Air Asia Co. Ltd. (2630) AI Stock Analysis

Air Asia Co. Ltd.

(TWSE:2630)

Select Model

Rating:59Neutral

Price Target:TWD 33.00▼(-1.64% Downside)

Action:initiatedcoverage

Date:11/10/26

Improving profitability and substantially lower leverage are the primary strengths, but inconsistent cash conversion, a weak technical trend, and elevated valuation weigh on the stock. The weighted score is 59.

Positive Factors

Revenue AccelerationRevenue growth accelerated sharply in 2025, with annual expansion of about 147%. Combined with broad growth over the period, this indicates stronger demand and operating scale, giving the company a larger base from which to sustain investment and improve earnings over the next several quarters.

Negative Factors

Volatile Cash GenerationAlthough operating and free cash flow turned positive in 2024–2025, the sharp 2025 decline in free cash flow shows that earnings conversion is not yet consistent. Volatile cash generation could constrain reinvestment, debt reduction, or shareholder returns if working-capital and reinvestment swings persist.

Air Asia Co. Ltd. (2630) vs. SPDR S&P 500 ETF (SPY)

Market Cap: TWD 7.10B
Dividend Yield: 2.68%
Average Volume (3M): 1.78M
Price to Earnings (P/E): 148.5
Beta (1Y): 0.97
Revenue Growth: -17.77%
EPS Growth: -77.30%
Country: TW
Employees: 1,130
Sector: General
Sector Strength: 55
Industry: Aerospace & Defense

Air Asia Co. Ltd. Business Overview & Revenue Model

Company Description

Air Asia Co., Ltd., headquartered in Tainan City, Taiwan, is a leading provider of aircraft maintenance services, operating both domestically and internationally. The company's comprehensive offerings span both civilian and military aviation, encompa...

Air Asia Co. Ltd. Financial Statement Overview

Summary

Revenue and profitability improved substantially, while leverage declined. However, moderate margins and weaker 2025 free-cash-flow conversion limit the score.

Income Statement

78Positive

Balance Sheet

74Positive

Cash Flow

55Neutral

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Mar 2023	Dec 2021
Income Statement
Total Revenue	4.91B	5.45B	5.20B	4.86B	4.07B	3.88B
Gross Profit	442.64M	564.52M	462.36M	337.43M	251.07M	228.07M
EBITDA	298.43M	414.20M	332.56M	209.46M	142.74M	186.95M
Net Income	119.57M	209.72M	140.61M	57.12M	13.49M	76.98M
Balance Sheet
Total Assets	5.75B	5.72B	5.77B	5.48B	4.91B	4.74B
Cash, Cash Equivalents and Short-Term Investments	178.82M	226.73M	155.61M	254.26M	252.96M	319.15M
Total Debt	1.76B	1.35B	1.38B	1.36B	2.30B	2.21B
Total Liabilities	2.37B	2.17B	2.30B	2.04B	2.99B	2.80B
Stockholders Equity	3.38B	3.55B	3.47B	3.43B	1.92B	1.94B
Cash Flow
Free Cash Flow	446.07M	226.75M	21.75M	-271.23M	-85.81M	-188.98M
Operating Cash Flow	557.24M	288.06M	91.66M	-208.71M	6.48M	-122.25M
Investing Cash Flow	-95.40M	-53.05M	-92.26M	-255.71M	-113.55M	4.77M
Financing Cash Flow	-433.35M	-163.72M	-97.15M	467.85M	39.55M	278.62M

Air Asia Co. Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

TW:2630 against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TW:3213	76Outperform	TWD 6.87B	11.05	―	5.93%	12.98%	39.71%
TW:2221	69Neutral	TWD 6.43B	56.44	―	0.90%	18.85%	87.57%
TW:2630	59Neutral	TWD 7.06B	148.52	―	2.68%	-17.77%	-77.30%
TW:8938	58Neutral	TWD 7.36B	11.07	―	8.70%	-0.03%	-33.33%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
TW:6654	40Underperform	TWD 7.13B	78.33	―	―	115.72%	―

* General Sector Average

Performance Comparison

TW:2630 and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
TW:2630	Air Asia Co. Ltd.	33.55	-14.49	-30.16%
TW:2221	Tachia Yung Ho Machine Industry Co., Ltd.	167.00	139.45	506.28%
TW:2644	Jong Shyn Shipbuilding Co., Ltd.	72.60	-16.00	-18.06%
TW:3213	Mildef Crete Inc.	118.00	22.35	23.36%
TW:6654	Tian Zheng International Precision Machinery Co., Ltd.	178.00	93.70	111.15%
TW:8938	Advanced International Multitech Co. Ltd.	46.00	-17.18	-27.19%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Nov 09, 2026

Air Asia Co. Ltd. AI Stock Analysis