Airports Of Thailand PCL
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 aviation services, security business, and project management of perishable goods. It operates six international airports, including Suvarnabhumi Airport, Don Mueang International Airport, Chiang Mai Internationa… Read more
Airports Of Thailand PCL (AOT) - Net Assets
Latest net assets as of December 2025: ฿137.57 Billion THB
Based on the latest financial reports, Airports Of Thailand PCL (AOT) has net assets worth ฿137.57 Billion THB as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (฿206.92 Billion) and total liabilities (฿69.35 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ฿137.57 Billion |
| % of Total Assets | 66.48% |
| Annual Growth Rate | 3.98% |
| 5-Year Change | 17.12% |
| 10-Year Change | 9.26% |
| Growth Volatility | 9.0 |
Airports Of Thailand PCL - Net Assets Trend (2004–2025)
This chart illustrates how Airports Of Thailand PCL's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Airports Of Thailand PCL (2004–2025)
The table below shows the annual net assets of Airports Of Thailand PCL from 2004 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-09-30 | ฿132.84 Billion | +5.10% |
| 2024-09-30 | ฿126.40 Billion | +12.68% |
| 2023-09-30 | ฿112.18 Billion | +9.42% |
| 2022-09-30 | ฿102.52 Billion | -9.61% |
| 2021-09-30 | ฿113.42 Billion | -20.70% |
| 2020-09-30 | ฿143.03 Billion | -7.45% |
| 2019-09-30 | ฿154.54 Billion | +7.12% |
| 2018-09-30 | ฿144.27 Billion | +9.55% |
| 2017-09-30 | ฿131.69 Billion | +8.32% |
| 2016-09-30 | ฿121.58 Billion | +11.73% |
| 2015-09-30 | ฿108.81 Billion | +11.89% |
| 2014-09-30 | ฿97.25 Billion | +6.00% |
| 2013-09-30 | ฿91.74 Billion | +17.93% |
| 2012-09-30 | ฿77.79 Billion | +8.72% |
| 2011-09-30 | ฿71.55 Billion | -3.42% |
| 2010-09-30 | ฿74.09 Billion | +1.13% |
| 2009-09-30 | ฿73.26 Billion | -4.00% |
| 2008-09-30 | ฿76.31 Billion | +9.50% |
| 2007-09-30 | ฿69.69 Billion | -1.94% |
| 2006-09-30 | ฿71.07 Billion | +10.22% |
| 2005-09-30 | ฿64.48 Billion | +10.27% |
| 2004-09-30 | ฿58.48 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Airports Of Thailand PCL's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 230.5% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (September 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ฿102.29 Billion | 78.15% |
| Other Components | ฿28.60 Billion | 21.85% |
| Total Equity | ฿130.90 Billion | 100.00% |
Airports Of Thailand PCL Competitors by Market Cap
The table below lists competitors of Airports Of Thailand PCL ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Compagnie Générale des Établissements Michelin Société en commandite par actions
PINK:MGDDF
|
$5.84 Billion |
|
PharmaEssentia
TW:6446
|
$5.84 Billion |
|
Spirax-Sarco Engineering plc
PINK:SPXSF
|
$5.84 Billion |
|
Sinomine Resource Exploration Co Ltd
SHE:002738
|
$5.85 Billion |
|
Paramount Skydance Corporation Class B Common Stock
NASDAQ:PSKY
|
$5.84 Billion |
|
Turkish Airlines
IS:THYAO
|
$5.84 Billion |
|
TXNM Energy, Inc.
NYSE:TXNM
|
$5.83 Billion |
|
Southwest Gas Holdings Inc
NYSE:SWX
|
$5.83 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Airports Of Thailand PCL's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 124,233,010,203 to 130,898,230,704, a change of 6,665,220,501 (5.4%).
- Net income of 18,125,205,627 contributed positively to equity growth.
- Dividend payments of 11,958,811,404 reduced retained earnings.
- Other comprehensive income decreased equity by 1,428,570,000.
