Asia Aviation Public Company Limited provides airline services in Thailand. It operates through two segments, Scheduled Flight Operations and Chartered Flight Operations. The Scheduled Flight Operations segment offers passenger air transportation services to routine destinations for scheduled flights. This segment also sells tickets through its distribution channels, including websites, sale counters, travel agents, etc. The Chartered Flight Operations segment provides passenger air transportation services to non-routine destinations that serve tourist agency companies. It also operates as an academy institution of learning and competency development for aviation tourism and hospitality industries. In addition, the company provides baggage handling and other services. Asia Aviation Public Company Limited was founded in 2004 and is headquartered in Bangkok, Thailand.
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Thai AirAsia increases domestic flights to 135 per day for high season
Thai AirAsia has announced an increase in domestic flight frequency in the fourth quarter to up to 135 flights per day, a rise of more than 50 percent from the third quarter's average of 88 flights per day. The airline is also proceeding with its strategy of serving two airports in Bangkok, with direct flights from Don Mueang to 22 routes and from Suvarnabhumi on 3 routes to Phuket, Krabi, and Chiang Mai, starting from October 1, 2026. CEO Phairat Phornpattananakul said the increase in flights is to accommodate the expected bustling year-end travel season, following earlier reductions due to high fuel prices and decreased travel. Popular routes from Don Mueang include Chiang Mai with 17 flights per day, Phuket with 15, and Hat Yai with 9. Meanwhile, Suvarnabhumi offers 6 flights to Chiang Mai, 5 to Phuket, and 2 to Krabi per day. Additionally, new cross-regional routes from Phuket to Khon Kaen and Udon Thani will begin on October 25, 2026.
SET to Host Thailand Focus 2026 to Attract Fund Flows, Showcasing Plans of 16 Listed Companies under JUMP+
The Stock Exchange of Thailand (SET) is set to host Thailand Focus 2026 from August 26-28, with 78 listed companies participating, representing a combined market capitalization of approximately 15 trillion baht, or about 74% of the total Thai stock market value. For the first time, stock exchanges from five ASEAN countries will also participate, aiming to attract foreign investment. Among the participants, 16 companies are part of the JUMP+ program, which have unveiled their three-year business value enhancement plans through 2028. For instance, BBIK targets a net profit of 700-800 million baht in 2028, an increase of 105-135% from 2025; JMT targets a net profit of 1.8 billion baht, up 75%; and AAV targets EBITDA of 17 billion baht, up 117%. Meanwhile, Krungsri Securities noted that in the three weeks following Thailand Focus, the Thai stock market tends to deliver an average return of 2.44%, with an 80% probability of positive returns. The sectors to watch have shifted to electronic components, banks, industrial estates, and construction, driven by investment in AI and infrastructure.
Kasikorn Securities highlights 4 top stocks for the Thai Travel Thailand Plus scheme
Kasikorn Securities said the Ministry of Tourism is preparing to launch the Thai Travel Thailand Plus scheme in October 2026 with a budget of 1.75 billion baht, covering discounts on accommodation, food, air tickets, spas and tourism services. It is expected to generate at least 5 billion baht in circulation, while the government maintains its target of 33 million foreign tourists this year and expects the fourth quarter of 2026 to recover thanks to major events and new flight routes. The research team views this as positive for tourism, hotel, airline and service stocks such as Central Plaza Hotel, The Erawan Group, Asia Aviation and Bangkok Airways, driven by domestic tourism stimulus and a high-season recovery.
Finansia Syrus says AAV has passed its Q2 trough, expects return to profit in Q4
Finansia Syrus Securities assesses that Asia Aviation's second-quarter 2026 results are likely to mark the bottom of the earnings cycle, and expects the third-quarter 2026 loss to narrow before the company has a chance to return to profit in the fourth quarter of 2026, helped by easing jet fuel prices, recovering margins, and added capacity for the high season. For 2026, the company has lowered its passenger target to about 19 million from 21 million, while the 2027 target is still under review in line with aircraft delivery plans and capacity allocation. AAV continues to prioritise maintaining fares and margins over aggressively gaining market share, so seat capacity in the third quarter of 2026 is expected to fall about 23 percent from a year earlier, before gradually adding some domestic and regional flights in the fourth quarter of 2026 as demand recovers. On fuel costs, Finansia Syrus believes jet fuel prices have already peaked. AAV has hedged about 13 percent of its third-quarter 2026 fuel consumption at an average price of 89 dollars per barrel, and aims to keep its hedging ratio at 10 to 30 percent of fuel use. At the same time, the company is focused on cost control and liquidity management by limiting new hires, delaying non-essential projects, preparing to roll over bonds worth 1.5 billion baht in the fourth quarter of 2026, considering additional sale and leaseback transactions for aircraft to manage cash flow, and planning to return two to four aircraft from the second half of 2026 through the first quarter of 2027 in line with the capacity reduction plan. On travel demand, advance bookings for the fourth quarter of 2026 remain close to last year's level even though ticket prices have risen, suggesting the market is beginning to accept higher fares. Finansia Syrus maintains a buy rating on AAV with a target price of 1.36 baht, based on 10.5 times 2026 EV to EBITDA, arguing that the current share price already reflects much of the near-term losses while the earnings recovery potential in 2027 to 2028 is not yet fully priced in. It also expects 2026 EBITDA to remain positive despite still-high fuel costs.
