Real Estate Operating Companies

The analyst team at KGI Securities (Thailand) says it holds an increasingly positive view on the outlook for Thailand's tourism sector, citing a recovering trend in foreign tourist arrivals, rising flight capacity, and still-resilient domestic tourism, all of which should support the operating results of hotel operators in the second half of 2026. Foreign tourist arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.4% from the same period a year earlier. Meanwhile, the Tourism Authority of Thailand expects the number of Chinese tourists during the travel season and the long Golden Week holiday to rise 24% from the same period last year to about 250,000. The research team expects RevPAR to accelerate in the third quarter of 2026, turning back to positive growth after a 10% decline in the second quarter of 2026, and forecasts that RevPAR for hotels in Thailand will grow at rates ranging from single digits up to about 20% compared with the same period a year earlier. Among hotel stocks, Asset World Corp, or AWC, is expected to be one of the leaders of the recovery, with RevPAR forecast to grow 24% from the same period a year earlier, while Central Plaza Hotel, or CENTEL, is expected to post mid-teens RevPAR growth, and The Erawan Group, or ERW, is expected to grow at a single-digit rate. The research team maintains an overweight stance on the hotel sector, naming AWC with a target price of 3.60 baht and CENTEL with a target price of 49.00 baht as its top picks, while keeping a buy rating on ERW with a target price of 4.30 baht, MINT with a target price of 30.00 baht, and SHR with a target price of 1.90 baht.

PRG Corporation Public Company Limited, part of MBK Public Company Limited, or MBK, has acquired a big lot of 125.66 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03%, from BBTV Equity Company Limited, the largest shareholder and a company of the Rattanarak family, owner of Channel 7HD, which has held VIH shares since 2014. Two days earlier, VIH shares jumped 10.71% to close at 9.30 baht amid reports of the big lot. VIH operates four hospitals: Vichaiyut International Hospital Om Noi, Vichaiyut International Hospital Nong Khaem, Vichaiyut International Hospital Samut Sakhon, and Vichaiyut Hospital Fai Chai, along with Srivichai Vocational School, and has consistently profitable operations, paying dividends every year, with the latest dividend yield at 4.24%. The acquisition marks MBK's advance into the medical and health business. MBK has six core businesses: rice production and distribution, contract manufacturing, food courts, property and real estate development, logistics, and energy. Synergies are expected, from opening comprehensive health centers or specialized clinics in the group's shopping malls such as MBK Center, Paradise Park, and The Nine Center, to expanding medical tourism with group hotels such as Pathumwan Princess Hotel, and linking customer databases and loyalty programs across the group's businesses.

Asset World Corp, or AWC, has announced a long-term strategic expansion of its partnership with Meliá Hotels International to develop luxury and lifestyle hotels and resorts in Thailand, targeting a combined portfolio of more than 3,000 rooms by 2036 across the Meliá Hotels & Resorts, ME by Meliá, Paradisus Jomtien Hotel by Meliá, INNSiDE by Meliá and Gran Meliá Hotels & Resorts brands. A key highlight is the launch of Paradisus Jomtien Resort in 2031 on Jomtien Beach in Pattaya, marking the first time an all-inclusive luxury resort brand enters Thailand. In the fourth quarter of 2026, AWC will open a new Meliá hotel in the Sukhumvit 24 and 26 area, before fully upgrading it to the ME by Meliá and Meliá Hotels & Resorts brands in the fourth quarter of 2027. AWC currently has about 1,900 rooms under joint management with Meliá, both already in operation and under development, making AWC the largest owner of Meliá-branded hotels in Thailand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership will help drive Thailand toward becoming a world-class sustainable tourism destination, while Gabriel Escarrer, Executive Chairman and Chief Executive Officer of Meliá Hotels International, said Thailand is one of the most important strategic markets in Asia-Pacific.

Finansia Syrus Securities Public Company Limited, or FSS, stated in an analysis of Central Pattana Public Company Limited, or CPN, that a plan to add approximately 500,000 square meters of net leasable area will increase the company's total leasable area to approximately 2.8 million square meters by 2030 and will support business growth at a high single-digit level. FSS expects CPN's normalized profit to set new records continuously during 2026-2028, driven by leasable area expansion and growth of its core businesses, while a strong financial position will help limit risks from a rising interest rate environment. On valuation, CPN currently trades at a P/E of approximately 15 times. If only the shopping mall business is valued at a P/E of 15 times, that implies a value of approximately 287 billion baht, close to the current market capitalization, reflecting that the market price almost entirely reflects the value of the shopping mall business, while the hotel and residential businesses remain incremental to value. FSS therefore maintains a buy recommendation on CPN with a target price of 80 baht.

