BTS Group Holdings Public Company Limited (SET: BTS) is progressing with the development of the Utapao Airport and Eastern Aviation City project, valued at approximately THB 290 billion. U-Tapao International Aviation Company Limited (UTA) has submitted a revised plan to the Eastern Economic Corridor Office of Thailand (EEC) in anticipation of receiving a notice of proceedings (NTP) from the government to officially launch the project in December.
The project encompasses various components such as a passenger terminal, with details on the Airport City concept already finalized. Negotiations for additional benefits are underway as part of the next stages of development.
Chula Sukmanop, Secretary General of the EEC, has indicated that the EEC will present the revised contract for approval by the committee, the cabinet, and relevant stakeholders in relation to the 3-airport high-speed rail link project. The issuance of the NTP is forecasted by the end of December 2024, with the project anticipated to be completed and operational by 2029.
In terms of performance, BTS looks set for growth in the 2024/25 period following the divestment of Kerry Express (Thailand) Public Company Limited (SET: KEX) in March, thereby avoiding any impairment losses. This is expected to bolster BTS’ gross profit margin, as well as its diverse business segments including MOVE, MIX, and MATCH.
Market analysts, represented by a consensus of nine brokers, expect BTS to achieve a total revenue of THB 15.97 billion in 2024, with a target price of THB 6.97 per share.
