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Airports of Thailand

DB:TX3A
Snowflake Description

Flawless balance sheet with reasonable growth potential and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TX3A
DB
฿725B
Market Cap
  1. Home
  2. DE
  3. Transportation
Company description

Airports of Thailand Public Company Limited engages in developing, managing, and operating international airports in Thailand. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • Airports of Thailand has significant price volatility in the past 3 months.
TX3A Share Price and Events
7 Day Returns
10.6%
DB:TX3A
11.3%
DE Infrastructure
9.9%
DE Market
1 Year Returns
-21.1%
DB:TX3A
-43.8%
DE Infrastructure
-17.5%
DE Market
TX3A Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Airports of Thailand (TX3A) 10.6% -11.5% -32.4% -21.1% 42% 81.4%
DE Infrastructure 11.3% -34% -49.8% -43.8% -42.3% -21.2%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • TX3A outperformed the Infrastructure industry which returned -43.8% over the past year.
  • TX3A underperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
TX3A
Industry
5yr Volatility vs Market

TX3A Value

 Is Airports of Thailand undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Airports of Thailand to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Airports of Thailand.

DB:TX3A Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 24 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:TX3A
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 7.5%
Infrastructure Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.728 (1 + (1- 20%) (2.05%))
0.826
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.826 * 7.46%)
5.77%

Discounted Cash Flow Calculation for DB:TX3A using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Airports of Thailand is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:TX3A DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (THB, Millions) Source Present Value
Discounted (@ 5.77%)
2020 905.31 Analyst x11 855.90
2021 11,245.29 Analyst x11 10,051.36
2022 18,797.59 Analyst x9 15,884.85
2023 5,020.00 Analyst x2 4,010.62
2024 41,012.33 Analyst x3 30,977.72
2025 52,371.53 Est @ 27.7% 37,398.77
2026 62,464.01 Est @ 19.27% 42,171.48
2027 70,817.09 Est @ 13.37% 45,201.63
2028 77,363.32 Est @ 9.24% 46,685.08
2029 82,278.75 Est @ 6.35% 46,941.58
Present value of next 10 years cash flows ฿280,179.00
DB:TX3A DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= ฿82,278.75 × (1 + -0.39%) ÷ (5.77% – -0.39%)
฿1,329,933.07
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= ฿1,329,933.07 ÷ (1 + 5.77%)10
฿758,751.94
DB:TX3A Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= ฿280,179.00 + ฿758,751.94
฿1,038,930.94
Equity Value per Share
(THB)
= Total value / Shares Outstanding
= ฿1,038,930.94 / 14,285.70
฿72.73
DB:TX3A Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:TX3A represents 0.02877x of SET:AOT
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.02877x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (THB) x Listing Adjustment Factor
= ฿ 72.73 x 0.02877
€2.09
Value per share (EUR) From above. €2.09
Current discount Discount to share price of €1.46
= -1 x (€1.46 - €2.09) / €2.09
30.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Airports of Thailand is available for.
Intrinsic value
30%
Share price is €1.46 vs Future cash flow value of €2.09
Current Discount Checks
For Airports of Thailand to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Airports of Thailand's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Airports of Thailand's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Airports of Thailand's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Airports of Thailand's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:TX3A PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in THB ฿1.81
SET:AOT Share Price ** SET (2020-03-31) in THB ฿50.75
Europe Infrastructure Industry PE Ratio Median Figure of 38 Publicly-Listed Infrastructure Companies 10.3x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Airports of Thailand.