Asset World Corp Public Company Limited, or AWC, has announced a long-term strategic expansion of its partnership with Meliá Hotels International to jointly develop luxury and lifestyle hotels and resorts in key destinations across Thailand, under a long-term development plan running through 2036 with a combined room portfolio of more than 3,000 rooms, spanning the Meliá Hotels & Resorts, ME by Meliá, Paradisus Jomtien Hotel by Meliá, INNSiDE by Meliá and Gran Meliá Hotels & Resorts brands. Wallapa Traisorat, Chief Executive Officer and President of AWC, said one of the projects to watch is Paradisus Jomtien Resort, which will bring the brand to Thailand for the first time, scheduled to open in 2031 on Jomtien Beach in Pattaya as an all-inclusive luxury resort. AWC currently has approximately 1,900 rooms from hotels already in operation and projects under development, making it the largest owner of Meliá-branded hotels in Thailand. It also plans to bring two more Meliá hotels to Sukhumvit 24 and 26, scheduled to open in the fourth quarter of 2026 under transitional brand names before being rebranded as ME by Meliá and Meliá Hotels & Resorts in the fourth quarter of 2027. Gabriel Escarrer, Executive Chairman and Chief Executive Officer of Meliá Hotels International, said Thailand is one of the company's key strategic markets in the Asia-Pacific region. Meliá Hotels International was founded in 1956 and currently has more than 400 hotels in its portfolio across more than 40 countries worldwide.

CPI Property Group SA reported a strong liquidity position of EUR1.6 billion in its H1 2026 earnings call, covering all debt maturities until Q1 2028 and unsecured bond maturities until Q3 2030. The company reduced gross debt by EUR159 million in the first half and upsized its undrawn revolving credit facility to EUR500 million, extended to March 2030 with nine banks. Its disposal program is ahead of schedule, with EUR542 million signed or closed at 5% above book value and a pipeline exceeding EUR2 billion, targeting the upper end of the EUR500-750 million target for the year. Net rental income declined 5% to EUR375 million and FFO fell to EUR145 million, while consolidated leverage remained high at 49.3% and net ICR low at 2.2 times, both unchanged from year-end. CEO David Greenbaum said the company will not return to the bond market anytime soon, and CFO Pavel Mechura said meaningful credit metric improvement is expected to begin in 2027 as development assets are completed and sold.

Krungsri Securities Public Company Limited maintained its Buy recommendation on AWC shares with a target price of 3.90 baht and continues to pick AWC as its Top Pick in the sector, after AWC reported blended RevPar across all hotels growing a standout 26% year-on-year in July 2026 and 25% year-on-year in August 2026, a turnaround from the first and second quarters of 2026, when growth was -1% and +4% year-on-year respectively. Meanwhile, On-the-Book for September 2026 and the fourth quarter of 2026 is growing more strongly at over 3x year-on-year, covering every hotel group in the portfolio: MICE at +20-26% year-on-year, Bangkok at +20-21%, Resort Luxury at +14-20% and Non-Bangkok at +21-44%. The momentum is supported by the recovery in Chinese tourists, new hotels in Pattaya and global events. Krungsri said this trend is stronger than both its own and the market's expectations, having forecast growth of only +5% year-on-year for the third quarter of 2026 and +9% for the fourth quarter, leaving room for core profit in 2026 to see upside of 30-50%. It also sees positive short-to-medium-term catalysts over the next three to six months from global events in Thailand during the third and fourth quarters of 2026, the Thai Teaw Thai Plus stimulus measures, and the planned launch of a REIT worth 50 billion baht by the end of this year to early next year, which would unlock value from hotels in the portfolio and is expected to become clearer this September 2026.

Asset World Corp Public Company Limited (AWC) has announced a partnership with VitalLife Scientific Wellness Center, under Bumrungrad Hospital, to open "AYA Wellness Club" at Empire, Thailand's first comprehensive health and lifestyle destination in the heart of Bangkok. The club will operate 24 hours a day, offering preventive health programs, longevity, spa, dining, hydrotherapy, heat therapy, and fitness, with VitalLife serving as advisor on preventive healthcare and Longevity Medicine. Located in Empire, which spans over 48,000 square meters and is certified LEED Gold, WELL Core Platinum, and others, the first phase is set to open in 2026, with full operations in 2027.

