Airports of Thailand price target raised to THB 68 from THB 65 at HSBC

HSBC raised the firm’s price target on Airports of Thailand to THB 68 from THB 65 and keeps a Hold rating on the shares. The firm notes that the company’s profits accelerated in Q3 but recovery of Chinese tourists could be dragged by several factors. HSBC also trimmed its FY23 traffic forecast but raised EBIT estimates on higher concession revenues and lower depreciation. While pax recovery is a catalyst, upside is capped by rich valuations, the firm adds.