Asset World Corp Public Company Limited

Kasikorn Securities said the government is preparing to launch the Thai Teaw Thai Plus programme on 1 October to stimulate domestic tourism, targeting total tourism revenue of 3 trillion baht within four years. For 2026, revenue is expected to be close to the previous year at 2.7 trillion baht, with around 33 million foreign tourists, while moving towards high-value tourism and using data and artificial intelligence to upgrade marketing. The research team views this as positive for tourism, hotel, airline, airport and retail sectors, especially Airports of Thailand, Central Plaza Hotel, The Erawan Group, Minor International and Asset World Corporation, if the measures help stimulate domestic travel and spending in the fourth quarter of 2026 as expected.

Bualuang Securities and Krungsri Securities expect third-quarter 2026 net profit of listed companies to expand from the same period last year. KCE is projected to see printed circuit board delivery volumes rise, with average selling prices up 9 to 10 percent, lifting PCB revenue by 17 to 19 percent. CBG expects domestic energy drink sales to grow 10 percent and sales in Myanmar to jump 70 percent. ITC forecasts July to August sales up 10 percent from a year earlier and 7 percent from the previous quarter. In the hospital group, BH and BDMS expect July revenue to return to growth on Thai and Middle Eastern patients. The tourism and airport group, AOT and CENTEL, continues to show solid momentum, with July revenue per available room up 26 percent for AWC, 8 percent for CENTEL, 5 percent for ERW, and 4 percent for MINT. GPSC is supported by a full quarter of profit recognition from the GHECO-One and Glow IPP power plants. Krungsri Securities assesses that the electronic components group, led by KCE and HANA, is growing strongly both year on year and quarter on quarter. SCGP is expected to see profit recover on higher selling prices, strong sales volumes, and benefits from supply chain disruptions.

Bualuang Securities said second-quarter 2026 results for the tourism sector were stronger than the soft tourist arrival numbers suggested, with combined core profit rising 3% year on year to 7.76 billion baht and mostly beating expectations. For the third quarter of 2026, it expects combined core profit to still grow 3% year on year. Although the headline figure looks modest because of the large profit bases at Airports of Thailand and Minor International, which are expected to grow only 4% and 1% year on year respectively, the recovery in hotel stocks is clearer. It expects The Erawan Group to rise 28% year on year, while Asset World Corp and Central Plaza Hotel are each expected to rise 10% year on year. Leading indicators in the third quarter so far support that picture. July revenue per available room rose 26% year on year for Asset World Corp, 8% for Central Plaza Hotel, about 5% for The Erawan Group and 4% for Minor International. Asset World Corp also has booked room revenue for the second half of 2026 that is 30% higher than a year earlier, while The Erawan Group's August bookings improved from the previous month. Overseas, Maldives tourist arrivals swung from a 2% year-on-year decline in July to an 11% year-on-year increase in August, which is positive for Central Plaza Hotel, while the recovery is spreading more broadly across Northeast Asia and long-haul markets. Bualuang Securities maintained its 2026 foreign tourist arrival forecast at 31.9 million, down 3.3% year on year, after the first half of 2026 came in at 16.2 million, down 3.2% year on year. That means the second half of 2026 would need to fall about 3.3% year on year, which is still in line with the forecast. If second-half 2026 arrivals are flat year on year, there is a chance the full-year figure could be revised up to about 32.4 million, down 1.6% year on year. It kept its 2027 forecast at 34.0 million, up 6.6% year on year. The key point is that this recovery is more value-led than volume-led. Average spending per tourist rose 7% year on year in the first quarter of 2026 and 15% year on year in the second quarter of 2026 to 52,918 baht per person, helped by longer stays and a higher share of higher-spending long-haul tourists. That means tourism revenue and hotel profits have a chance to recover faster than tourist numbers alone would suggest. Bualuang Securities maintained an overweight rating on the tourism sector and selected Asset World Corp, Central Plaza Hotel and The Erawan Group, in that order. Asset World Corp stands out for its MICE booking momentum and asset injections into a REIT to recycle capital. Central Plaza Hotel is supported simultaneously by renovated Thai hotels, Maldives and Dubai hotels gradually raising occupancy, and improving food business margins. The Erawan Group is a recovery play on revenue per available room and HOP INN expansion, with potential upside from a future business separation. Airports of Thailand is not among the report's three top picks, but it has the most pronounced earnings inflection point, with 2027 core profit expected to grow 59% year on year from the full-year recognition of the passenger service charge.