AWC has partnered with VitalLife Scientific Wellness Center, part of Bumrungrad Hospital, to launch "AYA Wellness Club," the first and largest comprehensive wellness and lifestyle destination in the heart of Bangkok. The first phase will open in 2026, with full operations expected in 2027. Wallapa Traisorat, CEO of AWC, stated that this collaboration will bring preventive health knowledge and the science of longevity to create a wellness ecosystem that caters to Bangkok residents and global tourists. Meanwhile, Assistant Professor Dr. Polakit Teekakeerikul, CEO of VitalLife, noted that this project will make proactive healthcare more accessible and aligned with modern lifestyles.

Central Pattana or CPN reported core profit of 4.65 billion baht, up 19% from the previous year, on total revenue of 13.1 billion baht, up 8%. The Rental & Services business, which accounts for 88% of revenue, grew 8% due to expanding SSSG and revenue recognition from new centers. Meanwhile, core business GPM increased by 160 bps to 59%, and ROE rose to 17%. The second half outlook remains strong, with a property backlog of 9.6 billion baht and plans to open The Central Phaholyothin in 2027, as well as a mixed-use project with Mitsubishi Estate. A five-year plan targets adding another 500,000 square meters of leasable space, bringing the total to 2.8 million square meters. The average target price from IAA Consensus stands at 79.21 baht, with a 'buy' recommendation, resistance at 65.50 baht, and support at 64.25-64 baht.

Asset World Corp Public Company Limited, or AWC, has partnered with Universal Destinations & Experiences to develop Thailand's first luxury hotel themed around DreamWorks Animation, located within the Aquatique Pattaya project. The hotel is scheduled to open in the first quarter of 2033, with an initial plan of approximately 300 rooms, along with both indoor and outdoor DreamWorks-themed water parks, aiming to elevate Pattaya into a world-class tourist destination. Wallapa Traisorat, CEO of AWC, stated that this collaboration will bring world-class content to create a comprehensive experience. Meanwhile, Gerald Rains from Universal noted that the DreamWorks brand is popular with families worldwide, and partnering with AWC will extend its stories into real-life experiences.

Asset World Corp Public Company Limited (AWC) has announced the development of Thailand's first DreamWorks Animation-themed hotel within the Aquatique Pattaya project, in collaboration with Universal Destinations & Experiences. The luxury hotel is scheduled to open in the first quarter of 2576 (2033), with plans for approximately 300 guest rooms, as well as indoor and outdoor DreamWorks-themed water parks, to enhance Pattaya's potential as a world-class destination for family tourism and entertainment. Mrs. Wallapa Traisorat, CEO of AWC, stated that this collaboration will create a seamlessly connected experience, from water parks accessible from the guest rooms to restaurants and wellness facilities. Meanwhile, Mr. Gerald Rains, Vice President of Global Location Based Entertainment at Universal Destinations & Experiences, noted that the stories and characters from DreamWorks Animation are beloved by families worldwide, and expressed excitement about creating new experiences that bring fans closer to the world of DreamWorks Animation.

Asset World Corp Public Company Limited (AWC) is moving forward with the development of the Aquatique Pattaya project, in collaboration with Universal Destinations & Experiences, to build Thailand's first DreamWorks Animation-themed hotel, along with both indoor and outdoor DreamWorks-themed water parks. The luxury hotel is scheduled to open in the first quarter of 2576 (2033), with approximately 300 rooms, bringing DreamWorks stories and characters to create a unique experience. The Aquatique project is located in the heart of Pattaya within the EEC zone, connected to the high-speed rail and U-Tapao Airport. AWC expects to elevate tourism and create long-term value for the community.

MBK Public Company Limited (MBK) has announced an interim cash dividend of 0.60 baht per share, approved by the company's board of directors on September 2, 2026. The dividend will be paid from the operating results for the period January 1 to June 30, 2026, and retained earnings. Shareholders will be marked ex-dividend (XD) on September 16, 2026, with the record date set for September 17, 2026. The dividend payment will be made on September 29, 2026. The company's shares have a par value of 1.00 baht each.

