Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
Asia Aviation PCLBKK:AAV 65 Return-on-Tangible-Asset is 6.41% as of Mar. 2026, which is 902% above its 10-year median of 0.64. GuruFocus rates BKK:AAV with a GF Score™ of 65/100 and a GF Value™ of ฿2.18 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 1,011 Transportation companies, Asia Aviation PCL ranks worse than 53.81% on this metric.
Return-on-Tangible-Asset is calculated as Net Income divided by its average total tangible assets. Total tangible assets equals to Total Assets minus Intangible Assets. Asia Aviation PCL's annualizedNet Income for the quarter that ended in Mar. 2026 was ฿3,363 Mil. Asia Aviation PCL's average total tangible assets for the quarter that ended in Mar. 2026 was ฿52,487 Mil. Therefore, Asia Aviation PCL's annualized Return-on-Tangible-Asset for the quarter that ended in Mar. 2026 was 6.41%.
The historical rank and industry rank for Asia Aviation PCL's Return-on-Tangible-Asset or its related term are showing as below:
BKK:AAV'
s Return-on-Tangible-Asset Range Over the Past 10 Years
Min: -18.14 Med: 0.64 Max: 7.29
Current: 3.32
During the past 13 years, Asia Aviation PCL's highest Return-on-Tangible-Asset was 7.29%. The lowest was -18.14%. And the median was 0.64%.
BKK:AAV's Return-on-Tangible-Asset is ranked worse than 53.81% of 1011
companies
in the Transportation industry
Industry Median: 3.78
vs BKK:AAV: 3.32
Asia Aviation PCL (BKK:AAV) Return-on-Tangible-Asset Explanation
Return-on-Tangible-Asset measures the rate of return on the average total tangible assets (total assets minus intangible assets). Tangible means physical in nature. Intangible Assets are assets that are not physical in nature, and typically "derive their value from legal or intellectual rights." Return-on-Tangible-Asset measures a firm's efficiency at generating profits from its tangible assets. It shows how well a company uses what it has to generate earnings. Return-on-Tangible-Assets can vary drastically across industries. Therefore, Return-on-Tangible-Asset should not be used to compare companies in different industries.
Be Aware
Like ROE and ROA, Return-on-Tangible-Asset is calculated with only 12 months data. Fluctuations in the companys earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective. Return-on-Tangible-Asset can be affected by events such as stock buyback or issuance, and by a companys tax rate and its interest payment. Return-on-Tangible-Asset may not reflect the true earning power of the assets. A more accurate measurement is ROC % (ROC).
Many analysts argue the higher return the better. Buffett states that really high Return-on-Tangible-Asset may indicate vulnerability in the durability of the competitive advantage.
Asia Aviation PCL Return-on-Tangible-Asset Related Terms
Asia Aviation PCL Return-on-Tangible-Asset Historical Data
* Premium members only.
The historical data trend for Asia Aviation PCL's Return-on-Tangible-Asset can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
BKK:AAV vs DAL, UAL, LUV: Return-on-Tangible-Asset Comparison
For the Airlines subindustry, Asia Aviation PCL's Return-on-Tangible-Asset, along with its competitors' market caps and Return-on-Tangible-Asset data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Asia Aviation PCL Return-on-Tangible-Asset vs Transportation Industry
For the Transportation industry and Industrials sector, Asia Aviation PCL's Return-on-Tangible-Asset distribution charts can be found below:
* The bar in red indicates where Asia Aviation PCL's Return-on-Tangible-Asset falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Return-on-Tangible-Asset, the net income of the last fiscal year and the average total tangible assets over the fiscal year are used. In calculating the quarterly data,
the Net Income data used here is four times the quarterly (Mar. 2026) net income data.
What does a Return-on-Tangible-Asset of 6.41% mean?
Asia Aviation PCL (BKK:AAV) has a Return-on-Tangible-Asset of 6.41% as of Mar. 2026. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Asia Aviation PCL and its competitors. This is 902% above median its historical median of 0.64. According to the industry distribution chart, Asia Aviation PCL ranks #544 out of 1011 companies in the Transportation industry, placing it in the top 53.8%.
