Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>3Q25 earnings turned to a large core loss from lower revenue and higher costs, driven by new aircraft deliveries and rising OTA fees.</li><li>We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited downside despite the stock trading near FV.</li><li>A short-term catalyst is the expected tender offer for AAV shares in Nov-25 by Thai partners of AirAsia X Berhad (AAX), following AAX’s acquisition of AirAsia Aviation Group Limited (AAAGL) shares from Capital A.</li></ul>

3Q25 earnings turned to a large core loss from lower revenue and higher costs, driven by new aircraft deliveries and rising OTA fees.We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited downside despite the stock trading near FV.A short-term catalyst is the expected tender offer for AAV shares in Nov-25 by Thai partners of AirAsia X Berhad (AAX), following AAX’s acquisition of AirAsia Aviation Group Limited (AAAGL) shares from Capital A.

ASIA AVIATION Plc. (AAV): 3Q25 Turned To Deep Loss As Expected...

<ul><li>With a larger-than-expected 3Q25E core loss from higher costs, we cut 2025–26E core profit but raise 2027E forecast on a stronger-baht assumption that lowers fuel costs.</li><li>We upgrade to Outperform (from Underperform) and roll forward to a 2026 FV of Bt1.21, based on a required return of 3.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%; previously Bt0.95/5.5%/1.48%/5.26%).</li><li>We like AAV as it enters the high season and is poised to gain short-term sentiment from the expected tender offer by AAX’s Thai partner following Capital A’s sale of AAAGL shares to AAX (expected announcement due November 2025).</li></ul>

With a larger-than-expected 3Q25E core loss from higher costs, we cut 2025–26E core profit but raise 2027E forecast on a stronger-baht assumption that lowers fuel costs.We upgrade to Outperform (from Underperform) and roll forward to a 2026 FV of Bt1.21, based on a required return of 3.8% and updated macro assumptions (Rf = 1.04%, MRP = 5.81%; previously Bt0.95/5.5%/1.48%/5.26%).We like AAV as it enters the high season and is poised to gain short-term sentiment from the expected tender offer by AAX’s Thai partner following Capital A’s sale of AAAGL shares to AAX (expected announcement due November 2025).

ASIA AVIATION Plc. (AAV): Huge 3Q25E Loss...

Malaysia

Capital A Berhad provides airline operating services. The Company operates scheduled domestic and international flights, as well as provides air transportation and air cargo services. Capital A also engages in tour operating business and leasing aircrafts to customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Capital A (CAPITALA MK)

ASIA AVIATION Plc. (AAV): 3Q25 Turned To Deep Loss As Expected...

We maintain Outperform with 2026E FV of Bt1.21 (required return 3.8%), backed by strong 2Y core EPS CAGR of +12%, outperforming peers, and limited...

Krungthai XSpring

ASIA AVIATION Plc. (AAV): Huge 3Q25E Loss...

With a larger-than-expected 3Q25E core loss from higher costs, we cut 2025–26E core profit but raise 2027E forecast on a stronger-baht assumption...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)