Stock AAV ASIA AVIATION
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Financials Asia Aviation

Equities

AAV

TH3437010004

Airlines

End-of-day quote Thailand S.E.
Other stock markets
 06:00:00 2024-05-27 pm EDT 		5-day change 1st Jan Change
2.22 THB -2.63% Intraday chart for Asia Aviation -0.89% +11.56%
May. 13 Asia Aviation Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI
Feb. 23 Transcript : Asia Aviation Public Company Limited, 2023 Earnings Call, Feb 23, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,864 11,446 25,092 37,223 25,571 28,527 - -
Enterprise Value (EV) 1 28,862 72,070 64,871 80,180 67,349 48,172 45,621 20,730
P/E ratio -22.9 x -2.4 x -1.98 x -4.42 x 52.5 x 13.6 x 8.3 x 7.05 x
Yield - - - - - 3.15% 4.05% 3.6%
Capitalization / Revenue 0.27 x 0.84 x 6.55 x 2.12 x 0.62 x 0.59 x 0.54 x 0.51 x
EV / Revenue 0.72 x 5.29 x 16.9 x 4.57 x 1.63 x 1 x 0.86 x 0.37 x
EV / EBITDA 22.8 x -39.8 x -8.44 x -88.9 x 10.4 x 5.15 x 4.24 x 1.74 x
EV / FCF -34 x -32.3 x -14.6 x -2,473 x 11.3 x 15.5 x 9.81 x 2.98 x
FCF Yield -2.95% -3.09% -6.85% -0.04% 8.82% 6.45% 10.2% 33.6%
Price to Book 0.54 x 0.8 x 1.24 x 4.68 x 2.91 x 3.06 x 2.48 x 1.84 x
Nbr of stocks (in thousands) 4,850,000 4,850,000 9,878,571 12,164,286 12,850,000 12,850,000 - -
Reference price 2 2.240 2.360 2.540 3.060 1.990 2.220 2.220 2.220
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 40,181 13,634 3,828 17,553 41,241 48,332 53,041 56,131
EBITDA 1 1,266 -1,812 -7,685 -901.6 6,456 9,360 10,772 11,928
EBIT 1 -450.5 -7,551 -11,851 -8,476 1,463 4,364 4,904 6,193
Operating Margin -1.12% -55.38% -309.54% -48.29% 3.55% 9.03% 9.25% 11.03%
Earnings before Tax (EBT) 1 -865.6 -9,327 -13,699 -10,666 526.6 2,490 2,709 2,762
Net income 1 -474 -4,764 -6,647 -8,030 465.8 2,100 3,122 4,153
Net margin -1.18% -34.94% -173.63% -45.75% 1.13% 4.35% 5.89% 7.4%
EPS 2 -0.0977 -0.9823 -1.283 -0.6921 0.0379 0.1633 0.2675 0.3150
Free Cash Flow 1 -850 -2,230 -4,447 -32.42 5,937 3,106 4,649 6,959
FCF margin -2.12% -16.35% -116.15% -0.18% 14.4% 6.43% 8.76% 12.4%
FCF Conversion (EBITDA) - - - - 91.97% 33.18% 43.16% 58.34%
FCF Conversion (Net income) - - - - 1,274.63% 147.88% 148.9% 167.56%
Dividend per Share 2 - - - - - 0.0700 0.0900 0.0800
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2
Net sales - - - - - - - - 9,662 12,457 13,794 -
EBITDA - - - - -597.9 2,044 2,294 - 249.4 2,797 1,048 -
EBIT - - - - -2,139 4,281 986.8 -761.9 -642 1,491 83.68 -
Operating Margin - - - - - - - - -6.64% 11.97% 0.61% -
Earnings before Tax (EBT) - - - - - - 499.8 -1,301 -2,124 3,452 -536.8 -
Net income 1 -5,655 -2,371 -4,724 -7,094 -4,050 3,114 359.4 -1,013 -1,695 2,814 -409.1 907
Net margin - - - - - - - - -17.54% 22.59% -2.97% -
EPS -0.1200 - -0.4067 -0.6205 - 0.2740 0.0280 -0.0832 -0.1393 0.2309 -0.0318 -
Dividend per Share - - - - - - - - - - - -
Announcement Date 2/24/22 5/17/22 8/11/22 8/11/22 11/14/22 2/24/23 5/12/23 8/11/23 11/13/23 2/22/24 5/13/24 -
1THB in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 17,998 60,624 39,780 42,957 41,777 19,645 17,094 -
Net Cash position 1 - - - - - - - 7,797
Leverage (Debt/EBITDA) 14.21 x -33.46 x -5.177 x -47.65 x 6.471 x 2.099 x 1.587 x -
Free Cash Flow 1 -850 -2,230 -4,447 -32.4 5,937 3,106 4,649 6,959
ROE (net income / shareholders' equity) -2.35% -27.9% -51.6% -57% 5.69% 19.5% 27.1% 27.3%
ROA (Net income/ Total Assets) -0.76% -7.28% -9.55% -11.8% 0.7% 3.43% 5.15% 5.97%
Assets 1 62,327 65,441 69,593 67,947 66,243 61,328 60,625 69,599
Book Value Per Share 2 4.110 2.940 2.040 0.6500 0.6800 0.7300 0.9000 1.210
Cash Flow per Share 2 0.2000 -0.1900 -0.8400 0.0500 0.5100 0.5100 0.5200 0.5300
Capex 1 1,816 1,332 99.6 596 - 6,022 5,495 4,918
Capex / Sales 4.52% 9.77% 2.6% 3.4% - 12.46% 10.36% 8.76%
Announcement Date 2/25/20 2/24/21 2/24/22 2/24/23 2/22/24 - - -
1THB in Million2THB
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Asia Aviation

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
6
Last Close Price
2.22 THB
Average target price
3.037 THB
Spread / Average Target
+36.79%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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