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 LimitedAWC reported blended RevPar up 26% YoY in July and 25% in August 2026, with On-the-Book for Q4 over 3x YoY, signaling strong end-customer demand for its hotels.
Bank of Ayudhya PCL