- Other factors increased equity by 1,927,396,278.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ฿18.13 Billion | +13.85% |
| Dividends Paid | ฿11.96 Billion | -9.14% |
| Other Comprehensive Income | ฿-1.43 Billion | -1.09% |
| Other Changes | ฿1.93 Billion | +1.47% |
| Total Change | ฿- | 5.37% |
Book Value vs Market Value Analysis
This analysis compares Airports Of Thailand PCL's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 5.40x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 11.02x to 5.40x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2005-09-30 | ฿4.49 | ฿49.50 | x |
| 2006-09-30 | ฿4.95 | ฿49.50 | x |
| 2007-09-30 | ฿4.84 | ฿49.50 | x |
| 2008-09-30 | ฿5.32 | ฿49.50 | x |
| 2009-09-30 | ฿5.09 | ฿49.50 | x |
| 2010-09-30 | ฿5.19 | ฿49.50 | x |
| 2011-09-30 | ฿5.00 | ฿49.50 | x |
| 2012-09-30 | ฿5.44 | ฿49.50 | x |
| 2013-09-30 | ฿6.41 | ฿49.50 | x |
| 2014-09-30 | ฿6.79 | ฿49.50 | x |
| 2015-09-30 | ฿7.60 | ฿49.50 | x |
| 2016-09-30 | ฿8.49 | ฿49.50 | x |
| 2017-09-30 | ฿9.20 | ฿49.50 | x |
| 2018-09-30 | ฿10.07 | ฿49.50 | x |
| 2019-09-30 | ฿10.77 | ฿49.50 | x |
| 2020-09-30 | ฿9.96 | ฿49.50 | x |
| 2021-09-30 | ฿7.86 | ฿49.50 | x |
| 2022-09-30 | ฿7.09 | ฿49.50 | x |
| 2023-09-30 | ฿7.73 | ฿49.50 | x |
| 2024-09-30 | ฿8.70 | ฿49.50 | x |
| 2025-09-30 | ฿9.16 | ฿49.50 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Airports Of Thailand PCL utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.85%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 27.18%
- • Asset Turnover: 0.32x
- • Equity Multiplier: 1.60x
- Recent ROE (13.85%) is above the historical average (8.57%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 8.17% | 34.13% | 0.13x | 1.86x | ฿-1.07 Billion |
| 2005 | 11.56% | 49.74% | 0.11x | 2.10x | ฿999.33 Million |
| 2006 | 14.67% | 63.82% | 0.11x | 2.13x | ฿3.30 Billion |
| 2007 | 1.58% | 5.61% | 0.14x | 2.07x | ฿-5.84 Billion |
| 2008 | 9.63% | 33.26% | 0.15x | 1.93x | ฿-284.06 Million |
| 2009 | 0.98% | 3.34% | 0.14x | 2.04x | ฿-6.59 Billion |
| 2010 | 1.91% | 5.89% | 0.16x | 1.97x | ฿-5.98 Billion |
| 2011 | 3.54% | 8.83% | 0.19x | 2.06x | ฿-4.61 Billion |
| 2012 | 8.37% | 20.98% | 0.21x | 1.93x | ฿-1.26 Billion |
| 2013 | 17.85% | 44.41% | 0.24x | 1.67x | ฿7.19 Billion |
| 2014 | 12.59% | 32.51% | 0.24x | 1.58x | ฿2.52 Billion |
| 2015 | 17.25% | 42.60% | 0.28x | 1.47x | ฿7.87 Billion |
| 2016 | 16.13% | 38.40% | 0.30x | 1.42x | ฿7.44 Billion |
| 2017 | 15.74% | 37.67% | 0.31x | 1.36x | ฿7.55 Billion |
| 2018 | 17.49% | 41.58% | 0.32x | 1.30x | ฿10.78 Billion |
| 2019 | 16.26% | 39.86% | 0.32x | 1.29x | ฿9.64 Billion |
| 2020 | 3.04% | 13.86% | 0.18x | 1.22x | ฿-9.90 Billion |
| 2021 | -14.57% | -231.06% | 0.04x | 1.74x | ฿-27.61 Billion |
| 2022 | -10.83% | -66.28% | 0.09x | 1.81x | ฿-21.11 Billion |
| 2023 | 7.96% | 18.26% | 0.25x | 1.77x | ฿-2.26 Billion |
| 2024 | 15.44% | 28.58% | 0.33x | 1.66x | ฿6.76 Billion |
| 2025 | 13.85% | 27.18% | 0.32x | 1.60x | ฿5.04 Billion |
Industry Comparison
This section compares Airports Of Thailand PCL's net assets metrics with peer companies in the Airports & Air Services industry.
Industry Context
- Industry: Airports & Air Services
- Average net assets among peers: $1,944,423,764
- Average return on equity (ROE) among peers: 38.89%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Airports Of Thailand PCL (AOT) | ฿137.57 Billion | 8.17% | 0.50x | $5.84 Billion |
| Bangkok Aviation Fuel Services Public Company Limited (BAFS) | $3.82 Billion | 13.81% | 0.93x | $51.69 Million |
| Samart Aviation Solutions Public Company Limited (SAV) | $68.59 Million | 63.97% | 34.50x | $36.91 Million |