Is Asia Aviation PCL's Return-on-Tangible-Asset too high?
Asia Aviation PCL's current Return-on-Tangible-Asset of 6.41% is 902% above median its 10-year median of 0.64. The Transportation industry median Return-on-Tangible-Asset is 3.78. Asia Aviation PCL's value of 6.41% is 69.6% above this industry median. Based on the distribution chart, Asia Aviation PCL ranks #544 out of 1011 companies in the Transportation industry, which is below the industry midpoint. Overall, Asia Aviation PCL has a GF Score™ of 65/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does Asia Aviation PCL's Return-on-Tangible-Asset compare to DAL and UAL?
According to the Transportation industry distribution chart, Asia Aviation PCL ranks #544 out of 1011 companies for Return-on-Tangible-Asset. This places Asia Aviation PCL in the lower half of its industry. The industry median Return-on-Tangible-Asset is 3.78. Asia Aviation PCL's value of 6.41% is 69.6% above this benchmark. While the company's 10-year median is 0.64 vs. the industry median of 3.78, Asia Aviation PCL has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Asset for a Transportation company?
The median Return-on-Tangible-Asset among Transportation companies is 3.78, based on 1,011 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Asset significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Asset should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Asia Aviation PCL's current Return-on-Tangible-Asset of 6.41% is 69.6% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Asset mean?
A high Return-on-Tangible-Asset can signal that a stock is expensive relative to its fundamentals. Return on tangible assets is the ratio of current-period net income to average two-period tangible assets. View historical data on Asia Aviation PCL and its competitors. For the Transportation industry, the median Return-on-Tangible-Asset is 3.78 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Asia Aviation PCL's current Return-on-Tangible-Asset is 6.41%, which is 902% above median its own 10-year median of 0.64. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Asia Aviation PCL stock overvalued right now?
Based on GuruFocus' analysis, Asia Aviation PCL (BKK:AAV) is currently considered Possible Value Trap. The stock's GF Value™ is ฿2.18, compared to a current price of ฿1.05 — trading 51.8% below its estimated fair value. The current Return-on-Tangible-Asset is 6.41%, which is 902% above median its 10-year median of 0.64 and 69.6% above the Transportation industry median of 3.78. Asia Aviation PCL's overall GF Score™ is 65/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Asset calculated?
Return-on-Tangible-Asset is calculated from a company's financial statements. For Asia Aviation PCL (BKK:AAV), the current Return-on-Tangible-Asset is 6.41% as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Asia Aviation PCL (BKK:AAV) Overvalued in 2026?
Based on GuruFocus' analysis, Asia Aviation PCL stock appears to be undervalued.
The current stock price of ฿1.05 is trading 51.8% below its estimated GF Value™ of ฿2.18.
GuruFocus considers Asia Aviation PCL to be Possible Value Trap.
Key valuation signals for BKK:AAV:
Return-on-Tangible-Asset: 6.41% (902% above median its 10-year median of 0.64)
GF Value™: ฿2.18 vs. price of ฿1.05 (51.8% below fair value)
Industry Position: 69.6% above the Transportation median (#544 of 1011)
No single metric tells the full story. See the BKK:AAV stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
AddressVibhavadee Rangsit Road, 3rd Floor, Central Office Building, Room No. 3200, 222, Don Mueang International Airport, Sanam Bin District, Don Mueang District, Bangkok, THA, 10210
Asia Aviation PCL is a holding company for Thai AirAsia Company Ltd that is engaged in investing in a low-fare airline business company. It has two reportable operating segments: Schedule flight operations and Chartered flight operations. The majority of the group's revenue is generated from the Schedule flight operations segment, which provides passenger air transportation services to routine destinations for scheduled flights. The group sells tickets through its distribution channels such as website, sales counter, travel agents, etc. The Chartered flight operations offer passenger air transportation services to non-routine destinations. Flights are operated when there is a booking from customers, normally tourist agency companies. Geographically, the group operates only in Thailand.
65GF Score
Get the complete analysis for BKK:AAV
Return-on-Tangible-Asset is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
BKK:AAV has been successfully added to your 
