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 ($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 in 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 share may fall 12 percent over the next 12 months. The stock has 14 buy recommendations, 10 hold, and eight sell ratings.

 

This article was written by Anuchit Nguyen and Lee Miller from Bloomberg and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.

Tags: thailand
Photo Credit: Thailand passed Spain's Aena S.A. to become the world's most-valuable airport operator. Pictured are travelers at Bangkok's Suvarnabhumi Airport. David McKelvey / Flickr