Shares of Asia Aviation Public Company Limited, or AAV, rose 2.35% to 0.87 baht at 11:06 a.m. on September 21, 2026, after Tony Fernandes, co-founder of AirAsia, stated on September 18, 2026, that the current situation stemming from the conflict between the United States and Iran, while pressuring costs, is not as severe as the COVID-19 crisis. He said the passenger load factor from January to August 2026 was in the high 70% to low 80% range, with August at about 82%. He also denied reports of a 3 billion US dollar fundraising, saying the company plans to raise about 1 billion US dollars both domestically and abroad to refinance high-cost debt, plus a domestic credit facility of about 700 million ringgit for working capital. Meanwhile, Krungsri Securities Public Company Limited maintained a Neutral view, noting that AirAsia Group reported a net loss of 831 million ringgit in the second quarter of 2026, shareholders' equity of 483 million ringgit, and current liabilities of 18.412 billion ringgit, most of which were trade payables of about 10.26 billion ringgit, against current assets of only 3.868 billion ringgit. It still does not recommend investing in AAV even though the share price is below its target price of 1.19 baht per share. Separately, Pi Securities Public Company Limited said AAV has related-party receivables totaling about 14 billion baht, of which about 7.3 billion baht is overdue by no more than three months, and estimated a fair value of 1.08 baht per share based on a 2026 price-to-book value of 1.3 times. It recommended waiting for the third-quarter 2026 results and the trend in related-party receivables before investing for the long term.
Asia Aviation Public Company Limited
Bank of Ayudhya PCL