DEMIRE Deutsche Mittelstand Real Estate AG has continued its planned portfolio sales for 2026, completing three property transactions with total proceeds of around 44 million euros. The company transferred the Roomers hotel property in Frankfurt to IROKO, a French fund management company represented by Norkon GmbH, at the end of August, with the purchase price matching the most recent valuation. Earlier in July, an office property in Kempten was sold to a local investor at a price close to its latest valuation. Additionally, a subsidiary of Fair Value REIT-AG, which is fully consolidated by DEMIRE, sold an office property in Chemnitz at book value, with handover scheduled for the fourth quarter of 2026. The proceeds will be used to strengthen liquidity and, among other things, refinance the 2019/2027 corporate bond.

Haining China Leather Market Co., Ltd. announced that its application to register 600 million yuan in medium-term notes has been accepted by the National Association of Financial Market Institutional Investors. The registration quota is valid for two years from the date of the notice. The matter was reviewed and approved by the company's board of directors and shareholders' meeting. The issuance amount is jointly underwritten by Bank of Ningbo, Industrial Bank, and Bank of Hangzhou. The company may issue the notes in installments within the validity period of the quota.

Macalline released its 2026 interim report. Total operating revenue was 3.095 billion yuan, and net profit attributable to the parent company was 74.8599 million yuan, swinging from a loss to a profit year on year and increasing by 1.975 billion yuan compared with the same period last year. Net cash inflow from operating activities was 883 million yuan, up 337.34 percent year on year, marking a second consecutive year of growth. The company's asset-liability ratio was 72.60 percent, and gross margin was 65.54 percent, up 4.04 percentage points from the same period last year and rising for a third straight year. Diluted earnings per share were 0.02 yuan, an increase of 0.46 yuan compared with the same period last year.

Red Star Macalline Home Furnishing Group Co., Ltd. released its 2026 semi-annual report. In the first half, it achieved operating revenue of 3.095 billion yuan, and net profit attributable to shareholders of the listed company of 74.8599 million yuan, successfully turning losses into profits. Net cash flow from operating activities was 883 million yuan, a year-on-year surge of 337.34%. The company had 72 self-operated malls with an average occupancy rate of 86.9%, up 1.9 percentage points from the end of 2025; 211 managed malls with an average occupancy rate of 78.4%; in total it operated 331 home furnishing and building materials stores or industry streets, covering 178 cities, with a total operating area of 18.5359 million square meters. The company advanced its 3 plus Star Ecosystem strategy, launched two MEGAE Smart Electric Oasis projects in the first half, brought new retail furniture operating area to 266,000 square meters, and planned to exceed 300,000 square meters by the end of 2026. Controlling shareholder C&D Inc. and Lianfa Group continued to empower the company, exploring a new model of decoration upon home delivery.

Macalline released its first-half 2026 results, returning to profitability as net profit attributable to the parent rose from a loss of 1.9 billion yuan in the same period last year to 74.86 million yuan. During the reporting period, revenue was 3.095 billion yuan, down 7.3 percent year on year, while gross margin improved to 65.5 percent. Net operating cash flow reached 883 million yuan, up 337.3 percent year on year. The company deepened cost reduction and expense control, with operating costs down 17 percent year on year and selling, administrative, and financial expenses all declining. Macalline accelerated expansion in high-end appliances and new retail furniture, with new retail furniture operating area reaching 266,000 square meters. As of the end of June, the average occupancy rate of self-operated malls rose to 86.9 percent, up 1.9 percentage points from the end of last year.

Shanghai Lingang released its 2026 interim report. Total operating revenue was 2.6 billion yuan, and net profit attributable to the parent company was 560 million yuan, an increase of 317 million yuan from the same period last year, up 130.83% year on year, marking a second consecutive year of growth. Net cash flow from operating activities was negative 741 million yuan, an improvement of 1.616 billion yuan compared with the same period last year. The company's asset-liability ratio was 66.48%, down 0.50 percentage points year on year. Gross margin was 51.41%, up 3.94 percentage points quarter on quarter. Return on equity was 3.34%, up 1.82 percentage points year on year. Diluted earnings per share were 0.22 yuan, up 120.00% year on year. The number of shareholders was 56,100, and the top ten shareholders held 73.90% of total share capital.

Shenzhen SEG released its 2026 interim report, with total operating revenue of 704 million yuan and net profit attributable to the parent company of 52.2925 million yuan, an increase of 2.0828 million yuan from the same period last year, up 4.15% year on year. Net cash inflow from operating activities was 47.9407 million yuan, the asset-liability ratio was 49.91%, the gross margin was 29.09%, and ROE was 2.57%. The number of shareholders was 52,900, and the top ten shareholders held 59.73% of the total share capital.

