Reports have emerged that Asia Aviation Public Company Limited, or AAV, is in talks with a well-known Thai marketing tycoon to take a stake in AAV alongside its major Malaysian shareholder. Sources in the capital markets say that if an agreement is reached, it would sharpen AAV's marketing strategy, because this tycoon has a proven ability to build world-class brands and strong relationships with global artists. Currently, AAV holds 100% of Thai AirAsia Company Limited, or TAA, while AirAsia Aviation Group Limited, or AAAGL, holds approximately 40.71% of AAV. If AAAGL sells part of its stake, the proceeds will not flow directly into AAV, so investors must separate AAV's financial position from that of the Malaysia-based AirAsia group. Dittanop Watthanavekin, a senior analyst at Krungsri Securities Public Company Limited, disclosed that current receivables from related parties at the end of the second quarter of 2026 stood at 14.649 billion baht, mainly ticket receivables from sales through online travel agents, or OTAs, together with the AirAsia Group, accounting for roughly 50% of total ticket sales. The credit term is about 30 days, with ticket receivables totaling 13.907 billion baht, of which approximately 7.322 billion baht is more than two months overdue. The estimated impact on share value is about 0.59 baht per share. Meanwhile, AAV is in the process of adjusting its OTA ticketing system so that ticket sale proceeds are transferred directly to AAV, with clarity expected from the end of 2026 onward. Aircraft maintenance receivables stand at 743 million baht. Analysts at Finansia Syrus Securities Public Company Limited assess that AAV's liquidity risk remains limited, with its net interest-bearing debt-to-equity ratio excluding lease liabilities at 1.06 times in the second quarter of 2026, below the bond covenant limit of no more than 3 times. AAV plans to sell about two aircraft and lease them back, expecting to raise roughly 2 billion baht in cash, and is preparing to issue a new bond worth 1.5 billion baht to replace existing bonds that are maturing. Therefore, there is no need for a capital increase under normal conditions. As for earnings, the third quarter of 2026 is expected to remain in loss due to seasonal factors, while the fourth quarter of 2026 should improve on advance bookings entering the high season. However, if jet fuel prices stay high at around 180 to 190 dollars per barrel, AAV may still not return to profit in the fourth quarter, though the loss is expected to narrow from the previous quarter. The brokerage maintains its Buy recommendation with a fair value of 1.36 baht.
Asia Aviation Public Company Limited
Finansia X Public Company Limited