Asset World Corp Public Company Limited, or AWC, has officially launched Fairmont Bangkok Sukhumvit, marking the first time the Fairmont brand from Accor has opened in Thailand. The hotel features 416 rooms and more than 2,000 square metres of event space across three floors to serve the luxury MICE market. It will gradually unveil various experiences throughout 2026 and plans to open additional rooftop dining in December. The hotel also includes a Fairmont Spa of more than 1,000 square metres and has been designed to LEED Gold standards. Wallapa Traisorat, Chief Executive Officer and Managing Director of AWC, said bringing the Fairmont brand to Thailand is a significant step for the company and the result of collaboration with Accor and Fairmont Hotels and Resorts.

Bualuang Securities released its review of the financial statements of 11 companies, finding that 8 reported better-than-expected profits: GUNKUL, CK, SPRC, CPF, CBG, AWC, HANA, and BCH. STECON and BH posted profits in line with expectations, while BTS reported a smaller loss than expected. GUNKUL posted core profit of 567 million baht, 7% above expectations. CK posted core profit of 800 million baht, 17% above expectations, and announced an interim dividend of 0.20 baht per share. SPRC posted core profit of 7.09 billion baht, 11% above expectations, and announced a first-half dividend of 0.50 baht per share. CPF posted core profit of 4.57 billion baht, 13% above market expectations. CBG posted core profit of 736 million baht, 13% above expectations. AWC posted core profit of 232 million baht, above expectations. HANA posted core profit of 278 million baht, 25% above expectations. BCH posted core profit of 343 million baht, 13% above expectations, and announced an interim dividend of 0.15 baht per share. STECON posted core profit of 910 million baht, in line with expectations. BH posted core profit of 1.89 billion baht, in line with expectations, and announced an interim dividend of 4 baht per share. BTS reported a core loss of 601 million baht, smaller than the slight profit originally expected.

Asset World Corp Public Company Limited, or AWC, reported second-quarter net profit for the fiscal year 2569 of 1.468 billion baht, up 4.6% from the same period last year. Total revenue was 5.502 billion baht, up 5.6%, and EBITDA was 2.85 billion baht, up 4.6%. The hotel and services business generated revenue of 2.761 billion baht, up 5.7%, while the commercial business generated revenue of 2.517 billion baht, up 13.4%. The board of directors approved the establishment of Asset World Corp REIT Company Limited to act as trust manager, and approved in principle a study of establishing a REIT, with the initial value of assets to be sold to the trust expected to be within a limit of 50 billion baht, representing a transaction size of no more than 25% of total assets according to the second-quarter financial statements for the fiscal year 2569.

Asset World Corp, or AWC, reported second-quarter net profit for 2026 of 1.468 billion baht, up 4.55% from the same period last year, with total revenue of 5.502 billion baht, up 5.6%, driven by its hotel and commercial portfolios. Operating profit came in at 2.85 billion baht, up 4.6%. The hotel group posted revenue of 2.761 billion baht, up 5.7%, while the commercial group recorded revenue of 2.517 billion baht, up 13.4%. The company is studying the establishment of a real estate investment trust, or REIT, and expects to sell assets worth no more than 50 billion baht into the trust, opening opportunities for investors to access the company's quality real estate portfolio.

The board of AWC has approved the establishment of a subsidiary, Asset World Corp REIT, with registered capital of 30 million baht, to act as a trust fund manager. The company is also studying the creation of a REIT, with initial plans to sell assets into the fund of no more than 50 billion baht, representing a transaction size of no more than 25 percent of total assets according to the financial statements for the second quarter of 2026, ending 30 June 2026. The subsidiary is expected to be established within August 2026.

Asset World Corp is investing approximately 2.9 billion baht to develop an ultra-luxury hotel on the River Garden plot along the Chao Phraya River under the Plaza Athénée brand. Wallapa Traisorat, Chief Executive Officer and President, said the project is an 18-storey hotel with 146 rooms and total building area of more than 20,000 square metres, scheduled to open by 2028, combining luxury services, a wellness centre, restaurants and lifestyle offerings. The project is part of the AWC Riverside Journey strategy linking 11 destinations along the Chao Phraya River, from Asiatique The Riverfront Destination to historic districts such as Song Wat, Yaowarat and Woeng Nakhon Khasem, to attract quality travellers and strengthen Thailand as a world-class sustainable tourism destination.

