Airports of Thailand Public Company Limited (APTPF) Stock Analysis
Educational signal · not a buy or sell recommendation · How to read this
DELISTED
What happened to Airports of Thailand Public Company Limited (APTPF) stock?
Airports of Thailand Public Company Limited (APTPF) no longer trades on public markets. The figures below are historical and are not a current quote.
P/E 47.14 means the share price is 47.14 times one year of earnings per share; the S&P 500 usually sits near 20-25. Market cap $24.6B is the value of all shares combined. Beta 0.15: the stock has moved about 85% less than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 18, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Airports of Thailand Public Company Limited (APTPF). Airports of Thailand Public Company Limited (APTPF) manages and operates six international airports in Thailand. Market cap: $24.6B, Sector: Industrials.
Last analyzed: Mar 18, 2026Analyst Coverage for APTPF: APTPF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates APTPF against Industrials peers across nine fundamental dimensions and assigns a neutral fundamental signal based on the underlying data.
These figures come from statements filed 12 months ago — the most recent this company has published.
APTPF: 1/2 scored disciplines lean bullish. Dominant signal: Ray Dalio bullish.
How is this calculated? →AI simulations built from the named investors' published principles. Not affiliated with, endorsed by, or the opinion of these individuals. How these lenses are built
Airports of Thailand Public Company Limited (APTPF) Industrial Operations Profile
Airports of Thailand (APTPF) is a leading operator of international airports in Thailand, providing comprehensive services including airport management, hotel operations, ground aviation services, and security. With a strong market capitalization and established infrastructure, APTPF plays a critical role in Thailand's tourism and trade sectors.
What Is the Investment Thesis for APTPF?
With a market capitalization of $24.6B and a profit margin of 26.2%, APTPF demonstrates financial stability. The company's beta of 0.15 indicates lower volatility compared to the market. Growth catalysts include the ongoing expansion of airport infrastructure and increasing passenger traffic, driven by tourism and business travel. Key risks include potential economic downturns affecting travel demand and regulatory changes impacting airport operations. The dividend yield of 1.64% offers a steady income stream for investors.
Based on FMP financials and quantitative analysis
APTPF Key Highlights
Market Cap of $24.6B reflects a strong valuation in the airport management sector.
- P/E ratio of 47.14 indicates investor expectations of future earnings growth.
- Profit Margin of 26.2% showcases efficient operations and profitability.
- Gross Margin of 61.1% demonstrates effective cost management in service delivery.
- Dividend Yield of 1.64% provides a steady income stream for investors.
Who Are APTPF's Competitors?
APTPF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| AICAF Air China Limited | $0.52 | 0.00% | $10.7B | — |
| ARRPY Aeroports de Paris S.A. | $13.16 | 0.00% | $13.0B | — |
| BOUYF Bouygues S.A. | $59.34 | 0.00% | $22.9B | — |
| CHEAF China Eastern Airlines Corporation Limited | $0.37 | 0.00% | $10.6B | — |
| CHKIF China Southern Airlines Company Limited | $0.42 | +13.34% | $12.0B | 429-signal |
| ICAGY International Consolidated Airlines Group S.A. | $11.13 | -0.85% | $24.5B | 429-signal |
| RYAAY Ryanair Holdings plc | $53.00 | -2.30% | $27.5B | 785-pillar |
| LUV Southwest Airlines Co. | $38.69 | +0.01% | $18.9B | 745-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance This table mixes two scoring engines — compare a number only with others carrying the same tag.
What Are APTPF's Key Strengths?
Strategic location in a major tourism destination.
- Established infrastructure and operational expertise.
- Strong brand recognition as the primary airport operator in Thailand.
- Diversified revenue streams from airport operations, hotel services, and ground aviation services.
What Are APTPF's Weaknesses?
Vulnerability to economic downturns affecting travel demand.
- Dependence on tourism trends and seasonality.
- Exposure to regulatory changes and political instability.
