Airports of Thailand now world's most valuable operator
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Airports of Thailand now world's most valuable operator

After strong international tourist arrivals in 2017, Airports of Thailand Plc surpassed Spain’s Aena SA as the world’s most-valuable airport services company.

Powered by a 75% gain since May 1, the state-owned operator of the main international airports also passed the 1-trillion-baht market capitalisation mark, joining only state-controlled energy company PTT Plc above that milestone.

Shares of Airports of Thailand jumped 9.2% in December -- rallying for a 10th consecutive month -- as government data showed international tourists in November surged 23%.

The stock’s surge was by far the best performer in Bloomberg’s Asia-Pacific Infrastructure Top Peers gauge, with Shanghai International Airport Co a distant second at 29% in the same period. Airports of Thailand gained 4.4% in the first two trading sessions of 2018.

Even so, analysts aren’t convinced: their consensus forecast suggests share may fall 12% over the next 12 months. The stock has 14 buy recommendations, 10 hold and eight sell ratings.

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