Airports of Thailand now world's most valuable operator

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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