Asia Plue

Maybank Securities sees no major impact from the slight delay of the duty-free concession-bidding process after the Ministry of Transport asked AOT to review its bidding plans. If there are no new issues or concerns, AOT should announce a new bidding schedule in the next two weeks. Maybank maintains forecasts and the BUY recommendation with catalysts still expected from upcoming concession bidding and a potential record 2QFY19E profit due to peak seasonality. The DCF target price remains at ฿75.00/share (WACC 8.2%, LTG 2%). Risks to the forecast include a potential slowdown in international arrivals and delays in airport-expansion projects. Asia Plus Securities and CGS-CIMB Securities also maintain their positive view on AOT, giving a target price at ฿75.00/share and ฿80.00/share, respectively. SCB Securities gives AOT a “Neutral” rating with a target price at ฿70.00/share.