Company Coverage
Asset World Corporation (AWC TB): 3Q26: Robust Results In Line
BUY (Maintained)
Current price:
Target price:
Upside:
Bt3.18
Bt3.90
+22.6%
Analyst
Analyst
Nonpawit Vathanadachakul
Highlights
- AWC reported a robust 3Q26 core profit of Bt457m (up from Bt265m in 3Q25 and Bt177m in 2Q26), which is in line with our forecast and the consensus.
- We remain optimistic about AWC going forward as forward bookings in 4Q26 remain strong across most of the hotel segments.
- Moreover, we expect to see large events in Bangkok and Pattaya to continue supporting robust hotel performance in 4Q26. AWC remains our top pick. Maintain BUY with a target price of Bt3.90.
Analysis
- 3Q26’s strong results in line. Asset World Corporation (AWC) reported a robust 3Q26 core profit of Bt457m (up from Bt265m in 3Q25 and Bt177m in 2Q26), which is in line with our forecast and the consensus. Total revenue is at Bt4.45b (+9.0% yoy, +14.6% qoq) with the growth mainly from the hotel business, showing revenue growth of 17.6% yoy, supported by overall RevPar growth of a massive 25.4% yoy. This robust performance is attributable to an uplift from all hotel segments, contributed by the continuous recovery of Chinese arrivals which resulted in a 46% yoy increase in Chinese revenue and large events such as Gastech which provided a traffic boost. Interest expense fell by a massive 17.2% yoy but rose slightly by 2.1% qoq due to increasing loan amounts. EBITDA margins expanded 0.9 ppt yoy, supported by gross margin expansion of both hotel and retail businesses.
Highlights
- AWC reported a robust 3Q26 core profit of Bt457m (up from Bt265m in 3Q25 and Bt177m in 2Q26), which is in line with our forecast and the consensus.
- We remain optimistic about AWC going forward as forward bookings in 4Q26 remain strong across most of the hotel segments.
- Moreover, we expect to see large events in Bangkok and Pattaya to continue supporting robust hotel performance in 4Q26. AWC remains our top pick. Maintain BUY with a target price of Bt3.90.
Analysis
- 3Q26’s strong results in line. Asset World Corporation (AWC) reported a robust 3Q26 core profit of Bt457m (up from Bt265m in 3Q25 and Bt177m in 2Q26), which is in line with our forecast and the consensus. Total revenue is at Bt4.45b (+9.0% yoy, +14.6% qoq) with the growth mainly from the hotel business, showing revenue growth of 17.6% yoy, supported by overall RevPar growth of a massive 25.4% yoy. This robust performance is attributable to an uplift from all hotel segments, contributed by the continuous recovery of Chinese arrivals which resulted in a 46% yoy increase in Chinese revenue and large events such as Gastech which provided a traffic boost. Interest expense fell by a massive 17.2% yoy but rose slightly by 2.1% qoq due to increasing loan amounts. EBITDA margins expanded 0.9 ppt yoy, supported by gross margin expansion of both hotel and retail businesses.
BUY (Maintained)
Current price:
Target price:
Upside:
Bt3.18
Bt3.90
+22.6%
Analyst
Analyst
Nonpawit Vathanadachakul
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