Airports of Thailand Public Company Limited

Airports of Thailand Public Company Limited

AIPUF
Airports of Thailand Public Company LimitedUS flagOther OTC
1.58
USD
- -
- -
22.57BMarket Cap
Airports of Thailand Public Company Limited
AIPUF
(Other OTC)

Recent

price

1.58

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
1.69
2.01
2.13
2.58
2.63
3.08
3.57
3.84
4.24
4.39
2.18
0.5
1.16
3.37
4.7
4.67
4.66
Revenue per Share
0.14
0.16
0.45
1.14
0.86
1.31
1.35
1.45
1.76
1.75
0.3
-1.14
-0.78
0.62
1.34
1.27
1.27
Basic EPS, GAAP
0.95
0.93
0.75
1.27
0.78
1.29
1.78
1.52
1.68
1.61
-0.94
-1.42
-0.68
0.37
1.96
1.39
1.87
Free Cash Flow per Basic Share
0.04
0.05
0.08
0.18
0.46
0.49
0.5
0.68
0.86
1.05
1.05
0.19
- -
- -
0.36
0.84
0.85
Dividend per Share
3.99
4.06
4.43
5.4
5.76
6.51
7.36
8.13
9.03
9.74
8.94
6.83
6.05
6.7
7.68
8.16
8.11
Book Value per Share
4.81
5.01
5.4
6.38
6.77
7.51
8.4
9.19
10.07
10.79
9.97
7.88
7.09
7.77
8.77
9.23
9.19
Tangible Book Value per Share
14,260
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,286
14,236
Basic Weighted Avg Shares
24,033
28,758
30,405
36,810
37,585
43,969
50,962
54,901
60,537
62,783
31,179
7,086
16,560
48,141
67,121
66,679
66,405
Sales/Revenue/Turnover
18.32
18.12
35.05
41.57
40.26
52.79
47.17
46.97
50.73
48.64
19.22
-236.99
-67.12
30.33
40.97
38.05
36.99
Operating Margin (%)
7,625
7,866
4,669
4,775
5,650
6,188
6,404
5,645
5,642
5,851
5,441
9,027
8,932
8,870
11,404
12,042
11,861
Depreciation Expense
2,039
2,215
6,500
16,347
12,220
18,729
19,318
20,684
25,171
25,026
4,321
-16,322
-11,088
8,791
19,182
18,125
18,098
Net Income, GAAP
28.47
36.76
34.94
22.94
19.69
19.65
19.94
20.8
18.96
20.29
19.45
- -
- -
19.77
19.98
20.51
19.29
Effective Tax Rate (%)
8.49
7.7
21.38
44.41
32.51
42.6
37.91
37.67
41.58
39.86
13.86
-230.35
-66.96
18.26
28.58
27.18
27.25
Profit Margin (%)
14,112
15,328
19,711
23,633
28,475
35,060
44,465
50,927
53,865
54,605
35,158
7,889
-6,019
-4,279
6,861
12,744
12,963
Working Capital
56,987
58,039
51,407
37,328
30,679
28,202
27,261
19,609
13,768
10,571
8,275
60,848
57,991
51,464
47,393
43,362
39,006
LT Debt
69,846
72,277
77,795
91,740
97,247
107,801
120,314
131,689
144,269
154,539
143,032
113,421
102,519
112,178
126,399
132,841
131,882
Total Equity
2.31
2.46
5.06
8.67
9.02
13.51
13.05
13.1
15.43
14.5
2.97
- -
- -
6.92
12.36
11.08
11.21
Return on Invested Capital (%)
3.06
3.04
6.47
14.92
11.56
16.47
15.5
15.53
18.03
17.02
3.32
- -
- -
7.03
12.88
11.76
12.17
Return on Capital (%)
3.48
3.86
10.72
23.28
15.33
21.37
19.5
18.69
20.53
18.67
3.24
-14.49
-12.06
9.65
18.67
16.02
16.14
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'26
Mar'26
ST Debt
6,893
5,508
6,140
LT Borrowings
399
372
189
LT Finance Leases
42,963
38,787
38,817
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
14,286
14,286
14,286
Market Capitalization
579,687
711,928
734,581

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'26
Mar'26
Total Current Assets
37,330
37,148
34,416
Cash, Cash Equivalents & STI
19,466
21,188
18,136
Accounts Receivable, Net
16,594
14,875
15,191
Inventories
714
568
534
Total Current Liabilities
24,586
20,777
21,452
Payables & Accruals
13,268
8,051
7,803
ST Debt
6,893
5,508
6,140
Deferred Revenue
1,714
2,340
2,247

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
2.72%
-0.62%
5.1%
Free Cash Flow
11.83%
49.34%
-29.14%
Net Income, GAAP
-62.78%
-115.28%
-5.51%
Sales/Revenue/Turnover
27.32%
57.18%
-0.66%
Total Cash Common Dividend
- -
5,660.73%
132.15%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
15,708
18,234
16,405
16,774
67,121
2025
17,664
17,906
15,343
15,766
66,679
2026
16,852
18,443
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.32
0.4
0.32
- -
1.34
2025
0.37
0.35
0.27
- -
1.27
2026
0.33
0.4
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.36
- -
- -
0.36
2025
0.01
0.78
- -
- -
0.84
2026
- -
0.81
- -
- -
- -
Business
Airports of Thailand Public Company Limited operates as the primary airport management and development company in Thailand, overseeing six major international airports: Suvarnabhumi, Don Mueang, Phuket, Chiang Mai, Hat Yai, and Mae Fah Luang–Chiang Rai. The company provides comprehensive airport services including airport management, infrastructure development, passenger handling, ground services, cargo handling, and concession management such as duty-free retail operations. It also offers auxiliary services like apron and ground support equipment services, passenger ground services, and cargo services, primarily through subsidiaries and private partnerships. Airports of Thailand serves both domestic and international travel markets, facilitating passenger and cargo traffic across key points in Thailand. Founded in 2002, the company is headquartered in Bangkok, Thailand. Recent major developments include an approved amendment to the duty-free concession contract with King Power Duty Free, extending the contract for an additional five years at select airports including Suvarnabhumi and Don Mueang, with adjusted revenue sharing terms to maintain business continuity amid market changes. Airports of Thailand also secured long-term third-party private contracts valued at over THB 67 billion for apron, ground support, passenger services, and cargo services at Suvarnabhumi Airport, signaling a strategic expansion in outsourcing operational components. Additionally, the company has seen regulatory approvals for increased passenger service charges at its airports, which is expected to contribute to revenue growth. Partnerships within the aviation sector, such as the ACMI service agreement between BBN Airlines Thailand and Vietjet Thailand, highlight Airports of Thailand's role in supporting Thailand’s broader aviation infrastructure and connectivity improvements. Airports of Thailand operates within the transportation and logistics industry segment, positioning itself as a central hub for the country's air travel infrastructure with a focus on maintaining international standards and expanding airport capacity in alignment with Thailand’s national development strategies. This operational scope includes direct management of airport facilities, strategic partnerships for ground and cargo services, and oversight of duty-free and retail concessions, providing a diversified set of revenue streams and service offerings designed to enhance the passenger experience and operational efficiency across its network of airports. The company maintains a significant influence on Thailand’s aviation sector, balancing government regulatory frameworks with commercial objectives. All operations and developments emphasize Airports of Thailand’s commitment to supporting the country’s status as a major regional aviation and tourism hub while aligning with sustainable growth and infrastructure modernization goals. This description reflects the current corporate profile, product and service offerings, and recent strategic changes of Airports of Thailand Public Company Limited as of late 2025.