World's Most-Valuable Airport Operator Is Now in Thailand

International tourism powers growth at Bangkok, Phuket hubs
Shanghai International Airport a distant second in Asia

A Thai Airways International Pcl Airbus SAS A380-800 aircraft is reflected in a window at Suvarnabhumi Airport in Bangkok, Thailand, on Saturday, Sept. 29, 2012. Thai Airways received its first Airbus A380 superjumbo, boosting efforts to compete with Singapore Airlines Ltd. and Emirates for lucrative corporate travelers.
Photographer: Brent Lewin/Bloomberg

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By Anuchit Nguyen and Lee Miller

January 4, 2018 at 5:59 AM UTC

This article is for subscribers only.

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.