"After violence took place in April 2009 despite the emergency decree, air traffic remained low for six months. We believe the pattern will be the same this year," Bualuang Securities said yesterday.
Last week, Airports of Thailand reported passengers were up 3 per cent year on year last month, to 4.59 million, but down 16 per cent month to month.
Domestic travellers showed a 2 percent yearonyear increase but a 14percent monthonmonth decrease.
April flights climbed 8 per cent year on year but dropped 4 per cent month on month to 33,016.
In advising investors to sell AOT shares, the securities house believes the company will perform worse than the overall stock market.