Airports of Thailand PCL (AIPUY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Airports of Thailand PCL $16.34, price $17.80, upside -8.2%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range $8.44 – $25.17 · fair‑value band $11.90 – $21.24 · the $17.80 price screens above the $16.34 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Oct 3, 2026.
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Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects.
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Airports of Thailand Public Company Limited, together with its subsidiaries, engages in the airport business in Thailand. The company engages in airport management, hotel business, ground service business, security business, and management of perishable goods projects. It operates six international airports, including Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai International Airport, Hat Yai International Airport, Phuket International Airport and Mae Fah Luang - Chiang Rai International Airport. The company is involved in the hotel and restaurant business; and operation and management of the project on perishable goods at Suvarnabhumi Airport. In addition, it offers ground equipment, security services, and manages projects, as well as ground, warehouse, and cleaning services. Airports of Thailand Public Company Limited was founded in 1979 and is headquartered in Bangkok, Thailand.
Stock analysis
Airports of Thailand PCL ADR (AIPUY) currently trades at $17.80, while our model-based Fair Value estimate is $16.34, so the stock looks roughly fairly valued today (gap 8.9%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $11.24 per share, and 0 of the 26 models we run sit above the $17.80 price.
Bear case: the Asset-Based group reads lowest at $1.83, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $11.90 (bear) to $21.24 (bull), the price of $17.80 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Airports of Thailand PCL ADR reported revenue of 66.7B THB in FY2025 versus 7.1B THB in FY2021, a compound +75.1%/yr. Reported net income was 18.1B THB in FY2025.
Key figures
Market cap $25.4B · P/E ratio 45.6 · P/S ratio 12.4 · EPS (TTM) $0.3900 · Dividend yield 1.5% · Net margin 27.2% · Return on equity 14.4% · Return on assets (EBIT) 3.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 11% below its 52-week high and 62% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 10% fair-value upside, at −8%, AIPUY screens richer than that median.
Fair Value models
Bear $11.90Fair Value $16.34Bull $21.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.94/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−0.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+59.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.4%
Start year 2020 (pandemic). Over 10 years: +4.3% a year
Revenue growth 20 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
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What shareholders gained per year (last 5 years), in THB ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in THB: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+5.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)1.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.3% vs −0.3%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.22% → 39%
Start year 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+18.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in THB, Thailand: IMF forecast 1.2% a year to 2030, 1.1% from 2016 to 2025) that is about +17.0% a year for the price and +9.2% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (7 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
Compare Airports of Thailand PCL ADR with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Airports & Air Services · 51 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−9.3% · Below median
Profitability
Return on equity (TTM)14.4% · Above median
Return on assets7.4% · Above median
Net margin (TTM)27.3% · Top 25%
Operating margin (TTM)41.2% · Top 25%
Growth and dividend
Revenue growth3.0% · Below median
Dividend yield (TTM)1.5% · Below median
Balance sheet
Debt / equity0.00× · Lowest 25%
Valuation Multiplesvs Airports & Air Services median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Airports of Thailand PCL ADR Fair Value". https://www.fairvalue-calculator.com/stock/AIPUY
Frequently asked questions
Is Airports of Thailand PCL (AIPUY) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $16.34 versus a price of $17.80, about −8% upside (fairly valued).
What is the fair value of AIPUY?
Our model-based fair value for Airports of Thailand PCL ADR is $16.34 (as of Oct 3, 2026), built from audited fundamentals. The current price: $17.80.
What is the quality score of AIPUY?
Airports of Thailand PCL ADR has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Airports of Thailand PCL (AIPUY)?
Our model-based price target is the fair value of $16.34 (as of Oct 3, 2026) from 26 valuation models. Cautious scenario $11.90, optimistic scenario $21.24. It is a calculation from audited fundamentals, not an analyst target.
What is the Airports of Thailand PCL ADR stock forecast for 2026?
Our models put fair value at $16.34, about −8% upside versus a price of $17.80 (fairly valued). Cautious scenario $11.90, optimistic scenario $21.24. The calculation is refreshed regularly with new filings.
What is the revenue of Airports of Thailand PCL (AIPUY)?
Airports of Thailand PCL ADR reported trailing-twelve-month revenue of about 66.4B THB (latest available figure, as of Oct 3, 2026).
Does Airports of Thailand PCL ADR pay a dividend?
Airports of Thailand PCL ADR currently shows a dividend yield of about 1.45% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Airports of Thailand PCL (AIPUY)?
For today's price to be fair in a discounted-cash-flow model, Airports of Thailand PCL ADR would have to grow free cash flow by +18.4 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.4 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of AIPUY use?
Our models discount Airports of Thailand PCL ADR at 8.1 %: a base by market capitalisation (large), damped by beta 0.18, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Airports of Thailand PCL ADR that is +18.4 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Airports of Thailand PCL (AIPUY) delivered so far?
