Despite the low season,
passenger and flight volumes improved substantially in 2Q15
following the lifting of martial law in April. June traffic was
most impressive, with passenger volume surging 11% y-o-y
and flight volume 9%. The positive momentum should
continue into the high tourist season on Samui in 3Q15. We
conservatively expect passenger volume to grow 5% in 2015,
and 7% each in 2016-2017. Note that despite the political
uncertainty, SPF’s passenger numbers expanded at 7% CAGR
over the last decade.