Kasikorn Securities assesses that the government is likely to proceed with the Thai Chuay Thai Plus Phase 2 project after the first phase ends on 30 September 2026. The first phase saw 26 million participants and generated over 86 billion baht in circulation, mostly distributed to provincial areas, helping to ease cost-of-living pressures and stimulate the domestic economy. If Phase 2 continues, it would be a positive factor for consumer and retail stocks, as purchasing power and money circulation could recover towards the end of the year. Meanwhile, the government is preparing to push the Thai Thiao Thai Plus project from October to December 2026 to boost domestic tourism through a nationwide co-payment system at a single rate, and is considering supporting accommodation at a fixed rate of 2,000 to 3,000 baht per night, as well as increasing tourism service coupons. The proposal is expected to be submitted to the cabinet within August. These measures will have a positive impact on tourism and hotel stocks, especially The Erawan Group, Central Plaza Hotel, and Asset World Corp, as well as restaurant businesses, supported by domestic tourism and spending during the year-end travel season.

Krungsri Securities stated that the Tourism Ministry's Thai Tour Thai Plus scheme will stimulate domestic tourism during the low season by subsidising service sector spending via the Pao Tang app, while also moving ahead with collecting a landing fee from foreign tourists to channel funds into the Thai Tourism Promotion Fund. The revenue will be used to develop tourist areas, allocate insurance premiums for tourist safety, and restore the environment. The research unit sees a positive impact on service sector stocks with high domestic revenue exposure, especially AWC, ERW, and CENTEL, while the landing fee is expected to have a limited impact.

The Ministry of Tourism is preparing to propose to the Cabinet by the end of August 2026 for approval of the Thai Tour Thai Plus project, requesting a budget of 2.45 billion baht from the emergency loan decree. It aims to stimulate the economy during the low season and generate over 56 billion baht in circulation. If approved, the public can start using the benefits from late 2026, including accommodation discounts of up to 3,000 baht, digital coupons, and airfare discounts, alongside measures to attract foreign tourists. Analysts assess that this project will be positive for tourism, hotel, and domestic airline stocks, namely CENTEL, ERW, MINT, AWC, AOT, BA, and AAV.

KGI Securities expects the combined core profit of five hotel operators in the second quarter of 2026 to reach 3.85 billion baht, up 1.5 percent from a year earlier and up 46.8 percent from the previous quarter. Minor International will be the main driver, supported by its European hotel business entering the high season. Central Plaza Hotel is forecast to post the strongest profit growth at 15 percent year-on-year, followed by Asset World Corporation and The Erawan Group at 11 percent and 10 percent respectively. S Hotels and Resorts is expected to swing to a core loss. The research team maintains an overweight stance on the hotel sector and has raised target prices by 6 to 13 percent, selecting ERW and CENTEL as top picks with target prices of 4.30 baht and 48.00 baht respectively.

KGI Securities Thailand expects AWC to report a 2Q69F core profit of 231 million baht, up 11% year-on-year but down 70% quarter-on-quarter, supported by continued growth in both the hotel and commercial businesses. Hotel revenue is projected to increase 6% year-on-year to 2.7 billion baht, driven by a 3% year-on-year recovery in RevPAR after a 1% contraction in the first quarter, led by hotels in Bangkok and upscale hotels outside Bangkok. Meanwhile, commercial revenue is expected to grow 11% year-on-year to 1.0 billion baht, thanks to higher occupancy and rental rates at Asiatique and community mall projects. However, the EBITDA margin is forecast to soften to 31.4% from 33.4% in the same quarter last year, due to higher operating expenses. Profit momentum is expected to improve steadily from the third to the fourth quarter of 2026, supported by recovering demand in leisure travel and MICE segments. Management targets around 10% year-on-year RevPAR growth in the third quarter of 2026, which should drive room revenue growth exceeding 20% year-on-year. If second-quarter profit meets expectations, first-half core profit would reach 1.0 billion baht, up 5% year-on-year, representing 40% of the full-year profit forecast. KGI therefore maintains its 2026 core profit estimate at 2.4 billion baht, up 28% year-on-year, and sees potential upside risk from stronger-than-expected RevPAR growth, where every 1% increase in RevPAR could lift the profit estimate by about 3%. AWC's share price has surged more than 14% over the past month, reflecting expectations of a profit recovery, but most positive factors are already priced in. AWC still trades at a premium valuation compared to peers, with an EV/EBITDA of around 8 to 10 times. KGI maintains a Hold rating and raises its 2027 target price to 3.20 baht from 2.60 baht, based on a 2027 EV/EBITDA of 23 times.

AWC has launched a landmark cable car crossing the Chao Phraya River to revitalise Thai tourism sustainably. The project is part of the company's riverside tourism development plan, aiming to connect key historical and cultural sites. The cable car will offer an alternative travel option and create a new experience for tourists, while also promoting environmentally friendly tourism in line with AWC's sustainability approach.