AAV expects Q3/69 performance to hold steady, eyes Q4 recovery on high season
Asia Aviation Public Company Limited, or AAV, expects third-quarter 2069 results to be flat from the second quarter of 2069 despite entering the low season, with an expected decline in average fuel costs as a key supporting factor. The company also plans to issue new debentures worth 1.5 billion baht in November to replace maturing ones, and intends to return two to four aircraft in the second half of the year, leaving a fleet of about 58 aircraft at the end of 2069. For the fourth quarter of 2069, the company is confident of a recovery driven by the high season, as it will restore capacity so that cuts are reduced to only 10 percent or less, and there is an opportunity to raise average domestic ticket prices to near 2,000 baht. In addition, visa exemption measures for Indian tourists and domestic tourism stimulus programs will help support growth.
AAV reports second quarter 2569 results with net loss of 2.326 billion baht
Asia Aviation Public Company Limited, the major shareholder of Thai AirAsia, announced its second quarter 2569 results, with revenue from sales and services of 10.046 billion baht, up 2 percent from the same period last year, but a net loss of 2.326 billion baht because jet fuel prices surged to a record high of 124 percent, reaching 183 US dollars per barrel. This pushed total fuel expenses up 43 percent to 5.011 billion baht. Although the airline cut seat capacity by 13 percent to 5.14 million seats and raised average fares by 27 percent, it still carried 4.03 million passengers and posted EBITDA of 25 million baht. Core operating loss for the quarter was 2.091 billion baht, while the first-half core operating loss was 440 million baht. On cost control, selling and administrative expenses fell 17 percent and staff costs fell 12 percent, but unit cost excluding fuel rose 13 percent to 1.43 baht. The airline maintained the highest domestic market share at 37 percent and raised 3.815 billion baht through a new bond issue in June 2569. Chief Executive Officer Mr. Phairat Pornpathananangoon said that in the fourth quarter the airline will increase aircraft utilisation to 52 aircraft and resume services at both Don Mueang and Suvarnabhumi airports, and expects to return to profitability during the peak travel season at the end of the year.
Asia Plus Securities says strong baht draws fund flows, scans 17 stocks set to benefit
Asia Plus Securities assesses that the global investment landscape is facing challenges on all fronts, amid a sharper-than-expected slowdown in US employment, which fuels hopes that the Federal Reserve will hold its policy rate at the September meeting. Meanwhile, domestic factors are receiving a significant boost from the rapidly strengthening baht, supported by continued foreign inflows into the Thai bond market, with cumulative net purchases this month exceeding 9.2 billion baht. The baht recently touched 32.98 per US dollar. The research team has identified three main industry groups in Thailand that stand to benefit positively from the strong baht. The first group comprises large-cap stocks that are prime targets for foreign fund flows, including commercial banks such as KBANK, SCB, BBL, and KTB; retail and tourism plays like AOT, CPALL, and CRC; telecoms such as ADVANC and TRUE; and construction materials like SCC. The second group consists of companies with high foreign-currency debt or costs, including power and energy firms such as GULF, BGRIM, GPSC, and PTTEP, and airlines like AAV. The third group covers businesses that rely heavily on imported raw materials, including agriculture and food companies such as TFG and TVO. In addition, the research team recommends portfolio strategies to navigate volatility, highlighting safe-haven stocks combined with gold as a hedge, and names SYNTEC, PTT, and GUNKUL as top picks for the Thai stock market, along with LITE01 and ZIJIN80 for overseas investment.
Cabinet to consider Thai Tour Thai Plus project with 2.45 billion baht budget at end of August
The Ministry of Tourism is preparing to propose to the Cabinet by the end of August 2026 for approval of the Thai Tour Thai Plus project, requesting a budget of 2.45 billion baht from the emergency loan decree. It aims to stimulate the economy during the low season and generate over 56 billion baht in circulation. If approved, the public can start using the benefits from late 2026, including accommodation discounts of up to 3,000 baht, digital coupons, and airfare discounts, alongside measures to attract foreign tourists. Analysts assess that this project will be positive for tourism, hotel, and domestic airline stocks, namely CENTEL, ERW, MINT, AWC, AOT, BA, and AAV.
