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Earnings warningFinancial distress

Asia Aviation

SET:AAV · TH3437010004
AirlinesLarge

360

20
EV / EBIT15
Price / Owner Earnings49
Owner Earnings Yield57
Dividend Yield53
Price/Sales100
EV / Gross Profit22
Price/Book62
Return on Capital21
Cash Return on Capital54
Return on Equity80
EBIT Margin23
Gross Profitability27
Cash Conversion98
Accruals83
Owner Earnings Margin47
Sales growth36
Profit Growth18
Long-Term EPS Growth98
Owner Earnings Growth32
Reinvestment100
Price momentum30
Debt load11
Refinancing17
Debt Payback16
Liquidity18
Analyst ratings1
Opinion Changes50
Price Target Upside19
Market mood44
Value Creation8/20creating some value
  • Creates more value than its capital costs
  • Owner earnings growing
  • Owner earnings per share growing
  • Reinvests at strong returns
  • Solid earnings base

What this means

Asia Aviation clears its cost of capital, but the record is mixed across the five tests. Real value creation, just not yet consistent.

Profile

CountryThailand
IndustryAirlines
SizeLarge
TypePublic Company
ExchangeSET
Founded2006
Websiteaavplc.com/en/home
ISINTH3437010004
Last UpdateApr 2, 2026
Indices
SET (Thailand)
Themes
Business TravelAerospaceAir TransportationService Industry

Description

Asia Aviation Public Company Limited operates as an airline company that primarily engaged in the provision of passenger air transportation services, notably through scheduled flight operations. It offers flight services to a variety of destinations,…

Analysis

Middle-of-the-road

Asia Aviation Public Company Limited sits in the middle of our grid: average quality, average price, no obvious signal in either direction.

On valuation, the picture is attractive. The owner-earnings multiple stands at 6.5×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around -9% a year, against analyst forecasts of 68%. The price, in other words, assumes less than the experts do.

Growth is moderate; the safety picture is fragile. The company scores 8/20 on our value-creation score: creating some value.

Flags to be aware of: Some accounting patterns deserve a closer look. As always: this describes the company's numbers; it is not a recommendation.

360° rank · history

1007550250
4
2023202420252026

All-time high

75

Jan 2025

All-time low

1

Mar 2026

Average rank

25

across all years

Detailed & Historical Ranks

Deep dive into 15 detailed ranks and 3 years of history.

Current202520242023
Price/Sales
100
89
87
75
Price/Earnings
40
84
26
3
Price/Book
62
34
19
55
Dividend Yield
53
1
37
36
Value (overall)
76
59
43
59

Cells are coloured by rank band (red weak → green strong). Sentiment & 360° history begins 2023.

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Make Sense of the Ranks

Every rank runs 1–100 against true peers. Higher is always better.

360° View
1 · Watch OutGood· 100
Value
1 · ExpensiveGood Value· 100
Quality
1 · Weak FundamentalsHigh Quality· 100
Growth
1 · Tough TimesHigh Growth· 100
Safety
1 · High LeverageWell-Financed· 100
Sentiment
1 · SkepticismPositive· 100
Learn More →