Revenue distribution by sectors:

• Airport operation: approx. 70%
• Retail and rentals: approx. 20%
• Other services: approx. 10%

TOP 3 markets and their percentage shares:

• Domestic market (Thailand): approx. 60%
• China: approx. 20%
• Japan: approx. 10%

Airports of Thailand Public Company Limited generates the majority of its revenue from airport operations, including take-off and landing fees as well as passenger fees. A significant portion of the income also comes from retail stores and rentals within airport buildings.

The domestic market in Thailand remains the largest revenue contributor, followed by international markets such as China and Japan, which play an important role due to tourism and business travel.

Production Sites: Not applicable

Airports of Thailand Public Company Limited (AOT) is not a manufacturing company, but an operator of airports in Thailand. The company manages and operates several important airports in the country, including Suvarnabhumi Airport in Bangkok, Don Mueang International Airport, and other regional airports.

Since AOT does not produce physical products, but offers services in airport operation and management, there are no production sites in the traditional sense. The main business activities include the management of airport facilities, passenger and cargo handling, as well as the provision of commercial services within the airports.

Strategy for Future Growth:

1. Infrastructure Development: Airports of Thailand (AOT) plans to expand the capacity of its airports through extensive infrastructure projects. This includes expanding existing terminals and constructing new runways to handle the increasing number of passengers.

2. Digitalization and Technology Integration: AOT is investing in digital technologies to make operations more efficient. This includes implementing automated check-in systems, biometric security checks, and improved passenger information systems.

3. Expansion of Non-Aviation Business: AOT is focusing on increasing revenue from non-flight-related activities. This includes retail spaces, dining, and services within the airports to tap into additional sources of income.

4. Sustainability Initiatives: The company is focusing on sustainable practices to reduce its ecological footprint. This includes investments in renewable energy and measures to reduce emissions and waste.

These strategic initiatives aim to increase the capacity and efficiency of the airports, enhance customer satisfaction, and align the company for long-term growth.

Primary imported materials: Building and construction materials, technology and security systems

Main supplying countries: China, Japan, Germany

Airports of Thailand Public Company Limited (AOT) is heavily invested in expanding and modernizing their airports. For this purpose, the company mainly imports building and construction materials to expand and improve the infrastructure. This includes steel, concrete, and other building materials.

In addition, AOT imports advanced technology and security systems to ensure the efficiency and safety of their airports. These systems include surveillance technologies and passenger processing systems.

China and Japan are leading suppliers of building materials and technology products, while Germany is known for its high-quality security and surveillance systems. The choice of supplying countries is based on the quality, reliability, and cost of the materials and systems.

Market share: Over 80% of passenger flights in Thailand (2024)

EBITDA margin: 60% (2024)

Airports of Thailand Public Company Limited (AOT) has a significant competitive advantage due to its dominant market position. With a market share of over 80% of passenger flights in Thailand, AOT controls the country's major airports, including Suvarnabhumi Airport in Bangkok, which serves as a hub for international and domestic flights.

The high EBITDA margin of 60% underscores the efficiency and profitability of the company. This margin is exceptionally high compared to international airport operators, indicating strong cost control and high revenues from non-aeronautical sources such as retail and dining.

In addition, AOT benefits from long-term concessions and steady growth in tourism in Thailand, further enhancing stability and future growth potential.

Institutional Investor Share: approximately 70% (estimated for 2025)

Insider Buys/Sells: No significant transactions in the last year

Airports of Thailand Public Company Limited (AOT) traditionally has a high proportion of institutional investors, indicating the trust of large investment funds and institutional investors in the company's stability and growth potential.

In 2025, there are no significant insider buys or sells, suggesting that management and other insiders perceive the current market environment as stable and do not expect drastic changes in the company's valuation.

Market share of Airports of Thailand (AOT): 65% (2025, estimated)

Main competitors and their market shares:

1. Airports of Thailand (AOT): 65%
2. Changi Airport Group: 10%
3. Malaysia Airports Holdings Berhad: 8%
4. Incheon International Airport Corporation: 7%
5. Narita International Airport Corporation: 5%
6. Hong Kong International Airport: 3%
7. Singapore Airlines (as operator): 2%

Moat of Airports of Thailand:

Airports of Thailand (AOT) has a significant moat, mainly based on its dominant market position in Thailand and its strategic location as a hub in Southeast Asia. AOT operates the six largest airports in Thailand, including Suvarnabhumi and Don Mueang International Airport in Bangkok, which are among the busiest in the region. These airports are crucial for international and domestic air traffic, providing AOT with a substantial competitive advantage.

Compared to competitors, AOT benefits from strong government support as a partially state-owned company. This enables investments in infrastructure and technology that other private operators may not be able to make to the same extent.

Competitors like Changi Airport Group and Incheon International Airport Corporation also have strong moats, particularly due to their state-of-the-art facilities and excellent services that make them popular transit points. However, AOT remains a leader in the region due to its strategic position and the number of airports it operates.

Overall, AOT has a significant moat supported by its market leadership and strategic advantages, although some competitors also hold strong positions in certain areas such as service quality and technology.

Revenue Growth: 18% (2024 compared to 2023)
Passenger Growth: 25% (2024 compared to 2023)
Net Income Growth: 20% (2024 compared to 2023)

Airports of Thailand Public Company Limited (AOT) recorded strong revenue growth of 18% in 2024, attributed to the recovery of international travel and an increased number of passengers. The 25% passenger growth indicates a significant recovery and expansion compared to the previous year, which is positive for the company's future revenues.

Furthermore, the company was able to increase its net income by 20%, reflecting efficient cost controls and improved operational efficiency. These factors suggest that AOT is well positioned to benefit from the recovery of the travel industry.

In addition, AOT has invested in expanding and modernizing its airport facilities to increase capacity and improve service. These strategic investments could lead to a stronger market position and higher revenues in the long term.

Overall, the positive growth figures and strategic investments indicate that AOT could be an attractive investment opportunity, especially for investors looking to benefit from the recovery of the travel industry.

Dividend Yield: 2.5% (estimated for 2025)
Dividend History: Regular payouts in recent years

Airports of Thailand Public Company Limited (AOT) has regularly distributed dividends to its shareholders in the past. The company's dividend policy aims to provide a stable and attractive return for investors.

The reliability of AOT's dividend payments is supported by its stable financial performance and dominant market position in the Thai airport operation sector. Despite economic fluctuations, the company has largely maintained its dividend policy, indicating a solid financial foundation and a sustainable business model.

A dividend yield of approximately 2.5% is expected for 2025, based on current market conditions and the company's financial performance. This estimate takes into account the recovery of travel traffic and the associated revenue increases.