ASIA AVIATION |
End-of-day quote
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2.04 THB | +0.99% |
|
0.00% | +2.51% |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 10,864 | 11,446 | 25,092 | 37,223 | 25,571 | 26,214 | - | - |
| Enterprise Value (EV) 1 | 28,862 | 72,070 | 64,871 | 80,180 | 67,349 | 61,626 | 59,340 | 26,214 |
| P/E ratio | -22.9 x | -2.4 x | -1.98 x | -4.42 x | 52.5 x | 14.6 x | 8.68 x | 6.94 x |
| Yield | - | - | - | - | - | 3.43% | 3.92% | 4.9% |
| Capitalization / Revenue | 0.27 x | 0.84 x | 6.55 x | 2.12 x | 0.62 x | 0.52 x | 0.49 x | 0.47 x |
| EV / Revenue | 0.72 x | 5.29 x | 16.9 x | 4.57 x | 1.63 x | 1.23 x | 1.12 x | 0.47 x |
| EV / EBITDA | 22.8 x | -39.8 x | -8.44 x | -88.9 x | 10.4 x | 6.36 x | 5.63 x | 2.39 x |
| EV / FCF | -34 x | -32.3 x | -14.6 x | -2,473 x | 11.3 x | 19.8 x | 13 x | 3.19 x |
| FCF Yield | -2.95% | -3.09% | -6.85% | -0.04% | 8.82% | 5.04% | 7.68% | 31.4% |
| Price to Book | 0.54 x | 0.8 x | 1.24 x | 4.68 x | 2.91 x | 2.79 x | 2.31 x | 1.81 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 | 2.040 | 2.040 | 2.040 |
| 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 | 50,113 | 52,991 | 55,680 |
| EBITDA 1 | 1,266 | -1,812 | -7,685 | -901.6 | 6,456 | 9,695 | 10,535 | 10,987 |
| EBIT 1 | -450.5 | -7,551 | -11,851 | -8,476 | 1,463 | 4,348 | 4,800 | 5,174 |
| Operating Margin | -1.12% | -55.38% | -309.54% | -48.29% | 3.55% | 8.68% | 9.06% | 9.29% |
| Earnings before Tax (EBT) 1 | -865.6 | -9,327 | -13,699 | -10,666 | 526.6 | 2,490 | 3,075 | 3,176 |
| Net income 1 | -474 | -4,764 | -6,647 | -8,030 | 465.8 | 1,761 | 3,003 | 3,344 |
| Net margin | -1.18% | -34.94% | -173.63% | -45.75% | 1.13% | 3.51% | 5.67% | 6.01% |
| EPS 2 | -0.0977 | -0.9823 | -1.283 | -0.6921 | 0.0379 | 0.1400 | 0.2350 | 0.2940 |
| Free Cash Flow 1 | -850 | -2,230 | -4,447 | -32.42 | 5,937 | 3,106 | 4,555 | 8,221 |
| FCF margin | -2.12% | -16.35% | -116.15% | -0.18% | 14.4% | 6.2% | 8.6% | 14.77% |
| FCF Conversion (EBITDA) | - | - | - | - | 91.97% | 32.04% | 43.24% | 74.83% |
| FCF Conversion (Net income) | - | - | - | - | 1,274.63% | 176.39% | 151.66% | 245.81% |
| Dividend per Share 2 | - | - | - | - | - | 0.0700 | 0.0800 | 0.1000 |
| 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 | 35,412 | 33,126 | - |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 14.21 x | -33.46 x | -5.177 x | -47.65 x | 6.471 x | 3.653 x | 3.144 x | - |
| Free Cash Flow 1 | -850 | -2,230 | -4,447 | -32.4 | 5,937 | 3,106 | 4,555 | 8,221 |
| ROE (net income / shareholders' equity) | -2.35% | -27.9% | -51.6% | -57% | 5.69% | 18.3% | 26% | 24.6% |
| ROA (Net income/ Total Assets) | -0.76% | -7.28% | -9.55% | -11.8% | 0.7% | 3.8% | 5.45% | 6.2% |
| Assets 1 | 62,327 | 65,441 | 69,593 | 67,947 | 66,243 | 46,342 | 55,108 | 53,944 |
| Book Value Per Share 2 | 4.110 | 2.940 | 2.040 | 0.6500 | 0.6800 | 0.7300 | 0.8800 | 1.130 |
| Cash Flow per Share 2 | 0.2000 | -0.1900 | -0.8400 | 0.0500 | 0.5100 | 0.5600 | 0.5700 | 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% | - | 12.02% | 10.37% | 8.83% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
BUY
Number of Analysts
7
Last Close Price
2.04
THB
Average target price
3.077
THB
Spread / Average Target
+50.84%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +2.51% | 726M | |
| +8.43% | 27.97B | |
| -10.25% | 21.06B | |
| +45.99% | 20.02B | |
| +7.16% | 18.7B | |
| +8.39% | 14.7B | |
| -25.30% | 13.84B | |
| +34.41% | 12.83B | |
| -9.37% | 12.68B | |
| +12.26% | 11.06B |
- Stock Market
- Equities
- AAV Stock
- Financials Asia Aviation