- Potential for operational disruptions due to security threats or natural disasters.
What Could Drive APTPF Stock Higher?
Expansion of Suvarnabhumi Airport to increase capacity to 90 million passengers per year.
- Implementation of digital technologies to improve passenger experience and streamline operations.
- Potential for increased tourism due to easing of travel restrictions in the region.
- Development of airport cities around major airports to generate additional revenue streams.
What Are the Key Risks for APTPF?
Rich valuation — a P/E of 47.14 runs well above the Industrials sector’s ~28.00x, leaving little room for a miss.
- Economic downturns affecting travel demand and airport revenue.
- Regulatory changes impacting airport operations and fees.
- Security threats or terrorist attacks disrupting airport operations.
- Increasing competition from other airport operators in the region.
- Fluctuations in fuel prices affecting airline profitability and travel demand.
What Are the Growth Opportunities for APTPF?
- Expansion of Airport Infrastructure: APTPF can capitalize on the increasing demand for air travel by expanding the capacity of its existing airports. This includes adding new terminals, runways, and parking facilities to accommodate more passengers and flights. The expansion of Suvarnabhumi Airport, for example, is expected to increase its capacity to 90 million passengers per year, creating significant revenue opportunities. Timeline: Ongoing.
- Development of Airport Cities: APTPF has the opportunity to develop airport cities around its major airports, creating commercial and residential zones that cater to travelers and local residents. These airport cities can include hotels, shopping malls, office buildings, and entertainment facilities, generating additional revenue streams for APTPF. Market Size: Significant revenue potential from real estate development and commercial activities. Timeline: Medium-term.
- Enhancement of Ground Aviation Services: APTPF can improve its ground aviation services, such as baggage handling, aircraft maintenance, and cargo operations, to attract more airlines and increase its service fees. By investing in advanced technologies and equipment, APTPF can enhance the efficiency and reliability of its services, giving it a competitive edge. Market Size: Growing demand for efficient ground handling services. Timeline: Ongoing.
- Digital Transformation: APTPF can leverage digital technologies to improve the passenger experience, streamline operations, and generate new revenue streams. This includes implementing mobile apps for check-in and boarding, providing free Wi-Fi throughout the airports, and using data analytics to optimize airport operations. Market Size: Increasing adoption of digital technologies in the aviation industry. Timeline: Ongoing.
- Strategic Partnerships: APTPF can form strategic partnerships with airlines, tourism operators, and other businesses to expand its reach and offer more comprehensive services to travelers. These partnerships can include joint marketing campaigns, bundled travel packages, and co-branded products. Market Size: Increased market penetration through collaborative efforts. Timeline: Ongoing.
What Are APTPF's Competitive Advantages?
- Strategic Location: Operates key international airports in Thailand, providing essential infrastructure for tourism and trade.
- High Barriers to Entry: Significant capital investment and regulatory approvals required to establish new international airports.
- Established Infrastructure: Well-developed airport facilities and operational expertise.
- Strong Brand Recognition: Recognized as the primary operator of international airports in Thailand.
What Does APTPF Do?
Airports of Thailand Public Company Limited (APTPF) was established in 1903 and is headquartered in Bangkok, Thailand. The company plays a pivotal role in managing and operating Thailand's international airports. APTPF oversees six major international airports: Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket, and Mae Fah Luang Chiang Rai. These airports are vital gateways for tourism and trade, contributing significantly to the Thai economy. APTPF operates through several key segments, including Airport Management Business, which focuses on the core operations of the airports; Hotel Business, providing accommodation and hospitality services; Ground Aviation Services, offering essential support for aircraft operations; Security Business, ensuring safety and protection within the airports; and Project on Perishable Goods Business, facilitating the efficient handling of time-sensitive cargo. The company's diverse operations also extend to hotel and restaurant services, rental of ground equipment, and comprehensive security solutions, making it a multifaceted player in the aviation and tourism sectors.
What Products and Services Does APTPF Offer?
