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Asia Aviation PCLBKK:AAV 65 ROC (Joel Greenblatt) % is 22.54% as of Mar. 2026, which is 276% above its 10-year median of 5.99. 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 1,000 Transportation companies, Asia Aviation PCL ranks better than 59.6% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Asia Aviation PCL's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 22.54%.
The historical rank and industry rank for Asia Aviation PCL's ROC (Joel Greenblatt) % or its related term are showing as below:
BKK:AAV'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -35.03 Med: 5.99 Max: 22.62
Current: 14.99
During the past 13 years, Asia Aviation PCL's highest ROC (Joel Greenblatt) % was 22.62%. The lowest was -35.03%. And the median was 5.99%.
BKK:AAV's ROC (Joel Greenblatt) % is ranked better than 59.6% of 1000
companies
in the Transportation industry
Industry Median: 11.73
vs BKK:AAV: 14.99
Asia Aviation PCL's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Asia Aviation PCL (BKK:AAV) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Asia Aviation PCL ROC (Joel Greenblatt) % Related Terms
Asia Aviation PCL ROC (Joel Greenblatt) % Historical Data
* Premium members only.
The historical data trend for Asia Aviation PCL's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Airlines subindustry, Asia Aviation PCL's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Transportation Industry
For the Transportation industry and Industrials sector, Asia Aviation PCL's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Asia Aviation PCL's ROC (Joel Greenblatt) % falls into.
Asia Aviation PCL ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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.
What does a ROC (Joel Greenblatt) % of 22.54% mean?
Asia Aviation PCL (BKK:AAV) has a ROC (Joel Greenblatt) % of 22.54% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Asia Aviation PCL and its competitors. This is 276% above median its historical median of 5.99. According to the industry distribution chart, Asia Aviation PCL ranks #404 out of 1000 companies in the Transportation industry, placing it in the top 40.4%.
Is Asia Aviation PCL's ROC (Joel Greenblatt) % too high?
Asia Aviation PCL's current ROC (Joel Greenblatt) % of 22.54% is 276% above median its 10-year median of 5.99. The Transportation industry median ROC (Joel Greenblatt) % is 11.73. Asia Aviation PCL's value of 22.54% is 92.2% above this industry median. Based on the distribution chart, Asia Aviation PCL ranks #404 out of 1000 companies in the Transportation industry, which is above 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 ROC (Joel Greenblatt) % compare to DAL and UAL?
According to the Transportation industry distribution chart, Asia Aviation PCL ranks #404 out of 1000 companies for ROC (Joel Greenblatt) %. This puts Asia Aviation PCL in the upper half of its industry. The industry median ROC (Joel Greenblatt) % is 11.73. Asia Aviation PCL's value of 22.54% is 92.2% above this benchmark. While the company's 10-year median is 5.99 vs. the industry median of 11.73, 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 ROC (Joel Greenblatt) % for a Transportation company?
The median ROC (Joel Greenblatt) % among Transportation companies is 11.73, based on 1,000 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Asia Aviation PCL's current ROC (Joel Greenblatt) % of 22.54% is 92.2% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Asia Aviation PCL and its competitors. For the Transportation industry, the median ROC (Joel Greenblatt) % is 11.73 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Asia Aviation PCL's current ROC (Joel Greenblatt) % is 22.54%, which is 276% above median its own 10-year median of 5.99. 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 ROC (Joel Greenblatt) % is 22.54%, which is 276% above median its 10-year median of 5.99 and 92.2% above the Transportation industry median of 11.73. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Asia Aviation PCL (BKK:AAV), the current ROC (Joel Greenblatt) % is 22.54% 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:
ROC (Joel Greenblatt) %: 22.54% (276% above median its 10-year median of 5.99)
GF Value™: ฿2.18 vs. price of ฿1.05 (51.8% below fair value)
Industry Position: 92.2% above the Transportation median (#404 of 1000)
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
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