DB:TX3A PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SET:AOT Share Price ÷ EPS (both in THB)

= 50.75 ÷ 1.81

28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Airports of Thailand is overvalued based on earnings compared to the Europe Infrastructure industry average.
  • Airports of Thailand is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does Airports of Thailand's expected growth come at a high price?
Raw Data
DB:TX3A PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts
26.1%per year
Europe Infrastructure Industry PEG Ratio Median Figure of 18 Publicly-Listed Infrastructure Companies 1.17x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:TX3A PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 28x ÷ 26.1%

1.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Airports of Thailand is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Airports of Thailand's assets?
Raw Data
DB:TX3A PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in THB ฿11.28
SET:AOT Share Price * SET (2020-03-31) in THB ฿50.75
Germany Infrastructure Industry PB Ratio Median Figure of 5 Publicly-Listed Infrastructure Companies 0.9x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:TX3A PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SET:AOT Share Price ÷ Book Value per Share (both in THB)

= 50.75 ÷ 11.28

4.5x

* Primary Listing of Airports of Thailand.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Airports of Thailand is overvalued based on assets compared to the DE Infrastructure industry average.
X
Value checks
We assess Airports of Thailand's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Infrastructure industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Infrastructure industry average (and greater than 0)? (1 check)
  5. Airports of Thailand has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TX3A Future Performance

 How is Airports of Thailand expected to perform in the next 1 to 3 years based on estimates from 24 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
26.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Airports of Thailand expected to grow at an attractive rate?
  • Airports of Thailand's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Airports of Thailand's earnings growth is expected to exceed the Germany market average.
  • Airports of Thailand's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:TX3A Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:TX3A Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 24 Analysts 26.1%
DB:TX3A Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 24 Analysts 18.2%
Europe Infrastructure Industry Earnings Growth Rate Market Cap Weighted Average 4.4%
Europe Infrastructure Industry Revenue Growth Rate Market Cap Weighted Average 2%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:TX3A Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
All numbers in THB Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:TX3A Future Estimates Data
Date (Data in THB Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-09-30 99,509 54,000 41,699 2
2023-09-30 89,082 49,000 34,377 2
2022-09-30 86,236 46,593 36,235 18
2021-09-30 70,788 36,289 26,764 24
2020-09-30 51,388 21,487 16,143 20
2020-03-31
DB:TX3A Past Financials Data
Date (Data in THB Millions) Revenue Cash Flow Net Income *
2019-12-31 63,492 35,036 25,985
2019-09-30 62,783 32,916 25,026
2019-06-30 62,380 32,635 25,153
2019-03-31 62,126 33,142 25,704
2018-12-31 61,321 32,657 25,327
2018-09-30 60,537 33,818 25,171
2018-06-30 59,910 30,916 23,713
2018-03-31 58,553 29,076 22,677
2017-12-31 56,901 28,177 21,877
2017-09-30 54,901 27,102 20,684
2017-06-30 53,557 28,087 21,146
2017-03-31 52,626 29,473 20,753

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Airports of Thailand's earnings are expected to grow significantly at over 20% yearly.
  • Airports of Thailand's revenue is expected to grow by 18.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:TX3A Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below

All data from Airports of Thailand Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TX3A Future Estimates Data
Date (Data in THB Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-09-30
2023-09-30
2022-09-30 2.49 2.99 2.10 14.00
2021-09-30 1.90 2.79 1.00 20.00
2020-09-30 1.13 1.56 0.50 15.00
2020-03-31
DB:TX3A Past Financials Data
Date (Data in THB Millions) EPS *
2019-12-31 1.81
2019-09-30 1.75
2019-06-30 1.76
2019-03-31 1.80
2018-12-31 1.77
2018-09-30 1.76
2018-06-30 1.66
2018-03-31 1.59
2017-12-31 1.54
2017-09-30 1.45
2017-06-30 1.48
2017-03-31 1.45

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Airports of Thailand is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Airports of Thailand's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Airports of Thailand has a total score of 4/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TX3A Past Performance

