After a strong 2017 in terms of international tourist arrivals, Airports of Thailand Pcl surpassed Spain’s Aena SA as the world’s most valuable airport services company.
Powered by a 75% gain since May 1, the operator of Thailand’s main international airports passed the 1 trillion baht ($31 billion) mark in terms of market value. State-controlled energy company PTT Pcl is the only other Thai organisation to have done so.
Shares of Airports of Thailand were up 9.2% in December -- rallying for a 10th consecutive month -- as government data showed international tourists in November jumped 23%.
The stock’s surge was by far the best performer in the Asia-Pacific region, according to Bloomberg. Shanghai International Airport Co was a distant second at 29% in the same period.
Even so, analysts aren’t convinced, with many forecasting that shares may fall 12% over the next 12 months.