AAV Expected to Post Heavy Loss in 2Q26 Before Recovery Late in the Year
Dao Securities assesses that AAV will report a net loss of 2.3 billion baht in the second quarter of 2026. Excluding extraordinary items from foreign exchange losses, the normalised operating result would be a loss of 2.1 billion baht, down from the same period last year and the previous quarter. The main reason is a sharp rise in fuel costs, with the average jet fuel price in the second quarter of 2026 surging to 182 US dollars per barrel, compared with 81 US dollars per barrel in the second quarter of 2025 and 85 US dollars per barrel in the first quarter of 2026. Meanwhile, passenger numbers are expected to fall to 4.1 million, down 15 percent year on year and down 33 percent quarter on quarter, due to the impact of the Middle East conflict and higher ticket prices. The research team maintains its full-year 2026 normalised operating loss estimate of 2.7 billion baht and expects the normalised operating loss in the third quarter of 2026 to narrow from the second quarter of 2026 as fuel prices are likely to ease. The fourth quarter of 2026 is expected to continue recovering as it enters the peak tourism season. The recommendation remains Hold with a target price of 1.12 baht.
Government unveils three measures to boost high-season tourism, KS sees positive for tourism stocks
The Minister of Tourism and Sports has assigned policies to the Tourism Authority of Thailand board to drive the tourism industry under the concept of Tourism for All, Tourism for the Future, preparing to move forward with three key projects during the high season. These are the Thai Travels Thailand Plus, or Co-pay, project to stimulate domestic travel; the Fly Thai All the Feelings project, partnering with six domestic airlines to offer ticket discounts to Thai citizens for 400,000 seats; and the Thailand Air Connect project, collaborating with airlines and partners to increase frequency and seat capacity on both charter and commercial flights. In addition, the government aims to elevate Thailand into a valuable and sustainable destination, promoting travel to secondary cities and 55 target communities, and pushing for the country to become a global event hub by hosting the Tomorrowland Thailand music festival from 11 to 13 December 2026 in Chonburi province, which is expected to attract no fewer than 150,000 attendees and generate total economic value of up to 6.132 billion baht. Kasikorn Securities, or KS, assesses that these measures are a positive factor for tourism-related stocks, including AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, as well as retail operators in tourist cities, viewing that travel and spending have an opportunity to recover in the second half of the year.
AAV expected to post heavy loss in Q2 2026 on jet fuel price surge
KGI Securities expects AAV to report a normalised loss of 2.05 billion baht in the second quarter of 2026, hit by the US-Iran conflict that drove jet fuel prices to an abnormally high 240 dollars per barrel. This has led the company to cut flights on some routes, with passenger numbers forecast at around 4.1 million, down 16 percent year-on-year and down 34.3 percent quarter-on-quarter. The load factor is expected to fall to 79 percent, while the average ticket price is seen at 2,050 baht per ticket, up 22.3 percent year-on-year. In addition, the company is expected to book a foreign exchange loss of about 405 million baht, resulting in a net loss of 2.45 billion baht, reversing from a net profit of 214 million baht in the second quarter of 2025 and a net profit of 841 million baht in the first quarter of 2026. The research team maintains its full-year 2026 net loss forecast at 3.72 billion baht and expects a swing to a net profit of 656 million baht in 2027, while keeping a hold rating and a year-end 2027 target price of 1.10 baht.
AirAsia and Bangkok Bank Upgrade Co-Brand Credit Card to Loyalty Ecosystem, Encouraging Repeat Travel
Bangkok Bank and Thai AirAsia are continuing their partnership into its 12th year, upgrading the AirAsia Platinum Mastercard Bangkok Bank credit card. The card links travel benefits with everyday spending to create a Loyalty Ecosystem and encourage customers to travel repeatedly. A new card design made from recycled rPVC plastic has also been unveiled. Cardholders will receive VIP privileges from check-in to baggage claim, along with cashback promotions and AirAsia points earned from general spending. These points can be redeemed for flights or other benefits through the AirAsia Rewards partner network. Cardholders also automatically receive Platinum membership status, granting access to upcoming premium benefits such as fixed-rate flight redemptions and a Companion Pass. The new card will be available for application or conversion from existing cards starting August 1, 2026.