  How has Airports of Thailand performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Airports of Thailand's growth in the last year to its industry (Infrastructure).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Airports of Thailand's year on year earnings growth rate has been positive over the past 5 years.
  • Airports of Thailand's 1-year earnings growth is less than its 5-year average (2.6% vs 11.2%)
  • Airports of Thailand's earnings growth has not exceeded the Europe Infrastructure industry average in the past year (2.6% vs 6.9%).
Earnings and Revenue History
Airports of Thailand's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Airports of Thailand Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:TX3A Past Revenue, Cash Flow and Net Income Data
Date (Data in THB Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 63,491.66 25,985.46 5,992.82
2019-09-30 62,783.42 25,026.37 5,893.85
2019-06-30 62,380.01 25,152.51 5,779.90
2019-03-31 62,126.05 25,703.61 5,717.59
2018-12-31 61,321.40 25,326.86 5,652.53
2018-09-30 60,537.41 25,170.76 5,623.03
2018-06-30 59,910.24 23,712.74 5,589.71
2018-03-31 58,552.53 22,676.76 5,536.22
2017-12-31 56,900.73 21,877.14 5,417.43
2017-09-30 54,901.16 20,683.60 5,328.44
2017-06-30 53,556.55 21,146.20 5,212.28
2017-03-31 52,625.58 20,752.62 5,123.49
2016-12-31 51,760.72 19,775.79 5,023.33
2016-09-30 50,961.95 19,318.31 4,613.86
2016-06-30 49,131.45 20,916.33 4,179.27
2016-03-31 47,415.45 19,986.99 3,739.98
2015-12-31 45,242.78 19,384.08 3,250.42
2015-09-30 43,968.99 18,728.65 3,122.01
2015-06-30 42,073.68 15,151.75 3,081.53
2015-03-31 39,939.76 13,555.95 3,016.26
2014-12-31 38,430.65 12,360.26 2,944.43
2014-09-30 37,585.46 12,220.37 2,862.86
2014-06-30 38,116.52 15,201.10 2,872.38
2014-03-31 38,256.53 15,874.08 2,838.67
2013-12-31 37,920.06 16,688.02 2,821.25
2013-09-30 36,810.41 16,347.35 2,821.85
2013-06-30 35,062.33 12,637.60 2,744.65

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Airports of Thailand has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Airports of Thailand used its assets more efficiently than the Europe Infrastructure industry average last year based on Return on Assets.
  • Airports of Thailand has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Airports of Thailand's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Infrastructure industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Airports of Thailand has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TX3A Health

 How is Airports of Thailand's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Airports of Thailand's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Airports of Thailand is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Airports of Thailand's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Airports of Thailand's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is covered by short term assets, assets are 5.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Airports of Thailand Company Filings, last reported 3 months ago.

DB:TX3A Past Debt and Equity Data
Date (Data in THB Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 161,856.33 14,660.22 77,332.05
2019-09-30 154,538.63 15,441.69 75,909.32
2019-06-30 149,448.94 16,855.16 71,197.43
2019-03-31 143,500.99 17,469.60 66,611.68
2018-12-31 150,677.61 18,963.23 74,197.35
2018-09-30 144,269.12 19,428.73 72,806.24
2018-06-30 138,948.44 21,110.68 65,677.00
2018-03-31 132,620.08 23,287.58 62,598.72
2017-12-31 137,888.69 24,602.94 68,539.53
2017-09-30 131,688.69 25,210.94 67,671.84
2017-06-30 127,718.43 26,895.11 62,988.21
2017-03-31 122,130.43 27,699.81 59,197.38
2016-12-31 126,658.15 29,152.44 63,781.06
2016-09-30 120,314.22 31,707.61 60,490.28
2016-06-30 117,205.83 33,168.18 56,715.50
2016-03-31 112,071.88 32,172.02 50,382.51
2015-12-31 113,557.62 33,018.39 51,729.10
2015-09-30 108,812.14 33,821.41 48,490.15
2015-06-30 102,974.12 34,249.60 44,391.18
2015-03-31 101,091.01 34,714.36 43,299.28
2014-12-31 101,040.20 36,229.21 44,146.48
2014-09-30 97,247.41 37,719.53 43,202.70
2014-06-30 95,396.72 40,435.77 41,538.12
2014-03-31 92,664.93 40,844.52 38,916.50
2013-12-31 95,576.05 42,154.38 43,179.80
2013-09-30 91,739.93 43,341.35 39,271.44
2013-06-30 86,464.40 44,458.77 39,727.26
  • Airports of Thailand's level of debt (9.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (35.8% vs 9.1% today).
  • Debt is well covered by operating cash flow (239%, greater than 20% of total debt).
  • Airports of Thailand earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Airports of Thailand's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Airports of Thailand has a total score of 6/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TX3A Dividends

