บทวิเคราะห์ (Research)

Strong earnings growth with multiple upside We re-initiate coverage with a BUY and target price of THB3.40, based on 13x FY25E P/E, the average for low-cost airlines in Asia Pacific. We view the current valuation at 11x P/E as attractive in light of 12% EPS growth in FY24-26E. AAV is our Top Pick among Thai airlines, given its leadership in the domestic market and potential for revenue growth from new international routes. AAV also stands to benefit from lower fuel costs and peaking maintenance expense. A potential merger with Thai AirAsia X and overseas route expansions could offer upside through cost savings and improved passenger connectivity. Downside risks include a quicker-thanexpected recovery in capacity from rival airlines and higher fuel costs.