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Airports Of Thailand PLC (TATD) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Airports Of Thailand PLC S$2.63, price S$2.28, upside +15.3%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
  3. Add to watchlist

Industrials · SG

AO Airports Of Thailand PLC logo Some data Sep 27, 2026

Airports Of Thailand PLC

TATD · SG

UndervaluedQuality growthThe stock appears undervalued with acceptable quality.

✓Fair value 2.63 SGD · Undervalued (+15.3%)
✓Quality 65/100
!Mixed Growth (revenue 3y +59.1 %/yr)
✓Highly profitable · 28.3% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (7/10)
✓Wide moat 79/100
!Evidence only medium, so the estimate is less certain
!Weak on valuation: 21 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

2.73 SGD 1.08 SGD Fair Value 2.63 SGD May 2023 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

40‑month range 1.08 SGD – 2.73 SGD · fair‑value band 1.70 SGD – 3.41 SGD · the 2.28 SGD price screens below the 2.63 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

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 PLC (TATD) currently trades at 2.28 SGD, while our model-based Fair Value estimate is 2.63 SGD, implying the stock looks roughly 13.3% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 1.84 SGD per share, and 1 of the 24 models we run sit above the 2.28 SGD price.

Bear case: the Economic Profit group reads lowest at 0.4300 SGD, and 23 of the 24 models stay below the price. Evidence for this calculation is medium.

Scenario range: 1.70 SGD (bear) to 3.41 SGD (bull), the price of 2.28 SGD 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 PLC reported revenue of 66.7B THB in FY2025 versus 16.6B THB in FY2022, a compound +59.1%/yr. Reported net income was 18.1B THB in FY2025.

Key figures

Market cap 32.6B SGD (≈ $25.5B) · P/E ratio 45.6 · P/S ratio 12.4 · EPS (TTM) 0.0500 SGD · Net margin 27.2% · Return on equity 14.3% · Return on assets (EBIT) 6.7% · Operating margin 37.3%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 12% below its 52-week high and 47% 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 15%, TATD screens cheaper than that median.

Fair Value models

Bear 1.70 SGD Fair Value 2.63 SGD Bull 3.41 SGD
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.
Highest evidence
FCF DCF 1.02 SGD 1.58 SGD 3.35 SGD 72
Residual Income 0.3400 SGD 0.4300 SGD 0.6500 SGD 72
EPV 0.5600 SGD 0.6400 SGD 0.7100 SGD 71
All 24 models by family
DCF Models
FCF DCF 1.02 SGD 1.58 SGD 3.35 SGD 72
Owner Earnings 0.9900 SGD 2.19 SGD 4.71 SGD 67
5Y Revenue Exit 0.5000 SGD 0.7300 SGD 1.20 SGD 68
5Y EBITDA Exit 1.05 SGD 1.84 SGD 3.40 SGD 69
5Y P/E Exit 0.8900 SGD 1.88 SGD 3.23 SGD 65
10Y Revenue Exit 0.6500 SGD 1.14 SGD 1.39 SGD 64
10Y EBITDA Exit 1.06 SGD 2.32 SGD 4.54 SGD 61
10Y P/E Exit 0.9400 SGD 1.98 SGD 3.68 SGD 58
Earnings-Based
Graham-Dodd 0.3300 SGD 2.28 SGD 3.20 SGD 60
Lynch FV 0.8600 SGD 1.23 SGD 1.60 SGD 58
PEG = 1.0 0.8600 SGD 1.23 SGD 1.60 SGD 55
EPV 0.5600 SGD 0.6400 SGD 0.7100 SGD 71
Multiples
P/E Multiple 0.7600 SGD 1.01 SGD 1.26 SGD 63
P/S Multiple 0.2600 SGD 0.3500 SGD 0.4400 SGD 58
P/B Multiple 0.6100 SGD 0.8200 SGD 1.02 SGD 55
EV/EBIT 0.9100 SGD 1.19 SGD 1.48 SGD 66
EV/EBITDA 1.02 SGD 1.34 SGD 1.66 SGD 67
EV/Revenue 0.2700 SGD 0.3700 SGD 0.4600 SGD 54
Asset-Based
NCAV (Graham) 0.1700 SGD 0.2300 SGD 0.3500 SGD 53
Growth DCF
Growth DCF 0.9600 SGD 1.75 SGD 3.34 SGD 71
Rev-Margin DCF 0.5000 SGD 0.8300 SGD 1.44 SGD 67
Economic Profit
Residual Income 0.3400 SGD 0.4300 SGD 0.6500 SGD 72
ROIC Compounder 0.7100 SGD 1.07 SGD 1.30 SGD 69
Growth Earnings
Growth-Adj P/E 1.10 SGD 1.57 SGD 2.04 SGD 65