 What is Airports of Thailand's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.07%
Current annual income from Airports of Thailand dividends. Estimated to be 2.17% next year.
If you bought €2,000 of Airports of Thailand shares you are expected to receive €41 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Airports of Thailand's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Airports of Thailand's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:TX3A Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 24 Analyst Estimates (S&P Global) See Below
Europe Infrastructure Industry Average Dividend Yield Market Cap Weighted Average of 31 Stocks 7.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:TX3A Future Dividends Estimate Data
Date (Data in ฿) Dividend per Share (annual) Avg. No. Analysts
2024-09-30
2023-09-30
2022-09-30 1.58 17.00
2021-09-30 1.10 24.00
2020-09-30 0.69 20.00
2020-03-31
DB:TX3A Past Annualized Dividends Data
Date (Data in ฿) Dividend per share (annual) Avg. Yield (%)
2019-11-29 1.050 1.593
2018-11-30 1.050 1.495
2017-11-30 0.860 1.290
2016-12-07 0.683 1.488
2016-02-15 0.654 1.666
2015-12-02 0.654 1.886
2015-08-14 0.308 1.060
2015-05-20 0.308 1.029
2015-02-13 0.340 1.149
2014-12-03 0.340 1.160
2014-05-14 0.460 2.085
2013-12-06 0.460 2.563
2013-02-14 0.180 1.128
2012-12-07 0.180 1.801
2011-12-15 0.080 1.297
2011-05-09 0.055 1.355
2011-02-14 0.055 1.560
2011-01-24 0.055 1.629
2010-02-15 0.042 1.119
2009-12-02 0.042 1.062

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Airports of Thailand's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.7x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Airports of Thailand's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Airports of Thailand afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Airports of Thailand has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TX3A Management

 What is the CEO of Airports of Thailand's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Nitinai Sirismatthakarn
COMPENSATION ฿1,029,375
AGE 48
TENURE AS CEO 4.8 years
CEO Bio

Dr. Nitinai Sirismatthakarn has been the President of Airports of Thailand Public Company Limited since April 20, 2015 and serves as its Secretary of the Board of Directors. Dr. Sirismatthakarn served as a Senior Executive Vice President of Business Development and Marketing at Airports of Thailand Public Company Limited since March 2010. He served as Director of Airports of Thailand Public Company Limited. He has been a Director of Bangkok Aviation Fuel Services Public Company Limited since November 9, 2016 and Airports of Thailand Public Company Limited since June 22, 2016. Dr. Sirismatthakarn served as the Deputy Director at Fiscal Policy Research Institute Foundation since 2013 until 2014, Director at Thailand Future Foundation since 2012 and Senior Advisor 11 at Airports of Thailand Public Company Limited since 2011 until 2012. He holds Ph.D. (Economics) from Florida State University (Ministry of Finance Scholarship); M.A. (Public Administration) from University of Southern California; Certificate of Financial Management from University of Southern California; Certificate of Monetary Management from University of Southern California and B.A. (Economics) from Chulalongkorn University.

CEO Compensation
  • Nitinai's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Nitinai's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Airports of Thailand management team in years:

4.4
Average Tenure
57
Average Age
  • The tenure for the Airports of Thailand management team is about average.
Management Team

Nitinai Sirismatthakarn

TITLE
President
COMPENSATION
฿1M
AGE
48
TENURE
4.8 yrs

Pattanapong Suwannachat

TITLE
Chief Financial Officer
AGE
57
TENURE
1.8 yrs

Somboon Noinamkham

TITLE
CFO and Senior Executive VP of Accounting & Finance
AGE
57

Chadanisa Chumnanvej

TITLE
Senior Executive Vice President of Human Resources & Administration
AGE
50

Shanalai Chayakul

TITLE
Senior EVP of Legal & Corporate Secretary
AGE
59
TENURE
5.4 yrs

Wichai Bunyu

TITLE
Senior Executive Vice President of Business Development & Marketing
AGE
58
TENURE
4.4 yrs

