Thai Airways (SET:THAI)
Thai Airways International Public Company Limited (SET:THAI) is the Thai national flag carrier. Emerged from court-supervised business rehabilitation (Chapter-11-equivalent) in 2024 after 4 years of restructuring (2020-2024). Operates approximately 70 aircraft serving Bangkok-Suvarnabhumi as primary hub plus Phuket, Chiang Mai. Star Alliance member with 27 codeshare partners. Competes with Thai AirAsia, Thai Vietjet, Thai Lion Air on Thai domestic / regional routes; Singapore Airlines, Cathay Pacific, Emirates on international long-haul.
Profile overview
Thai Airways International Public Company Limited (SET:THAI) is the Thai national flag carrier. Emerged from court-supervised business rehabilitation (Chapter-11-equivalent) in 2024 after 4 years of restructuring (2020-2024). Operates approximately 70 aircraft serving Bangkok-Suvarnabhumi as primary hub plus Phuket, Chiang Mai. Star Alliance member with 27 codeshare partners. Competes with Thai AirAsia, Thai Vietjet, Thai Lion Air on Thai domestic / regional routes; Singapore Airlines, Cathay Pacific, Emirates on international long-haul.
Business segments
International long-haul
Europe and Australia routes
Thai Airways operates approximately 35 international routes post-rehabilitation, including Bangkok-London, Bangkok-Frankfurt, Bangkok-Sydney, and Bangkok-Tokyo. Revenue per available seat-kilometre recovered to pre-COVID-parity levels by late 2024 on these flagship routes.
Regional and domestic
Southeast and South Asia
Operates Bangkok-Singapore, Bangkok-Kuala Lumpur, Bangkok-Mumbai, and Bangkok-Hong Kong routes. Domestic network focuses on Phuket, Chiang Mai, and Hat Yai, complementing LCC capacity on core Thai domestic corridors.
Cargo and MRO
Ancillary revenue streams
Thai Airways operates THAI Catering (Bangkok airport catering), THAI Ground Services, and Thai Technical MRO (maintenance, repair, overhaul) at U-Tapao. These divisions generated approximately 15-20% of group revenue in 2023.
Thai Airways vs. regional flag-carrier peers
Thai Airways (THAI)
Fleet size (2024)
~70
Alliance
Star Alliance
Financial status
Post-rehabilitation 2024
Singapore Airlines (SIA)
Fleet size (2024)
~140
Alliance
Star Alliance
Financial status
Profitable, dividend-paying
Malaysia Airlines (MAS)
Fleet size (2024)
~80
Alliance
Oneworld
Financial status
Government restructuring
Garuda Indonesia (GIAA)
Fleet size (2024)
~60
Alliance
SkyTeam
Financial status
Post-PKPU restructuring 2022
| Airline | Fleet size (2024) | Alliance | Financial status |
|---|---|---|---|
| Thai Airways (THAI) | ~70 | Star Alliance | Post-rehabilitation 2024 |
| Singapore Airlines (SIA) | ~140 | Star Alliance | Profitable, dividend-paying |
| Malaysia Airlines (MAS) | ~80 | Oneworld | Government restructuring |
| Garuda Indonesia (GIAA) | ~60 | SkyTeam | Post-PKPU restructuring 2022 |
Watchpoints 2025-2026
Fleet renewal
Widebody order execution
Thai Airways needs to expand from ~70 aircraft to ~120 over 2025-2030 to restore competitiveness. Boeing 787 and Airbus A350 delivery slots are critical: any supply-chain delay could constrain capacity growth and investor confidence.
Equity conversion
Creditor equity overhang
Under the rehabilitation plan, creditors converted debt to equity, creating a large overhang of shares that may be sold on the SET. Market absorption of these blocks at post-rehabilitation listing prices is the key short-term stock dynamic.
LCC competition
Thai AirAsia and Thai Lion
Thai AirAsia, Thai Lion Air, and Thai Vietjet hold dominant domestic capacity share. Thai Airways must reposition as a premium full-service carrier rather than competing on price to sustain yield and loyalty differentiation.
Related Market profiles
Peers, parents, partners, agencies, and other Aviation actors.
Competitor
Thai AirAsia
Largest LCC operator in Thailand by domestic seat capacity; subsidiary of SET-listed Asia Aviation (AAV).
Open Market profile →
Competitor
Thai Airways International
Thailand's flag full-service carrier; post-2023 court rehabilitation; FY2024 revenue ~ $5.22B.
Open Market profile →
Competitor
Nok Air (SET: NOK)
Thai-listed low-cost carrier (SET: NOK); operates 25+ domestic routes from Don Mueang, controlling approximately 15% of Thai domestic LCC seat share as of 2024.
Open Market profile →
Reports featuring this profile
Thailand Tourism & Travel Market Intelligence
National flag carrier; exited rehabilitation 2024, returned to SET trading August 2025
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Sits alongside 9 other Atlas profilesThai Airways Reborn: 2020 Bankruptcy, 2024 Rehabilitation Exit, and the New Flag-Carrier
Star Alliance global airline alliance; Thai Airways member.
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Sits alongside 5 other Atlas profilesThai Tourism Recovery: China-India Cohort and the Spending-Mix Shift
Thai national flag carrier; SET:THAI; emerged from rehabilitation 2024; Star Alliance member; ~70 aircraft.
Open report →
Sits alongside 6 other Atlas profilesRelated Market profiles
competitor
Thai AirAsia
Largest LCC operator in Thailand by domestic seat capacity; subsidiary of SET-listed Asia Aviation (AAV).
competitor
Thai Airways International
Thailand's flag full-service carrier; post-2023 court rehabilitation; FY2024 revenue ~THB 180B.
competitor
Nok Air (SET: NOK)
Thai-listed low-cost carrier (SET: NOK); operates 25+ domestic routes from Don Mueang, controlling approximately 15% of Thai domestic LCC seat share as of 2024.