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High passenger growth at Phuket airport

Phuket was one of the few airports in Asia-Pacific and the Middle East that recorded substantial growth in passenger traffic in April, according to Airports Council International (ACI).

Thailand’s third-busiest airport saw its April passenger volume rise by 21.7% year-on-year.

According to AOT’s airport statistics, Phuket airport showed the strongest growth among airports under AOT management. Phuket handled 1.13m passenger throughput in May16 (+21% YoY), consisting of 51% in international (+17.5% YoY) and 49% of domestic traffic (+24.9% YoY) that indicates growth for 21 consecutive months.

Phuket International AirportPhuket’s passenger traffic contributed 12% of AOT’s passenger traffic.

Utilisation rate for Phuket airport was 208% in May16 (vs 172% in May15).

As the airport faced congestion, the new passenger terminal at the Phuket airport is expected to be completed with full-scale operation in Sep16. Passenger traffic at Phuket airport is expected to grow further in Jun16 at 6% YoY.

“We think this should support AOT’s revenue and earnings growth in 3QFY16 (Apr-Jun16). We have a BUY on AOT with DCF-based TP of THB430”, writes Maybank Kim Eng in a daily research report.

Airports of Thailand Public Company Limited (AOT) 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.

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