ASEAN Single Aviation Market (ASEAN-SAM) 2016 is concept of free market of ASEAN airline industry, with the aim to increase regional connectivity and regional economic growth by permiting airline industry from each ASEAN member states to fly above the South East Asian region without any barriers or restriction. This situation could reduce cost for the airline, and all other things being equal, would deliver a benefit to airline industry. This situation also requires an excellent performance of Airline companies i.e. Garuda Indonesia, Singapore Airline, and Thai Airways. The implementation ASEAN-SAM will consequently require airline companies to increase their capacity and performance so that it could compete successfully at regional level. This study intends to analyze and measure the financial performance and healthiness before and after the implementation of the ASEAN-SAM of Top Three ASEAN airline companies; 1) Garuda Indonesia; 2) Singapore Airline; 3) Thai Airways. Next, the result of the observation of the financial ratio obtained from audited financial reports is checked by The Decree No.KEP-100/MBU/2002 establishing their financial health status. Finally, using a specific period from 2013 until 2018 and statistical paired sample test (t-test and wilcoxon-test), the study will analyse and validate on the significant differences of the financial performances and healthiness before the implementation ASEAN-SAM (2013-2015) and after the implementation (2016-2018). This study discovered there was a significant difference affected in financial performance, in Garuda Indonesia (TETA and TATO), in SIA (Current Ratio, Cash Ratio) before and after ASEAN SAM. In addition, it show that there was no significant healthiness difference due to ASEAN SAM implementation.

Keywords: financial performance, financial healthiness, airline, t test, wilcoxon