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