Listed company profits in Q2 2026 at 276 billion baht, down 10.5% year-on-year
CGS International Securities Thailand forecasts that net profits of Thai listed companies in the second quarter of 2026, covering 127 firms or 86.7 percent of market capitalization, will total 276 billion baht, a decline of 10.5 percent from the same period last year and down 5.3 percent from the previous quarter. The main drag came from the energy sector due to weaker refining margins, and the transport sector which was hit by the low season for airlines. Meanwhile, petrochemicals, electronics, ICT, and tourism were key supports for the market. Energy sector profits are expected to fall 26.6 percent year-on-year and 11.3 percent quarter-on-quarter. Transport sector profits are seen dropping 72.1 percent year-on-year and 74.5 percent quarter-on-quarter, weighed by weaker results at AAV and THAI. Petrochemical profits are forecast to surge 326.4 percent from a low base last year, led by IVL and PTTGC. Electronics profits are expected to grow 89 percent, and ICT profits to rise 26 percent, helped by easing competition and improved ARPU at ADVANC and TRUE. Tourism benefited from the European travel season for MINT. Stocks expected to show outstanding profit growth both year-on-year and quarter-on-quarter include IVL, PSL, and BGRIM. Stocks with accelerating profit momentum from the previous quarter include MINT, SC, and 3BBIF. The stocks forecast to grow the most year-on-year are BGRIM, up 7,305.8 percent, IVL up 982.9 percent, PSL up 771.9 percent, SPRC up 666.8 percent, and AMATA up 599.1 percent, mostly driven by low profit bases last year and industry recovery. In terms of quarter-on-quarter momentum, the stocks expected to see the biggest profit increases are MINT, up 452 percent, SC up 441.7 percent, IVL up 263.3 percent, PSL up 169 percent, and PTTEP up 121.2 percent, supported by seasonal factors, a recovery in the hotel business, property transfers, and improved sales volumes and margins in energy and petrochemicals. CGSI has also selected top picks under its Quality and Earnings Momentum strategy, focusing on stocks with profit growth both year-on-year and quarter-on-quarter, Outperform recommendations, and low volatility. These include PTTEP, MINT, SC, BAREIT, TVO, IVL, TNP, ZEN, BANPUU, and PR9.
PM's China Visit Boosts Tourism Stocks, Poised for Good News on Tourist Recovery
Prime Minister Anutin's visit to China is bolstering investment and tourism confidence. The Tourism Authority of Thailand is partnering with Sichuan Airlines, Meituan, and several Chinese allies to increase flights, enhance safety, and market to quality tourists. The target for Chinese tourists in 2026 has been adjusted to 5.13 million, generating revenue of approximately 288 billion baht. Research views this as positive for tourism and aviation stocks such as AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, given the continued recovery in flights and Chinese tourist arrivals.
Thai Bank Stocks Face Heavy Sell-Off as Profit Growth Stalls, Dragging Index Down
The Thai stock market faced heavy selling pressure on banking stocks after second-quarter earnings came in below expectations. The index closed at 1,639.34 points, down 13.63 points, with trading value of 117 billion baht. Kasikornbank reported improved profit compared to a year earlier, but loan growth slowed and net interest margin narrowed. Siam Commercial Bank continued to set aside high provisions to manage retail customer risk amid a slowing domestic economy. Bangkok Bank's first-half profit for 2026 fell 16.2 percent to 20.4 billion baht, with the second quarter down nearly 20 percent. Krung Thai Bank was pressured by delayed government budget disbursements and fee income that fell short of expectations. Krungthai Card, despite solid performance, was sold off on concerns about the third-quarter economy. Asia Aviation faced higher operating costs from aircraft leases and volatile oil prices. Meanwhile, palm oil stocks may see mixed results, as downstream selling prices did not rise as much as hoped while fresh palm fruit purchase costs remain high.
Seven tourism stocks poised for second-half recovery as foreign arrivals reach 17.36 million
Kasikorn Securities notes that the Ministry of Tourism and Sports reported that from January 1 to July 18, 2026, Thailand welcomed a cumulative 17.36 million foreign tourists, generating revenue of 839 billion baht. Although this is still down 3.05 percent compared to the same period last year, the top five source markets were China, Malaysia, India, Russia, and South Korea. Meanwhile, in the latest week, tourist numbers rose 4.04 percent from the previous week, supported by school holidays, increased flights, and a recovery in the Taiwan market. The research team views this as positive for tourism and airport stocks such as Airports of Thailand, Asia Aviation, Bangkok Airways, Central Plaza Hotel, Erawan Group, Minor International, and Asset World Corporation, given the gradual recovery in tourist numbers expected in the second half of the year, even though cumulative arrivals remain slightly below last year's level.