Asia Aviation Public Company Limited, incorporated in 2006, is a low-cost airline business investing in Thai AirAsia Company Limited. AAV owns 55% of Thai AirAsia and 45% is owned by AirAsia Berhad (AIRA MK). AAV is currently the leader among low-cost carriers in Thailand, with its fleet currently totaling 49 aircraft as of July 2016.

1. Presented by: Dr. Andrew Stotz, CFA
Asia Aviation Public
Company Limited

2. 216 October 2016
Revenue breakdown, by segment 1H16
Asia Aviation Public Company Limited (AAV TB)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 AAV operates in the low-cost carrier business and invests in one company—Thai AirAsia
Public Company Limited, which leads the pack among Thai low-cost carriers, in which it owns
55% of all shares while the remainder is owned by AirAsia Berhad (AIRA MK)
 Thai AirAsia operates along international and domestic routes. Among the flights
operated by AAV, 62% are domestic and 38% are international. The fleet consists of 49
Airbus A320 aircraft as of July 2016
 International routes cover cities across China, such as Changsha, Chongqing, Guangzhou,
Hangzhou, Kunming, Shenzhen, Wuhan and Xi’an. Other routes include points in Vietnam,
India, Myanmar, Indonesia, Cambodia, Laos, and Iran
 Domestic routes connect cities, such as Bangkok, Chiang Mai, Chiang Rai, Khon Kaen,
Krabi, Loei, Nakhon Si Thammarat, Nan, Phuket, Surat Thani, Udon Thani, Roi Et, Nan, Loei
and Hat Yai
 Thai AirAsia flights can be booked directly and through third parties—travel agencies or
tour operators—and in the form of charter flights
Chartered flight operations 6%Scheduled flight operations 94%
Passengers carried by origin 1H16
Domestic
62%
Int’l 38%
Stock information:
Name: Asia Aviation
Public Co., Ltd.
Ticker: AAV TB
Price (THB): 6.75
Mcap: US$927m
3MADTO: US$19m
Beta (6mth): -0.4x
IOD CG: 4 out of 5
Sector: Industrials
Industry: Transportation
Major shareholders:
39% Srivaddhanaprabha
family
10% Thai NVDR
46% Free float
Background: Asia Aviation Public Company Limited, incorporated in 2006, is
a low-cost airline business investing in Thai AirAsia Company Limited. AAV
owns 55% of Thai AirAsia and 45% is owned by AirAsia Berhad (AIRA MK).
AAV is currently the leader among low-cost carriers in Thailand, with its
fleet currently totaling 49 aircraft as of July 2016.
50
70
90
110
130
150
-
2
4
6
8
10
Oct-13 Jun-14 Mar-15 Nov-15 Aug-16
AAV TB (LHS)
Price relative to local index
(THB) (%)

3. 316 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Background: Asia Aviation Public Company Limited,
incorporated in 2006, is a low-cost airline business
investing in Thai AirAsia Company Limited.
AAV owns 55% of Thai AirAsia and 45% is owned by
AirAsia Berhad (AIRA MK).
AAV is currently the leader among low-cost carriers in
Thailand, with its fleet currently totaling 49 aircraft as of
July 2016.
Asia Aviation Public Company Limited (AAV TB)

4. 416 October 2016
Stock information:
Name: Asia Aviation Public
Co., Ltd.
Ticker: AAV TB
Price (THB): 6.75
Mcap: US$927m
3MADTO: US$19m
Beta (6mth): -0.4x
IOD CG: 4 out of 5
Sector: Industrials
Industry: Transportation
Major shareholders:
39% Srivaddhanaprabha
family
10% Thai NVDR
46% Free float
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Asia Aviation Public Company Limited (AAV TB)
50
70
90
110
130
150
-
2
4
6
8
10
Oct-13 Jun-14 Mar-15 Nov-15 Aug-16
AAV TB (LHS)
Price relative to local index
(THB) (%)