- Manages and operates six international airports in Thailand.
- Provides airport management services, including air traffic control and ground handling.
- Offers hotel and restaurant services within airport premises.
- Provides ground aviation services, such as aircraft maintenance and baggage handling.
- Ensures airport security through comprehensive security services.
- Handles perishable goods through specialized cargo operations.
How Does APTPF Make Money?
- Generates revenue from airport usage fees charged to airlines.
- Earns income from concession fees paid by retailers and service providers operating within the airports.
- Receives revenue from hotel and restaurant operations.
- Derives income from ground aviation services, such as aircraft maintenance and baggage handling.
What Industry Does APTPF Operate In?
Airports of Thailand (APTPF) operates within the global airlines, airports, and air services industry, which is influenced by factors such as tourism trends, economic growth, and regulatory policies. The industry is characterized by high capital expenditure and long-term infrastructure development. APTPF's competitive landscape includes other airport operators and aviation service providers. The company benefits from Thailand's growing tourism sector, but faces challenges from increasing competition and potential economic fluctuations affecting travel demand. The industry is also subject to stringent safety and security regulations, impacting operational costs.
Who Are APTPF's Key Customers?
- Airlines operating international flights to and from Thailand.
- Passengers traveling through the six international airports.
- Retailers and service providers operating within the airports.
- Cargo operators handling perishable goods.
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price 5 days old
- ● Latest filing 164 days ago
- ● No analyst coverage
- ● Reported in THB, converted to USD
MoonshotScore History
Recorded daily since 2026-08-23 · 4 snapshots
| 2026-08-23 | 49 |
| 2026-08-24 | 49 |
| 2026-08-25 | 49 |
| 2026-08-26 | 49 |
What changed?
The score has stayed at 49.
Over the same 3 days the stock moved +0.0%.
Airports of Thailand Public Company Limited (APTPF) Valuation Context
Valued at $24.6B, APTPF is classified as a large-cap stock.
APTPF Revenue & Earnings Trend
In Q2 FY2026, APTPF generated $559.6M in top-line revenue, marking a sequential increase of 9.5%. The company recorded net income of $173.5M, with diluted EPS of $0.01. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this large-cap Industrials company. Across the four most recent quarters, APTPF averaged $0.01 in diluted EPS.
Company Profile
Airports of Thailand Public Company Limited operates in the Airlines, Airports & Air Services industry within the Industrials sector. It is headquartered in Bangkok, TH. The company is led by CEO Paweena Jariyathitipong. APTPF has traded publicly since 2006.
Key Financial Metrics
Return on equity for Airports of Thailand Public Company Limited stands at 13.8%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 9.0%, showing how much profit it generates from its asset base. APTPF trades at a trailing price-to-earnings ratio of 47.14, above the Industrials sector average of ~28.00x. Its free cash flow yield is 3.4%, a gauge of the cash the business throws off relative to its market value. A current ratio of 1.60 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 2.3%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
Airports of Thailand Public Company Limited's Piotroski F-Score is 8/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 8.46 places it in the safe zone, indicating low near-term bankruptcy risk.
APTPF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Strategic location in a major tourism destination.
- Established infrastructure and operational expertise.
- Strong brand recognition as the primary airport operator in Thailand.
- Diversified revenue streams from airport operations, hotel services, and ground aviation services.
Bear Case
- Vulnerability to economic downturns affecting travel demand.
- Dependence on tourism trends and seasonality.
- Exposure to regulatory changes and political instability.
- Potential for operational disruptions due to security threats or natural disasters.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 FY2026 | $560M | $173M | $0.01 |
| Q1 FY2026 | $511M | $141M | $0.01 |
| Q4 FY2025 | $478M | $117M | $0.01 |
| Q3 FY2025 | $465M | $117M | $0.01 |
Q2 FY2026 · filed 31 Mar 2026 · Financial Modeling Prep
Based on FMP financials and quantitative analysis · Converted to USD from THB at today's rate
APTPF Latest News
No recent news available for APTPF.
