retail investors should be careful, only considering investing a small part of their wealth in this exciting category and always being ready to lose more than half, if not all of the investment. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	1	3	9	7
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	1	18	20	19
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	14	10	18	17
DIVIDEND YIELD
DIVIDEND YIELD	38	44	39	44
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	7	11	17	22

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Airports Of Thailand; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 23 (better than 23% compared with alternatives), Airports Of Thailand shows one of the most restricted growth dynamics in its industry. There is little momentum in this company. The Growth Rank is based on consolidating four value indicators, with three out of four indicators below average for Airports Of Thailand. Only Capital Growth has a good rank of 93, which means that currently professionals expect the company to grow its invested capital more than 28% of its competitors. The other three indicators are pointing South: Sales Growth has a rank of 10 which means that currently professionals expect the company to grow less than 90% of its competitors. Profit Growth with a rank of 28 and Stock Returns with a rank of 25 are also low (below 75% of alternative investments). ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 23, is a sell recommendation for growth and momentum investors. The good news from the invested capital side is surprising. A company with disappointing revenues, profits, and disappointed shareholders typically doesn't invest above average. Overall, the growth momentum for Airports Of Thailand is thus negative. As it is intriguing to see that company executives are optimistic about their investment policy, it is worthwhile looking into the details of the capital investment projects. They may indicate future growth and profits and thus if accompanied by a good value, a sign of good timing to invest in the stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is limited here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	94	83	58	10
PROFIT GROWTH
PROFIT GROWTH	73	87	51	28
CAPITAL GROWTH
CAPITAL GROWTH	90	95	72	93
STOCK RETURNS
STOCK RETURNS	55	17	17	25
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	97	89	49	23

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Airports Of Thailand.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 93 (better than 93% compared with alternatives) for 2025, the company Airports Of Thailand has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of Airports Of Thailand is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for Airports Of Thailand. Leverage is at a rank of 78, meaning the company has a below-average debt-to-equity ratio. It has less debt than 78% of its competitors. Liquidity is also good at a rank of 95, meaning the company generates more profit to service its debt than 95% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 37, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 63% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 93 (better than 93% compared with alternatives), Airports Of Thailand has a financing structure that is significantly safer than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for Airports Of Thailand. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with Airports Of Thailand and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	60	70	77	78
REFINANCING
REFINANCING	51	41	39	37
LIQUIDITY
LIQUIDITY	6	63	78	95
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	42	70	71	93

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Airports Of Thailand and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	56	28	^new
OPINIONS CHANGE
OPINIONS CHANGE	69	5	37	^new
PRO HOLDINGS
PRO HOLDINGS	23	20	64	^new
MARKET PULSE
MARKET PULSE	56	87	87	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	48	33	65	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Airports Of Thailand.
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