After strong international tourist arrivals in 2017, Airports of Thailand Pcl., surpassed Spain’s Aena SA as the world’s most-valuable airport-services company.
Powered by a 75-percent gain since May 1, the operator of Thailand’s main international airports also passed the 1-trillion-baht, or $31-billion, market-capitalization mark, joining only state-controlled energy company PTT Pcl above that milestone. Shares of Airports of Thailand jumped 9.2 percent in December—rallying for a 10th consecutive month—as government data showed international tourists last November jumped 23 percent.
The stock’s surge was by far the best performer in Bloomberg’s Asia-Pacific Infrastructure Top Peers gauge, with Shanghai International Airport Co. a distant second at 29 percent in the same period. Airports of Thailand gained 4.4 percent in the first two trading sessions of 2018.
Even so, analysts aren’t convinced: Their consensus forecast suggests shares may fall 12 percent over the next 12 months. The stock has 14 buy recommendations, 10 hold and eight sell ratings.