5. 516 October 2016
Revenue breakdown, by segment 1H16
Asia Aviation Public Company Limited (AAV TB)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 AAV operates in the low-cost carrier business and invests in one company—Thai AirAsia
Public Company Limited, which leads the pack among Thai low-cost carriers, in which it owns
55% of all shares while the remainder is owned by AirAsia Berhad (AIRA MK)
 Thai AirAsia operates along international and domestic routes. Among the flights
operated by AAV, 62% are domestic and 38% are international. The fleet consists of 49
Airbus A320 aircraft as of July 2016
 International routes cover cities across China, such as Changsha, Chongqing, Guangzhou,
Hangzhou, Kunming, Shenzhen, Wuhan and Xi’an. Other routes include points in Vietnam,
India, Myanmar, Indonesia, Cambodia, Laos, and Iran
 Domestic routes connect cities, such as Bangkok, Chiang Mai, Chiang Rai, Khon Kaen,
Krabi, Loei, Nakhon Si Thammarat, Nan, Phuket, Surat Thani, Udon Thani, Roi Et, Nan, Loei
and Hat Yai
 Thai AirAsia flights can be booked directly and through third parties—travel agencies or
tour operators—and in the form of charter flights
Chartered flight operations 6%Scheduled flight operations 94%
Passengers carried by origin 1H16
Domestic
62%
Int’l 38%
Stock information:
Name: Asia Aviation
Public Co., Ltd.
Ticker: AAV TB
Price (THB): 6.75
Mcap: US$927m
3MADTO: US$19m
Beta (6mth): -0.4x
IOD CG: 4 out of 5
Sector: Industrials
Industry: Transportation
Major shareholders:
39% Srivaddhanaprabha
family
10% Thai NVDR
46% Free float
Background: Asia Aviation Public Company Limited, incorporated in 2006, is
a low-cost airline business investing in Thai AirAsia Company Limited. AAV
owns 55% of Thai AirAsia and 45% is owned by AirAsia Berhad (AIRA MK).
AAV is currently the leader among low-cost carriers in Thailand, with its
fleet currently totaling 49 aircraft as of July 2016.
50
70
90
110
130
150
-
2
4
6
8
10
Oct-13 Jun-14 Mar-15 Nov-15 Aug-16
AAV TB (LHS)
Price relative to local index
(THB) (%)

6. 616 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 AAV operates in the low-cost carrier business and
invests in one company—Thai AirAsia Public
Company Limited,
 which leads the pack among Thai low-cost carriers,
in which it owns 55% of all shares while the
remainder is owned by AirAsia Berhad (AIRA MK)
Asia Aviation Public Company Limited (AAV TB)

7. 716 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Thai AirAsia operates along international and
domestic routes
 Among the flights operated by AAV, 62% are
domestic and 38% are international
 The fleet consists of 49 Airbus A320 aircraft as of
July 2016
Asia Aviation Public Company Limited (AAV TB)

8. 816 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 International routes cover cities across China,
such as Changsha, Chongqing, Guangzhou,
Hangzhou, Kunming, Shenzhen, Wuhan and Xi’an
 Other routes include points in Vietnam, India,
Myanmar, Indonesia, Cambodia, Laos, and Iran
Asia Aviation Public Company Limited (AAV TB)

9. 916 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Domestic routes connect cities, such as Bangkok,
Chiang Mai, Chiang Rai, Khon Kaen, Krabi, Loei,
Nakhon Si Thammarat, Nan, Phuket, Surat Thani,
Udon Thani, Roi Et, Nan, Loei and Hat Yai
Asia Aviation Public Company Limited (AAV TB)

10. 1016 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
 Thai AirAsia flights can be booked directly and
through third parties—travel agencies or tour
operators—and in the form of charter flights
Asia Aviation Public Company Limited (AAV TB)