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Quality Score breakdown

Overall quality 65/100

Of which business quality 62 · Market factors (momentum, volatility) 70

Profitability 52
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 64
Balance sheet, leverage, solvency risk
Investment 55
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 62
Price trend over the last 3–12 months (market factor)
52W Momentum 75
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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%
What shareholders gained per year (last 3 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 3 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.
+27.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+27.3%
Dividend (yield on the price)0.0%
Profit margin 2022 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.−67% → 38%

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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 8/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 65 · Above median
Fair Value upside −9.3% · Below median
Profitability
Return on equity (TTM) 14.3% · Above median
Return on assets 7.5% · Above median
Net margin (TTM) 28.3% · Top 25%
Operating margin (TTM) 37.3% · Top 25%
Growth and dividend
Revenue growth −2.8% · Bottom 25%
Dividend yield (TTM) 33.9% · Top 25%
Balance sheet
Debt / equity 0.00× · Lowest 25%

Valuation Multiplesvs Airports & Air Services median · lower = cheaper

P/E (TTM) 45.6× · Priciest 25%
PEG 0.88× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)21 · sector 48
FUTURE (revenue growth)0 · sector 26
PAST (return on equity)57 · sector 48
HEALTH (low debt)100 · sector 86
DIVIDEND (yield)0 · sector 62

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Airports & Air Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Aena S.M.E., S.A AENA €25.60 €28.16 +10%
GMR Airports Limited GMRINFRA ₹97.57 ₹22.29 −77%
Shanghai International Airport Co 600009 ¥22.46 ¥24.71 +10%
Auckland International Airport Limited AIA A$6.87 A$3.33 −52%
Flughafen Zürich AG FHZN CHF 196.40 CHF 127.42 −35%
Københavns Lufthavne A/S KBHL kr 5,520 kr 1,891 −66%
Fraport AG FRA €62.00 €35.02 −44%
Flughafen Wien Aktiengesellschaft, FLU €53.40 €58.74 +10%
SATS Ltd S58 3.83 SGD 5.30 SGD +38%
Corporación América Airports S.A CAAP $26.00 $31.84 +22%

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Airports Of Thailand PLC · Fair Value
2.63 SGD +13%Fair Value
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Cite: Fair Value Calculator (2026). "Airports Of Thailand PLC Fair Value". https://www.fairvalue-calculator.com/stock/TATD

