Shares of Asia Aviation Pcl, owner of the Thai affiliate of Malaysia-based budget carrier AirAsia Bhd , climbed to their highest in more than two weeks amid optimism about its fleet expansion and the tourism industry.

Asia Aviation shares were up 2.3 percent at 3.6 baht, falling 2.7 percent since its debut on May 31, underperforming the broader stock market's gain of nearly 6 percent for the same period.

The share price weakness was in part due to concerns about weak second-quarter profits due to a low season for the tourism industry.

Broker Maybank Kim Eng Securities said it rated the stock a 'buy', with a target price of 4.3 baht, based on a price-to-forecast 2012 earnings of 13.8 times.

"Although the second quarter earnings will not likely be impressive due to seasonality, taxes and a slight benefit from a larger fleet, the additional aircraft adding in late September will drive growth around the year-end up in the high season," it said.

1510 (0810 GMT)

(Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com)