A prime beneficiary of recovering tourism. SPF derives revenues
from departing passengers and incoming flights at Samui
Airport. With politics getting calmer and martial law lifted in
April, we conservatively expect tourist arrivals to grow 5% in
2015, 7% each in 2016-2018, and 5% thereafter until 2036.
Note that despite the political uncertainty, SPF’s passenger
numbers still expanded at 7% CAGR over the last decade.