How rubbish are airline stocks in Thailand?

With Bangkok Airways Plc listing yesterday being incredibly poor (down 12% on its first day!), is it going to go the way of Nok and Thai Airways? If you can remember Thai Airways listed in the 90’s at THB 50/share, its today at THB 14 (after multiple recaps etc etc etc), in fact the only airline listed in Thailand that has performed half decently has been Thai Air Asia (AAV) – most likely because they operating on a leasing model versus buying planes outright (Nok you’re idiots for doing so!), see the charts below.

AAV BA Nok Thai

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