Dao Securities assesses that AAV will report a net loss of 2.3 billion baht in the second quarter of 2026. Excluding extraordinary items from foreign exchange losses, the normalised operating result would be a loss of 2.1 billion baht, down from the same period last year and the previous quarter. The main reason is a sharp rise in fuel costs, with the average jet fuel price in the second quarter of 2026 surging to 182 US dollars per barrel, compared with 81 US dollars per barrel in the second quarter of 2025 and 85 US dollars per barrel in the first quarter of 2026. Meanwhile, passenger numbers are expected to fall to 4.1 million, down 15 percent year on year and down 33 percent quarter on quarter, due to the impact of the Middle East conflict and higher ticket prices. The research team maintains its full-year 2026 normalised operating loss estimate of 2.7 billion baht and expects the normalised operating loss in the third quarter of 2026 to narrow from the second quarter of 2026 as fuel prices are likely to ease. The fourth quarter of 2026 is expected to continue recovering as it enters the peak tourism season. The recommendation remains Hold with a target price of 1.12 baht.
Asia Aviation Public Company LimitedFuel costs surged to $182/barrel, causing a large loss.