The Minister of Tourism and Sports has assigned policies to the Tourism Authority of Thailand board to drive the tourism industry under the concept of Tourism for All, Tourism for the Future, preparing to move forward with three key projects during the high season. These are the Thai Travels Thailand Plus, or Co-pay, project to stimulate domestic travel; the Fly Thai All the Feelings project, partnering with six domestic airlines to offer ticket discounts to Thai citizens for 400,000 seats; and the Thailand Air Connect project, collaborating with airlines and partners to increase frequency and seat capacity on both charter and commercial flights. In addition, the government aims to elevate Thailand into a valuable and sustainable destination, promoting travel to secondary cities and 55 target communities, and pushing for the country to become a global event hub by hosting the Tomorrowland Thailand music festival from 11 to 13 December 2026 in Chonburi province, which is expected to attract no fewer than 150,000 attendees and generate total economic value of up to 6.132 billion baht. Kasikorn Securities, or KS, assesses that these measures are a positive factor for tourism-related stocks, including AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, as well as retail operators in tourist cities, viewing that travel and spending have an opportunity to recover in the second half of the year.

Aira Securities assesses AWC shares, projecting second-quarter 2026 core profit at 232 million baht, up 12 percent year-on-year but down 70 percent quarter-on-quarter, with revenue of 4.017 billion baht, up 9 percent year-on-year and down 23 percent quarter-on-quarter, excluding gains from fair value changes in investment properties. The quarter-on-quarter softening follows normal seasonal patterns, as the second quarter is the low season for tourism. Year-on-year growth came from a roughly 3 percent increase in portfolio-wide RevPAR, led by Bangkok hotels up 10 percent, other hotels outside Bangkok up 9 percent, and luxury resorts up 6 percent, while MICE hotels were flat. This was also supported by a full quarter of revenue recognition from three new hotels opened in 2025, and the commercial segment saw revenue rise about 4 percent year-on-year. Cost of sales increased only 7 percent year-on-year, decelerating from the 15 percent rise in first-quarter 2026, while SG&A expenses were flat to slightly higher. As a result, gross margin improved to 49.2 percent from 48.1 percent in second-quarter 2025, reflecting that the cost base adjustment from the gradual opening of new hotels in 2025 has passed its peak. The outlook for third-quarter 2026 is positive, with RevPAR trending higher and forward bookings indicating room revenue growth of more than 20 percent year-on-year. Additional support comes from the opening of Fairmont Bangkok Sukhumvit in June 2026 and the return of MICE business in the second half of 2026 from international events such as Gastech in September 2026, the annual IMF and World Bank meetings, and the Tomorrowland music festival, which will boost MICE hotels and Bangkok properties. The research team sets a new 2027 target price of 3.60 baht, implying a price-to-book value of 1.1 times, and recommends buy.

AWC shares rose 8.95% to 2.92 baht, up 0.24 baht, leading the tourism sector after InnovestX Securities raised its 2026 foreign tourist arrival estimate from 31 million to 33 million. Foreign tourist arrivals from January 1 to July 18, 2026, stood at 17.4 million, down 3.1% year-on-year, and are expected to return to year-on-year growth in the fourth quarter of 2026, driven by high-season demand, global events, and government measures. The research team raised normalized earnings estimates for hotel stocks, with ERW seeing the largest upgrade at 15%, followed by AWC at 11%, CENTEL at 7%, and MINT at 1%, based on their revenue exposure to Thai hotels. ERW is seen as best positioned due to its high share of revenue from Thailand and a strong domestic guest base, while CENTEL is expected to post the strongest profit growth in 2027, supported by a new hotel in the Maldives and a recovery at its joint-venture hotel in Dubai.

Asset World Corp Public Company Limited, or AWC, forecasts second-quarter 2026 core profit at 230 million baht, down 70.1% from the previous quarter but up 10.5% from the same period last year, supported by higher hotel revenue from an increase in revenue per available room, or RevPar. Meanwhile, revenue from retail and commercial building businesses came in at 1.1 billion baht, down 1% from the prior quarter but up 12% year-on-year. Analysts maintain a buy recommendation and a target price of 3.55 baht, viewing strong bookings in the second half of 2026 as supportive of performance.

Bualuang Securities expects the Stock Exchange of Thailand index to climb to 1,700 points by the end of 2026, supported by foreign fund inflows projected to reach 160 billion baht in net buying for the full year. This follows net purchases of around 70 billion baht since the start of the year, driven by strong earnings growth among listed companies, particularly in the energy and petrochemical sectors, and the appeal of high dividend yields in Thai equities. For the second half, the investment strategy focuses on selective stock picking in sectors with positive catalysts. These include power plant operators benefiting from green energy demand, with recommendations for GULF, GPSC, GUNKUL, and WHAUP. The electronics sector is recovering in line with global cycles and AI investment, with KCE as a top pick. Commercial banks offering high dividends are favored, with KBANK and KTB highlighted. Tourism and hotel stocks, where earnings have bottomed out, are represented by ERW and AWC. Consumer goods and food companies poised to gain from hotter weather include CBG and CPF. In portfolio allocation, Bualuang Securities advises investors who can tolerate risk to allocate 60 to 70 percent to equities, split into 30 percent Thai stocks and 70 percent foreign stocks, with the remainder in debt instruments and bonds, primarily focusing on Thai debt securities.

