Next year, it is going to be hard to pick stocks because most of the Thai stocks seem to be running way ahead of themselves. An example is Airports of Thailand PLC [SET: AOT], operating 6 major airports in Thailand. AOT is already up 86.12% year-to-date and the year is not even over yet. In the past three weeks, the stock has been moving up with a parabolic trajectory, meaning people are chasing after AOT’s performance.

The stock isn’t cheap, having a P/E ratio (TTM) of 34.46. If one looks at the high price to cash flow ratio of 14.4 and ignores the P/E ratio, AOT could be grouped along with other value stocks, I guess.

AOT is one of the 32 stocks listed in MSCI Thailand index, with a 3.89% weighting. Foreign institutional investors are required to hold AOT shares if their funds are MSCI designated. SCB Securities said the stock could go to THB 330/share. Why not, if you don’t let the fundamentals bother you.

Here are some fundamentals to be considered. AOT reported FY 2014 (October 2013 - September 2014) net profits of THB 12.26 billion, compared to FY 2013 net profit of THB 16.36 billion or down 25.03% from a year ago. FY 2014 total revenues was THB 39.77 billion, compared to FY 2014 total revenues of THB 41.67 billion, down 4.67% from a year ago. It looks like the growth has been grinding down to a halt, at best.

Thailand’s Ministry of Tourism and Sports is projecting 25.5 million foreign visitors by year-end, well below the forecast of 28 million foreign visitors. The number of Chinese visitors jumped some 67%, due to the waiving of a visa fee, which ended in November.

The Thai Cabinet just approved the campaign, “Amazing Thailand: 2015 Discover Thainess,” with the objective of increasing Thailand’s tourism. There is no guarantee this will work in the slow global growth economy. If it works, the AOT stock momentum should continue.

DISCLOSURE: No position in AOT