11. 1116 October 2016
Revenue breakdown, by segment 1H16
Asia Aviation Public Company Limited (AAV TB)
Sources: A. Stotz Investment Research, company data, Thomson Reuters
 AAV operates in the low-cost carrier business and invests in one company—Thai AirAsia
Public Company Limited, which leads the pack among Thai low-cost carriers, in which it owns
55% of all shares while the remainder is owned by AirAsia Berhad (AIRA MK)
 Thai AirAsia operates along international and domestic routes. Among the flights
operated by AAV, 62% are domestic and 38% are international. The fleet consists of 49
Airbus A320 aircraft as of July 2016
 International routes cover cities across China, such as Changsha, Chongqing, Guangzhou,
Hangzhou, Kunming, Shenzhen, Wuhan and Xi’an. Other routes include points in Vietnam,
India, Myanmar, Indonesia, Cambodia, Laos, and Iran
 Domestic routes connect cities, such as Bangkok, Chiang Mai, Chiang Rai, Khon Kaen,
Krabi, Loei, Nakhon Si Thammarat, Nan, Phuket, Surat Thani, Udon Thani, Roi Et, Nan, Loei
and Hat Yai
 Thai AirAsia flights can be booked directly and through third parties—travel agencies or
tour operators—and in the form of charter flights
Chartered flight operations 6%Scheduled flight operations 94%
Passengers carried by origin 1H16
Domestic
62%
Int’l 38%
Stock information:
Name: Asia Aviation
Public Co., Ltd.
Ticker: AAV TB
Price (THB): 6.75
Mcap: US$927m
3MADTO: US$19m
Beta (6mth): -0.4x
IOD CG: 4 out of 5
Sector: Industrials
Industry: Transportation
Major shareholders:
39% Srivaddhanaprabha
family
10% Thai NVDR
46% Free float
Background: Asia Aviation Public Company Limited, incorporated in 2006, is
a low-cost airline business investing in Thai AirAsia Company Limited. AAV
owns 55% of Thai AirAsia and 45% is owned by AirAsia Berhad (AIRA MK).
AAV is currently the leader among low-cost carriers in Thailand, with its
fleet currently totaling 49 aircraft as of July 2016.
50
70
90
110
130
150
-
2
4
6
8
10
Oct-13 Jun-14 Mar-15 Nov-15 Aug-16
AAV TB (LHS)
Price relative to local index
(THB) (%)

12. 1216 October 2016
Sources: A. Stotz Investment Research, Bloomberg, company data, FactSet, Thomson Reuters
Revenue breakdown, by segment 1H16
Scheduled flight
operations 94%
Chartered flight
operations 6%
Domestic
62%
Int’l 38%
Passengers carried by
origin 1H16

14. 1416 October 2016
AAV: Leadership
Sources: A. Stotz Investment Research, company data, FactSet
ChairmanCEO
2012 2013 2014 2015 Past 12 months
Arak Chonlatanon (Independent)
Nov 2012 – Present
Tassapon Bijleveld
Jun 2007 – Present

15. 1516 October 2016
'12 '13 '14 '15 PTM
1 7 9 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 7 9 7 6 1 10 10 1 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
6 9 9 8 8 1 4 9 5 4 1 1 4 2 2 1 10 10 2 2
Benchmarked against 1,400 large Industrials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
CEO, 2007 – Present
Tassapon Bijleveld
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth was
World Class in 2012, and
has now started to recover
from the trough in 2014
Only better than 560 of
1,400 large Industrials
AAV: A. Stotz Profitable Growth

16. 1616 October 2016
'12 '13 '14 '15 PTM
1 7 9 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 7 9 7 6 1 10 10 1 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
6 9 9 8 8 1 4 9 5 4 1 1 4 2 2 1 10 10 2 2
Benchmarked against 1,400 large Industrials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth was
World Class in 2012, and
has now started to recover
from the trough in 2014
Ranks better than 560 of
1,400 large Industrials
Profitability is below
average, Growth is great
AAV: A. Stotz Profitable Growth
CEO, 2007 – Present
Tassapon Bijleveld

17. 1716 October 2016
'12 '13 '14 '15 PTM
1 7 9 5 6
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
1 7 9 7 6 1 10 10 1 2
'12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM '12 '13 '14 '15 PTM
6 9 9 8 8 1 4 9 5 4 1 1 4 2 2 1 10 10 2 2
Benchmarked against 1,400 large Industrials companies worldwide.
Profitable Growth
Asset utilization Profit margin Sales growth Margin change
Profitability Growth
Source: A. Stotz Investment Research. Notes: 1 = top ranking and 10 = worst. Most recent year’s data is based on the past 12 months (PTM) of published data.
Profitable Growth was
World Class in 2012, and
has now started to recover
from the trough in 2014
Ranks better than 560 of
1,400 large Industrials
Profitability is below
average, Growth is great
Profit margin has started
to recover
Sales growth and Margin
change are solid at #2
AAV: A. Stotz Profitable Growth
CEO, 2007 – Present
Tassapon Bijleveld

18. 1816 October 2016
 Do YOU want to see the Profitable Growth rank
for a company in YOUR portfolio?
 Leave a comment below with company name
and country of listing…and I’ll post it if I have it