Shares of Asia Aviation Public Company Limited, or AAV, closed on September 17, 2026 down sharply by 14.58% at 0.82 baht amid concerns over liquidity problems at AirAsia Malaysia. A senior source at AAV confirmed that the operations of Thai AirAsia, or TAA, are not directly connected to AirAsia Malaysia, and that AAV currently has sufficient cash flow to manage its operations. Forward ticket bookings also continue to grow in line with travel demand for both business and tourism. At the same time, Thai AirAsia has sent a letter seeking clarification of the facts to AirAsia Malaysia and is awaiting a response. Meanwhile, Tony Fernandes, founder and advisor of AirAsia Group Berhad of Malaysia, is scheduled to hold a press briefing in Thailand to clarify the facts on Friday, September 18, 2026, from 10:00 to 12:00. Dittanop Watthanavekin, a senior analyst at Krungsri Securities Public Company Limited, said that Thai AirAsia and AirAsia Malaysia keep clearly separate accounts. Although they benefit from an interline flight network, because AirAsia Malaysia sells tickets to Thai AirAsia, AAV holds the status of a creditor of AirAsia Malaysia. Therefore, in the worst case, if AirAsia Malaysia enters a business rehabilitation plan, Thai AirAsia may have to set aside provisions for doubtful debts under accounting standards. In its second-quarter 2026 financial statements, AAV had related-party receivables of more than 14 billion baht, of which 7 to 8 billion baht were overdue, equal to 0.59 baht per share. The analyst maintained a target price for AAV shares of 1.19 baht and kept a hold recommendation.
Asia Aviation Public Company LimitedAAV plunged on concerns over AirAsia Malaysia liquidity, with 7-8 billion baht of overdue related-party receivables risking doubtful-debt provisions.
