HEFFX Initiates Coverage on Airports of Thailand PCL (BKK:AOT)

HEFFX Initiates Coverage on Airports of Thailand PCL (BKK:AOT)

HEFFX Initiates Coverage on Airports of Thailand PCL (BKK:AOT)

HEFFX Rates AOT a Buy:

Highlights

AOT is on track for yet another record year as tourism in the country continues to rise
Passenger growth will contribute to solid net profits
AOT is continuing to expand capacity
Chinese tourists number are significantly on the rise
Strong domestic demand

AIRPORTS OF TH closed up 2.000 at 41.250. Volume was 58% below average (consolidating) and Bollinger Bands were 36% wider than normal.

Open High Low Close Volume___
39.250 42.000 39.000 41.250 294,185,888

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

AIRPORTS OF TH is currently in an upward trend. Volatility is extremely low when compared to the average volatility over the last 10 periods. There is a good possibility that there will be an increase in volatility along with sharp price fluctuations in the near future. Our volume indicators reflect volume flowing into and out of AOT.BK at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on AOT.BK and have had this outlook for the last 86 periods.

Airports of Thailand Public Company Limited is a Thailand-based company engaged in airport business and other services related to airport operation. The Company operates two principal business segments, which are airport business and hotel business. The Company manages and develops Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket and Mae Fah Luang Chiang Rai airports. The Company’s operations involve both aeronautical and non-aeronautical activities. The aeronautical activities are associated with air-traffic movements, such as landing, parking, passenger services and aircraft services. The non-aeronautical activities include office and state property rents, services and concession. The Company is also involved in the development of hotels near Suvarnabhumi airport. The Company’s subsidiary includes Suvarnabhumi Airport Hotel Company Limited.

Valuation Ratios

Company industry sector
P/E Ratio (TTM) 29.42 33.43 27.44
P/E High – Last 5 Yrs. 29.12 50.15 47.29
P/E Low – Last 5 Yrs. 16.47 24.11 12.58
Beta 1.17 1.19 0.92
Price to Sales (TTM) 11.38 6.70 72.76
Price to Book (MRQ) 4.66 3.71 2.42
Price to Tangible Book (MRQ) 4.67 4.98 3.46
Price to Cash Flow (TTM) 22.59 18.89 17.46
% Owned Institutions 0.32 1.71

The major shareholders as of 14 December 2016

Name No. of shares %
1. MINISTRY OF FINANCE 1,000,000,000 70.00
2. THAI NVDR COMPANY LIMITED 49,548,504 3.47
3. STATE STREET BANK EUROPE LIMITED 27,325,682 1.91
4. LITTLEDOWN NOMINEES LIMITED 19,053,600 1.33
5. CHASE NOMINEES LIMITED 18,267,347 1.28
6. THE BANK OF NEW YORK MELLON 17,919,700 1.25
7. SOCIAL SECURITY OFFICE 17,275,900 1.21
8. NORBAX, INC. 12,686,607 0.89
9. MR. AIYAWATT SRIVADDHANAPRABHA 11,460,000 0.80
10. MISS VORAMAS SRIVADDHANAPRABHA 9,059,600 0.63

Analyst Recommendations and Revisions

1-5 Linear Scale Current 1 Month
Ago
2 Month
Ago
3 Month
Ago
(1) BUY 3 3 3 5
(2) OUTPERFORM 11 11 11 11
(3) HOLD 5 5 5 3
(4) UNDERPERFORM 5 5 5 3
(5) SELL 0 0 0 0
No Opinion 0 0 0 0
Mean Rating 2.50 2.50 2.50 2.18
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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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