Shenzhen Huaqiang announced on August 27 that it plans to distribute a cash dividend of 3 yuan per 10 shares, before tax, to all shareholders, with an estimated total payout of 314 million yuan. In the first half of 2026, the company achieved revenue of 17.748 billion yuan and net profit attributable to the parent of 391 million yuan.

Haining China Leather City released its 2026 interim report. The company's total operating revenue was 469 million yuan, and net profit attributable to the parent company was 58.7971 million yuan, an increase of 12.4861 million yuan compared with the same period last year, up 26.96% year on year. Net cash inflow from operating activities was 102 million yuan, the asset-liability ratio was 35.41%, and the gross margin was 34.02%, an increase of 3.99 percentage points from the same period last year. Diluted earnings per share were 0.05 yuan, up 25.00% year on year. The company had 28,400 shareholders, and the top ten shareholders held 58.53% of the total share capital.

Shenzhen Huaqiang released its semi-annual report on the evening of August 27. In the first half of 2026, it achieved operating revenue of 17.748 billion yuan, up 60.65% year on year, and net profit attributable to the parent company of 391 million yuan, up 66.13% year on year. The company said the memory product line was the main source of revenue growth in its authorized distribution business, with shipment value up more than 330% year on year, while sales to server, server ODM and data center power supply customers in data center construction-related fields continued to grow. In addition, the company seized the opportunity of recovering sentiment in the long-tail spot market and high memory market prosperity, and revenue from its electronic components long-tail spot procurement business rose sharply year on year, by more than 300%.

Shenzhen Huaqiang disclosed its half-year report. In the first half of 2026, it achieved operating revenue of 17.748 billion yuan, up 60.65% year on year. Net profit attributable to shareholders of the listed company was 391 million yuan, up 66.13% year on year. Basic earnings per share were 0.3743 yuan. The company plans to distribute a cash dividend of 3 yuan per 10 shares, tax included. In the first and second quarters of 2026, the company's revenue hit record highs, and it has now achieved quarter-on-quarter growth for five consecutive quarters. During the reporting period, the memory product line was the main source of revenue growth in the company's authorized distribution business, with shipment value up more than 330% year on year. In areas related to downstream data center construction, the company's sales to server, server ODM, and data center power supply customers continued to grow.

Shenzhen Huaqiang released its 2026 half-year report, with first-half net profit attributable to the parent of 391 million yuan, up 66.1% year on year. Operating revenue was 17.75 billion yuan, up 60.7% year on year; non-GAAP net profit attributable to the parent was 400 million yuan, up 85.2% year on year; net operating cash flow was negative 798 million yuan, down 199.7% year on year. In the second quarter, operating revenue was 10.05 billion yuan, up 72.7% year on year, and net profit attributable to the parent was 191 million yuan, up 46.5% year on year. As of the end of the second quarter, total assets were 20.484 billion yuan, up 11.4% from the end of the previous year; net assets attributable to the parent were 6.9 billion yuan, up 2.5% from the end of the previous year. The company continued to advance across business segments including authorized distribution of electronic components, long-tail spot procurement, and AI computing power integrated services, with storage product line revenue growing significantly, while AI computing power integrated services still account for a small share but hold considerable potential.

Huaxin Co., Ltd. released its 2026 interim report. Total operating revenue was 1.429 billion yuan, up 22.10% year-on-year. Net profit attributable to the parent company was 402 million yuan, up 79.47% year-on-year, marking a second consecutive year of growth. Net cash inflow from operating activities was 4.969 billion yuan, up 113.15% year-on-year, rising for a third straight year. The company's asset-liability ratio was 85.55%, return on equity was 4.40%, and diluted earnings per share was 0.38 yuan, up 80.95% year-on-year. The number of shareholders was 54,700, and the top ten shareholders held 62.37% of total share capital.

Shenzhen Huaqiang disclosed its 2026 interim report on August 27. In the first half, it achieved operating revenue of 17.748 billion yuan, up 60.65% year on year; net profit attributable to shareholders of the listed company was 391 million yuan, up 66.13% year on year; basic earnings per share were 0.3743 yuan. The company plans to distribute a cash dividend of 3 yuan per 10 shares, tax included. In the first and second quarters of 2026, the company's revenue hit record highs, and it has now achieved quarter-on-quarter growth for five consecutive quarters. During the reporting period, the memory product line was the main source of revenue growth in the company's authorized distribution business in the first half, with shipment value up more than 330% year on year. In downstream data center construction-related areas, the company's sales to server, server ODM, and data center power supply customers continued to grow.