Frequently asked questions

Is Airports Of Thailand PLC (TATD) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of 2.63 SGD versus a price of 2.28 SGD, about +15% upside (undervalued).
What is the fair value of TATD?
Our model-based fair value for Airports Of Thailand PLC is 2.63 SGD (as of Sep 27, 2026), built from audited fundamentals. The current price: 2.28 SGD.
What is the quality score of TATD?
Airports Of Thailand PLC 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 PLC (TATD)?
Our model-based price target is the fair value of 2.63 SGD (as of Sep 27, 2026) from 24 valuation models. Cautious scenario 1.70 SGD, optimistic scenario 3.41 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Airports Of Thailand PLC stock forecast for 2026?
Our models put fair value at 2.63 SGD, about +15% upside versus a price of 2.28 SGD (undervalued). Cautious scenario 1.70 SGD, optimistic scenario 3.41 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of Airports Of Thailand PLC (TATD)?
Airports Of Thailand PLC reported trailing-twelve-month revenue of about 66.0B SGD (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Airports Of Thailand PLC (TATD)?
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 PLC it is 2.63 SGD per share (as of Sep 27, 2026), against a price of 2.28 SGD. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Airports Of Thailand PLC stock overvalued or undervalued in 2026?
As of Sep 27, 2026, TATD trades below its calculated fair value: price 2.28 SGD, fair value 2.63 SGD, a gap of about +15% (undervalued). 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 TATD?
No. The price is what the market pays today (2.28 SGD); the fair value is what the company's own numbers justify (2.63 SGD). For Airports Of Thailand PLC the two are 0.3490 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Airports Of Thailand PLC worth?
The market values Airports Of Thailand PLC at about 32.6B SGD (market capitalisation, as of Sep 27, 2026). Per share that is 2.28 SGD; our models calculate a fair value of 2.63 SGD per share.
What do the bullish and bearish scenarios say about TATD?
Our models span a range for Airports Of Thailand PLC: cautious scenario 1.70 SGD, base 2.63 SGD, optimistic 3.41 SGD per share (as of Sep 27, 2026, price 2.28 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TATD?
Airports Of Thailand PLC trades at a price-to-earnings ratio of 45.6 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2.63 SGD is built from several models across several years. Other multiples: PEG 0.9.
What is the PEG ratio of TATD?
The PEG ratio of Airports Of Thailand PLC is 0.88 (P/E divided by earnings growth, as of Sep 27, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Airports Of Thailand PLC (TATD)?
Balance-sheet figures for Airports Of Thailand PLC (as of Sep 27, 2026): return on equity 14.3%, 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 TATD from its 52-week high?
Airports Of Thailand PLC trades at 2.28 SGD, about 12% below its 52-week high of 2.58 SGD and 47% above the low of 1.55 SGD (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 2.63 SGD is for.
Which stocks are comparable to Airports Of Thailand PLC?
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 PLC stock attractive at the current price?
The data as of Sep 27, 2026: price 2.28 SGD, calculated fair value 2.63 SGD (+15%), Quality Score 65/100, from 24 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 TATD calculated?
We run Airports Of Thailand PLC through 24 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 2.63 SGD, 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 PLC currently trades 13 % below its own fair value, and the market average says nothing about that. 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 PLC (TATD)?
The closing price on Oct 2, 2026 was 2.28 SGD. Our model-based fair value is 2.63 SGD, about +15% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Airports Of Thailand PLC right now?
A fairly wide model range (1.70 SGD to 3.41 SGD) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.

Key figures of Airports Of Thailand PLC

How large is the market capitalisation of Airports Of Thailand PLC (TATD)?
The market capitalisation of Airports Of Thailand PLC is 32.6B SGD (≈ $25.5B). 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 PLC (TATD)?
The price-to-sales ratio of Airports Of Thailand PLC 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 PLC (TATD)?
Earnings per share at Airports Of Thailand PLC are 0.0500 SGD (price ÷ EPS = P/E 45.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Airports Of Thailand PLC (TATD)?
The net margin of Airports Of Thailand PLC 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 PLC (TATD)?
The return on equity (ROE) of Airports Of Thailand PLC is 14.3% (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 PLC (TATD)?
On an EBIT basis the return on assets of Airports Of Thailand PLC is 6.7% (avg 4y). 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 PLC (TATD)?
The operating margin of Airports Of Thailand PLC is 37.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Airports Of Thailand PLC (TATD)?
Revenue at Airports Of Thailand PLC is growing −2.8% 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 PLC (TATD)?
Earnings per share at Airports Of Thailand PLC are growing +14.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Airports Of Thailand PLC (TATD) generate?
The free cash flow of Airports Of Thailand PLC is 19.8B SGD (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Airports Of Thailand PLC (TATD) carry?
The net debt of Airports Of Thailand PLC is 2.1B SGD (fiscal year 2022, ≈ 0.1 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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