Airports of Thailand: A Buy Despite Concerns About Retail Revenues

Airports of Thailand stock has dropped 36.3% since my buy rating in September, contrasting with a 2.4% gain for the S&P 500. AoT operates six major Thai airports, including Bangkok's Suvarnabhumi and Don Mueang, handling 119.3 million passengers in FY2024, down from pre-pandemic levels. Risks include macroeconomic instability and retail concession challenges, but expansion projects at Don Mueang and Suvarnabhumi airports offer significant long-term growth potential.

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