CGS International (Thailand) said AAV held a joint meeting with media and analysts, at which Mr. Tony Fernandes, founder of AirAsia, clarified negative market news during 16-17 September 2026, confirming that no financial assistance or bailout was requested from the government and that AirAsia Group has never received a government bailout, even during COVID-19, unlike many global airlines. Meanwhile, Malaysian management said foreign media reports about liquidity problems at AirAsia Malaysia do not reflect reality. As for AAV's trade receivables, they fluctuate with payment schedules, with the 1H26 financial statements showing net amounts due from related parties of 10 billion baht, of which 7.3 billion baht are receivables aged no more than 3 months. AirAsia Malaysia aims to raise about 1 billion US dollars through bonds and debt to reduce financing costs, expected to be completed by early 2027. AirAsia Group continues to operate all aircraft as normal, except for planes grounded for scheduled maintenance, and ticket prices will remain at high levels, managing jet fuel costs and improving fleet deployment efficiency while retiring older aircraft from the fleet. CGS International maintains its 2026F and 2027F earnings forecasts unchanged and keeps its "Hold" recommendation with an FY27F target price of 1.10 baht, based on EV/EBITDA of 5.0x (-0.75 S.D.).
Asia Aviation Public Company Limited