Leadership: Paweena Jariyathitipong
Managing Director
Paweena Jariyathitipong serves as the Managing Director of Airports of Thailand Public Company Limited, overseeing the operations of six international airports and managing a workforce of 4094 employees. Her career spans various leadership roles within the aviation and transportation sectors. She brings extensive experience in strategic planning, operational management, and stakeholder engagement. Her educational background includes advanced degrees in business administration and aviation management.
Track Record: Under Paweena Jariyathitipong's leadership, Airports of Thailand has focused on enhancing airport infrastructure and improving passenger experience. Key achievements include the expansion of Suvarnabhumi Airport and the implementation of digital technologies to streamline operations. She has also emphasized sustainable practices and community engagement, contributing to the company's long-term growth and reputation.
APTPF OTC Market Information
The OTC Other tier represents the lowest tier of over-the-counter (OTC) markets, indicating that Airports of Thailand Public Company Limited (APTPF) may have limited regulatory oversight and reporting requirements compared to companies listed on major exchanges like the NYSE or NASDAQ. Companies in this tier often have minimal financial disclosure, making it difficult for investors to assess their financial health and operational performance. This tier is distinct from higher OTC tiers like OTCQX and OTCQB, which require more stringent reporting standards and greater transparency. Investing in OTC Other stocks carries higher risks due to the lack of comprehensive information and regulatory scrutiny.
- OTC Tier: OTC Other
- Limited Financial Disclosure: Lack of comprehensive and regular financial reporting increases investment risk.
- Low Liquidity: Limited trading volume can lead to wider bid-ask spreads and increased price volatility.
- Regulatory Uncertainty: OTC markets have less regulatory oversight compared to major exchanges.
- Information Asymmetry: Difficulty in obtaining reliable information about the company's operations and financial condition.
- Potential for Fraud: Higher risk of fraudulent activities due to limited scrutiny and oversight.
- Verify the company's registration and legal status.
- Review available financial statements and assess their reliability.
- Research the company's management team and their track record.
- Assess the company's business model and competitive position.
- Evaluate the company's risk factors and potential liabilities.
- Monitor trading volume and price volatility.
- Consult with a financial advisor to assess the suitability of the investment.
- Established Operations: Airports of Thailand has a long history of operating international airports.
- Government Ownership: The Thai government holds a significant stake in the company.
- Publicly Traded: The company is listed on the OTC market, providing some level of transparency.
- Operational Infrastructure: APTPF manages critical infrastructure assets, indicating a substantial business operation.
What Investors Ask About Airports of Thailand Public Company Limited (APTPF) — Industrials
What happened to Airports of Thailand Public Company Limited (APTPF) stock?
Airports of Thailand Public Company Limited (APTPF) no longer trades on public markets. The figures below are historical and are not a current quote.
Can I still buy APTPF shares?
No. APTPF stopped trading on public markets, so the shares are not available through a broker. Anything you see quoted for APTPF elsewhere is historical data, not a live market.
Are the figures on this page current?
No. Every number here is the last value recorded before APTPF stopped trading. Nothing on this page updates, and none of it is a current quote.
Why does this page still exist?
Because people still search for what happened to Airports of Thailand Public Company Limited. An archived profile that states the delisting plainly is more useful than a dead link — provided it is labelled as history, which is what this page does.
What does Airports of Thailand Public Company Limited do?
Airports of Thailand Public Company Limited (APTPF) is responsible for managing and operating six international airports in Thailand. These airports include Suvarnabhumi, Don Mueang, Chiang Mai, Hat Yai, Phuket, and Mae Fah Luang Chiang Rai.
What are the main risks for APTPF?
The main risks for Airports of Thailand Public Company Limited (APTPF) include economic downturns that could reduce travel demand and airport revenue. Regulatory changes impacting airport operations and fees also pose a risk.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- OTC market data may have limited reliability.