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BA Airport Leasehold Real Estate Investment Trust

BA Airport Leasehold Real Estate Investment Trust

BAREIT.BK
BA Airport Leasehold Real Estate Investment TrustTH flagStock Exchange of Thailand
11.40
THB
- -
- -
11.78BMarket Cap
BA Airport Leasehold Real Estate Investment Trust
BAREIT.BK
(Stock Exchange of Thailand)

Recent

price

11.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2022
2023
2024
2025
TTM
FRC
- -
1.15
1.15
1.15
1.15
Revenue per Share
- -
0.53
0.82
0.85
0.84
Basic EPS, GAAP
- -
1
1.06
1.08
- -
Free Cash Flow per Basic Share
- -
0.58
0.73
0.78
- -
Dividend per Share
- -
9.87
9.95
10.03
10
Book Value per Share
- -
9.87
9.95
10.03
10
Tangible Book Value per Share
- -
1,033
1,033
1,033
1,033
Basic Weighted Avg Shares
- -
1,191
1,192
1,191
1,191
Sales/Revenue/Turnover
- -
91.86
91.85
91.87
91.85
Operating Margin (%)
- -
-29
- -
31
- -
Depreciation Expense
- -
545
842
883
871
Net Income, GAAP
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
45.73
70.65
74.1
73.19
Profit Margin (%)
303
288
359
315
380
Working Capital
4,330
4,320
4,303
4,145
4,264
LT Debt
10,441
10,197
10,282
10,360
10,326
Total Equity
- -
7.47
7.53
7.52
7.51
Return on Invested Capital (%)
- -
5.48
7.47
7.48
7.47
Return on Capital (%)
- -
5.28
8.23
8.55
8.48
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
- -
- -
- -
LT Borrowings
4,303
4,283
4,264
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,033
1,033
1,033
Market Capitalization
9,710
9,555
9,659

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
372
391
389
Cash, Cash Equivalents & STI
272
284
284
Accounts Receivable, Net
5
5
5
Inventories
- -
- -
- -
Total Current Liabilities
13
19
9
Payables & Accruals
13
19
9
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
- -
0.76%
Free Cash Flow
- -
- -
2.34%
Net Income, GAAP
- -
- -
4.78%
Sales/Revenue/Turnover
- -
- -
-0.1%
Total Cash Common Dividend
- -
- -
6.13%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
297
297
300
300
1,192
2025
294
297
300
- -
1,191
2026
293
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.2
0.2
0.21
- -
0.82
2025
0.22
0.21
- -
- -
0.85
2026
0.23
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.73
2025
- -
- -
- -
- -
0.78
2026
- -
- -
- -
- -
- -
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Business
BA Airport Leasehold Real Estate Investment Trust (BAREIT.BK) operates as a closed-end real estate investment trust focused on owning, leasing, and managing airport-related leasehold properties in Thailand. The company holds the long-term leasehold rights to prime aviation assets, including the domestic terminal building, international terminal building, and associated commercial areas at Don Mueang International Airport in Bangkok; it generates revenue primarily through fixed rental income from Airports of Thailand PCL (AOT), the airport operator. BAREIT offers unitholders stable, predictable cash distributions backed by government-concession-backed leases extending to 2050, with escalations tied to Thailand's Consumer Price Index. Founded in 2012 and headquartered in Bangkok, Thailand, BAREIT targets institutional and retail investors seeking infrastructure-linked income in the aviation real estate sector. Its operations are concentrated in Thailand, with no international subsidiaries or parent company relationships. The trust functions as a single-asset REIT, emphasizing low-risk, long-duration leases in the transportation infrastructure segment. In recent developments, BAREIT completed a strategic refinancing of its THB 10.5 billion loan facility in 2024 with leading Thai banks, extending maturities and reducing borrowing costs amid recovering air traffic post-pandemic. The company announced enhanced distribution policies in early 2025, committing to 90-100% payout ratios supported by robust occupancy and rental growth at Don Mueang Airport. No major acquisitions, partnerships, or product launches have occurred in the last 1-2 years, reflecting a focus on operational stability and deleveraging.