Dalad Asaves

TITLE
EVP & Deputy GM of Suvarnabhumi Airport - Commercial Ops Group

Montri Mongkoldaow

TITLE
Senior Executive Vice President of Regional Airports
AGE
56
TENURE
1.4 yrs

Suwanna Natpracha

TITLE
Executive Vice President of Regional Airports
AGE
61
TENURE
4.4 yrs

Sirote Duangratana

TITLE
Senior Executive Vice President of Corporate Strategy
AGE
51
TENURE
0.3 yrs
Board of Directors Tenure

Average tenure and age of the Airports of Thailand board of directors in years:

4.5
Average Tenure
59
Average Age
  • The tenure for the Airports of Thailand board of directors is about average.
Board of Directors

Prasong Poontaneat

TITLE
Chairman
COMPENSATION
฿825K
AGE
59
TENURE
5.7 yrs

Nitinai Sirismatthakarn

TITLE
President
COMPENSATION
฿1M
AGE
48
TENURE
3.7 yrs

Wara Tongprasin

TITLE
Independent Director
COMPENSATION
฿978K
AGE
47
TENURE
5.7 yrs

Manit Nitiprateep

TITLE
Independent Director
COMPENSATION
฿1M
AGE
64
TENURE
5.4 yrs

Thanin Pa-Em

TITLE
Independent Director
COMPENSATION
฿813K
AGE
63
TENURE
5.4 yrs

Bhanupong Seyayongka

TITLE
Independent Director
AGE
59
TENURE
0.4 yrs

Suttirat Rattanachot

TITLE
Director
COMPENSATION
฿795K
AGE
59
TENURE
8.2 yrs

Sarawut Benjakui

TITLE
Independent Director
COMPENSATION
฿979K
AGE
54
TENURE
3.4 yrs

Manu Mekmok

TITLE
Independent Director
COMPENSATION
฿945K
AGE
58
TENURE
3.3 yrs

Krichthep Simlee

TITLE
Director
COMPENSATION
฿940K
AGE
59
TENURE
2.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Airports of Thailand's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Airports of Thailand has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TX3A News

Simply Wall St News

TX3A Company Info

Description

Airports of Thailand Public Company Limited engages in developing, managing, and operating international airports in Thailand. The company operates through Airport Business, Hotel Business, and Ground Aviation Services segments. It operates six international airports, including Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket, and Mae Fah Luang Chiang Rai airports. The company is also involved in the hotel and restaurant business; and services or rental of ground equipment. Airports of Thailand Public Company Limited was founded in 1903 and is based in Bangkok, Thailand.

Details
Name: Airports of Thailand Public Company Limited
TX3A
Exchange: DB
Founded: 1903
฿20,086,176,270
14,285,700,000
Website: http://www.airportthai.co.th
Address: Airports of Thailand Public Company Limited
333 Cherdwutagard Road,
Srikan,
Bangkok,
10210,
Thailand
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SET AOT Ordinary Shares The Stock Exchange of Thailand TH THB 11. Mar 2004
OTCPK AIPU.Y UNSPONSORED ADR Pink Sheets LLC US USD 19. Apr 2012
DB TX3A THB1.00(ALIEN MKT) Deutsche Boerse AG DE EUR 11. Mar 2004
SET AOT-R THB10(NVDR) The Stock Exchange of Thailand TH THB 11. Mar 2004
OTCPK APTP.F THB1.00(ALIEN MKT) Pink Sheets LLC US USD 11. Mar 2004
OTCPK AIPU.F THB10(NVDR) Pink Sheets LLC US USD 11. Mar 2004
DB NYVQ THB10(NVDR) Deutsche Boerse AG DE EUR 11. Mar 2004
THAMSE AOT-F THB1.00(ALIEN MKT) Bangkok-Alien Market Stock Exchange TH THB 11. Mar 2004
Number of employees
Current staff
Staff numbers
7,718
Airports of Thailand employees.
Industry
Airport Services
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 21:11
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/02/12
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/09/30


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.