Over the past 5 years revenue at Airports of Thailand PCL ADR grew +16.4 % a year. The price currently implies +18.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Airports of Thailand PCL (AIPUY) growing?
The median revenue growth in the sector is +7.0 % a year. That is the yardstick for the growth priced into Airports of Thailand PCL ADR (+18.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Airports of Thailand PCL (AIPUY)?
The free-cash-flow yield on the price is 2.32 %: that much free cash flow Airports of Thailand PCL ADR produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Airports of Thailand PCL (AIPUY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Airports of Thailand PCL ADR it is $16.34 per share (as of Oct 3, 2026), against a price of $17.80. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Airports of Thailand PCL ADR stock overvalued or undervalued in 2026?
As of Oct 3, 2026, AIPUY trades above its calculated fair value: price $17.80, fair value $16.34, a gap of about −8% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AIPUY?
No. The price is what the market pays today ($17.80); the fair value is what the company's own numbers justify ($16.34). For Airports of Thailand PCL ADR the two are $1.46 per share apart. That gap is exactly why we show both numbers side by side.
How much is Airports of Thailand PCL ADR worth?
The market values Airports of Thailand PCL ADR at about $25.4B (market capitalisation, as of Oct 3, 2026). Per share that is $17.80; our models calculate a fair value of $16.34 per share.
What do the bullish and bearish scenarios say about AIPUY?
Our models span a range for Airports of Thailand PCL ADR: cautious scenario $11.90, base $16.34, optimistic $21.24 per share (as of Oct 3, 2026, price $17.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AIPUY?
Airports of Thailand PCL ADR trades at a price-to-earnings ratio of 45.6 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $16.34 is built from several models across several years. Other multiples: PEG 1.3, P/B 6.5, P/S 12.9, EV/EBITDA 27.1.
What is the PEG ratio of AIPUY?
The PEG ratio of Airports of Thailand PCL ADR is 1.28 (P/E divided by earnings growth, as of Oct 3, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Airports of Thailand PCL (AIPUY)?
Balance-sheet figures for Airports of Thailand PCL ADR (as of Oct 3, 2026): return on equity 14.4%, debt of 0.00 per unit of equity. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is AIPUY from its 52-week high?
Airports of Thailand PCL ADR trades at $17.80, about 11% below its 52-week high of $20.00 and 62% above the low of $10.98 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $16.34 is for.
Which stocks are comparable to Airports of Thailand PCL ADR?
From the same area (Industrials) we also value Aena S.M.E., S.A, GMR Airports Limited, Shanghai International Airport Co, Auckland International Airport Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Airports of Thailand PCL ADR stock attractive at the current price?
The data as of Oct 3, 2026: price $17.80, calculated fair value $16.34 (−8%), Quality Score 65/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AIPUY calculated?
We run Airports of Thailand PCL ADR through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $16.34, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Airports of Thailand PCL ADR itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Airports of Thailand PCL (AIPUY)?
The closing price on Oct 2, 2026 was $17.80. Our model-based fair value is $16.34, about −8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airports of Thailand PCL ADR right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The price sits in the upper half of our model range, so the margin of safety is thin. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Airports of Thailand PCL (AIPUY) come from?
Earnings per share at Airports of Thailand PCL ADR grew −1.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.6 %, EBIT margin −3.5 %, tax rate −0.1 %, residual (interest, one-offs) −0.9 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Airports of Thailand PCL ADR
How large is the market capitalisation of Airports of Thailand PCL (AIPUY)?
The market capitalisation of Airports of Thailand PCL ADR is $25.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Airports of Thailand PCL (AIPUY)?
The price-to-sales ratio of Airports of Thailand PCL ADR is 12.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Airports of Thailand PCL (AIPUY)?
Earnings per share at Airports of Thailand PCL ADR are $0.3900 (price ÷ EPS = P/E 45.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Airports of Thailand PCL (AIPUY)?
The dividend yield of Airports of Thailand PCL ADR is 1.5% (payout 66.2%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Airports of Thailand PCL (AIPUY)?
The net margin of Airports of Thailand PCL ADR is 27.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Airports of Thailand PCL (AIPUY)?
The return on equity (ROE) of Airports of Thailand PCL ADR is 14.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Airports of Thailand PCL (AIPUY)?
On an EBIT basis the return on assets of Airports of Thailand PCL ADR is 3.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Airports of Thailand PCL (AIPUY)?
The operating margin of Airports of Thailand PCL ADR is 41.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airports of Thailand PCL (AIPUY)?
Revenue at Airports of Thailand PCL ADR is growing +3.0% versus a year earlier (3y avg +59.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Airports of Thailand PCL (AIPUY)?
Earnings per share at Airports of Thailand PCL ADR are growing +13.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Airports of Thailand PCL (AIPUY) carry?
The net debt of Airports of Thailand PCL ADR is 30.9B THB (fiscal year 2025, ≈ 1.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 3, 2026