Asset World Corp Public Company Limited, or AWC, has signed a hotel management agreement for Moxy Pattaya The Aquatique with Marriott International within the flagship Aquatique Pattaya project, aiming to propel Pattaya into a world-class destination. Moxy Pattaya The Aquatique is scheduled to open in the first quarter of 2033 with approximately 400 rooms under Marriott International's lifestyle brand. The Aquatique Pattaya project is AWC's flagship development under an integrated destination concept that combines hotels, lifestyle, entertainment, and wellness in a single destination, developed in partnership with Marriott International. It currently features a total of over 1,400 rooms spanning from premium lifestyle to ultra-luxury hotels. The portfolio within the project includes world-class hotels such as The Ritz-Carlton, Autograph Collection, and JW Marriott Pattaya Resort & Spa, covering a total hotel building area of over 154,000 square metres. The project is located in the Eastern Economic Corridor, or EEC, which benefits from national infrastructure investments such as the high-speed rail linking three airports and U-Tapao International Airport.

Asset World Corp Public Company Limited, or AWC, has signed a sustainability-linked loan agreement worth 200 million US dollars, or approximately 6.6 billion baht, with Oversea-Chinese Banking Corporation Limited, or OCBC, a leading Singapore bank and the second-largest by assets in Southeast Asia. This marks the first financial collaboration between the two organizations. The loan will support AWC's growth strategy in its hotel, office building, and lifestyle destination businesses, while maintaining financial discipline with an interest-bearing debt-to-equity ratio below the industry average. Mrs. Wallapa Traisorat, Chief Executive Officer and Managing Director of AWC, said the partnership reflects OCBC's confidence in Thailand's potential and a shared vision for sustainable growth. Ms. Elaine Lam, Head of Global Corporate Banking at OCBC, said Thailand remains a high-potential market, especially in the tourism sector, and the bank is ready to support organizations that play a key role in economic development through sustainable finance solutions.

Thailand's hotel business in the second half of 2026 is supported by business travel and global events hosted by the country, expected to attract over 300,000 high-quality travelers, driving occupancy rates and revenue per available room to grow continuously. Analysts at Kasikorn Securities revealed that although foreign tourist arrivals in April fell 7.0% year-on-year, the average daily room rate rose 6.1% to 1,947 baht, resulting in revenue per available room of 1,411 baht, up 4.2%, and May is expected to recover with a 4.0% increase in tourist numbers. Key events such as Gastech, the IMF–World Bank Annual Meetings, Thailand MICE Week, and Tomorrowland Thailand will be positive factors for hotel operators, especially AWC, ERW, CENTEL, and MINT, as well as airport and airline businesses. The research team maintains a buy recommendation on AWC with a target price of 3.55 baht, and on ERW.

Prime Minister Anutin's visit to China is bolstering investment and tourism confidence. The Tourism Authority of Thailand is partnering with Sichuan Airlines, Meituan, and several Chinese allies to increase flights, enhance safety, and market to quality tourists. The target for Chinese tourists in 2026 has been adjusted to 5.13 million, generating revenue of approximately 288 billion baht. Research views this as positive for tourism and aviation stocks such as AOT, AAV, BA, CENTEL, ERW, MINT, and AWC, given the continued recovery in flights and Chinese tourist arrivals.

Kasikorn Securities notes that the Ministry of Tourism and Sports reported that from January 1 to July 18, 2026, Thailand welcomed a cumulative 17.36 million foreign tourists, generating revenue of 839 billion baht. Although this is still down 3.05 percent compared to the same period last year, the top five source markets were China, Malaysia, India, Russia, and South Korea. Meanwhile, in the latest week, tourist numbers rose 4.04 percent from the previous week, supported by school holidays, increased flights, and a recovery in the Taiwan market. The research team views this as positive for tourism and airport stocks such as Airports of Thailand, Asia Aviation, Bangkok Airways, Central Plaza Hotel, Erawan Group, Minor International, and Asset World Corporation, given the gradual recovery in tourist numbers expected in the second half of the year, even though cumulative arrivals remain slightly below last year's level.