AWC, a member of TCC Group, operates as a holding company and is a leading integrated lifestyle real estate group in Thailand. The Company's business encompasses 2 business groups which are Hospitality, and Retail and Commercial Buildings (covering retail, wholesale, and office buildings).
| 9M24 | 9M23 | 2023 | 2022 |
|---|
| Revenues | 11,599.86 | 10,199.15 | 14,035.47 | 9,603.15 |
| Expenses | 8,825.68 | 8,172.09 | 10,936.41 | 8,452.80 |
| Net Profit (Loss) | 3,990.53 | 3,679.78 | 5,037.86 | 3,853.86 |
| Assets | 181,815.11 | 169,675.41 | 172,437.29 | 156,453.91 |
| Liabilities | 92,149.76 | 83,821.45 | 84,961.25 | 73,594.41 |
| Shareholders' Equity | 89,665.34 | 85,853.96 | 87,476.04 | 82,859.51 |
| Operating | 4,158.08 | 3,238.31 | 5,488.55 | 2,988.69 |
| Investing | -6,385.80 | -4,535.67 | -5,991.07 | -12,739.26 |
| Financing | 2,015.99 | 1,474.94 | 728.10 | 9,896.67 |
| EPS (Baht) | 0.12 | 0.12 | 0.16 | 0.12 |
| GP Margin (%) | 54.42 | 51.84 | 52.17 | 45.46 |
| NP Margin (%) | 34.40 | 36.73 | 36.37 | 41.45 |
| D/E Ratio (x) | 1.03 | 0.98 | 0.97 | 0.89 |
| ROE (%) | 6.09 | 6.08 | 5.92 | 4.76 |
| ROA (%) | 4.84 | 5.15 | 4.89 | 4.11 |
The Company has growth-led strategy as follows:
- Near-Term Growth: The Company is accelerating the enhancement of the potential of its operating properties both those in the RAMP UP and REPOSITIONING stages to become BAU stage.
- Medium-Term Growth: The Company is moving forward to accelerate the conversion of development assets to operating assets. The project includes Melia Pattaya Aquatique Destination, which are scheduled to open by 2024. Other projects scheduled to open by 2026-2030.
- Long-Term Growth: The Company aims for long-term growth through an investment plan under the GOR Agreement with TCC Group and the acquisition of third-party assets. This strategy enhances cash flow growth and strengthens the quality of our portfolio in the long term.
The Company commits to creating social values and sustainable economic growth for all stakeholders, underpinned by “Three Pillars” of the Sustainability Strategy:
- BETTER PLANET
- BETTER PEOPLE
- BETTER PROSPERITY
For more information, please visit the Company’s Sustainability
Vision page at AWC Sustainability.
1) Growth Acceleration by Investment Strategy
The Company is accelerating EBITDA growth through a unique business model to enhance quality assets and create sustainable long-term value, employing a Growth-Led Strategy. Moreover, the Company is focused on efficiently and rapidly converting developing assets into operating assets.
2) Growth Acceleration by Business Strategy The Company is accelerating its cash flow generation capabilities and enhancing its competitiveness through collaborations with global partners. This includes developing assets in the initial period (RAMP UP) phase into BAU period (BAU), while also repositioning the properties to meet market demands
3) Growth Acceleration by Corporate Strategy The Company emphasizes efficient cost management and operational efficiency through economies of scale. It benefits from having a global network of partners, and adopting the best practices from leading global partners. This enables the Company to manage revenues in each business segment and exceed the targeted EBITDA flow-through.
As a result, the Company has achieved strong growth, continuing from the first half of the year, even during the low season, with total revenue and net profit over the nine-month according to the Financial Statement reaching 15,222 million baht and 3,991 million baht, respectively. This success is driven by outstanding performance across all segments of its Hospitality Business, with Net Operating Profit (Hotel EBITDA) to THB 983 million, marking a 42% increase from the same period last year and a 79% increase compared to the same period in 2019. MICE and Bangkok City hotels implemented strategies to drive RevPAR to 4,702 baht per night over the first nine months, up 13% compared to the same period last year. Additionally, the RGI Index for hotels in the Company’s portfolio stands above the market average at 105. Furthermore, F&B revenue in the Hospitality Business grew by 13% compared to the previous year, resulting from a strategic integration that creates synergy value between the Hospitality and Retail and Commercial Business. The group has also maintained steady growth by evolving the marketing strategy for its shopping centers and office buildings to position AWC as a Lifestyle Destination, aligned with trends and customer demands.
- 18 September 2024 AWC launched “EA Rooftop at The Empire”.
The Company gives precedence to sustainable risk management to
support the achievement of its mission and goals. The Company
has established the Enterprise Risk Management Framework
according to the COSO Enterprise Risk Management 2017 and
applied the framework across the organization. The Company
analyzed and assessed all aspects of risks, both internal and
external. The risks identified are systematically monitored and
reviewed by the working committees under the supervision of the
Risk Management Committee.
The Company awards and recognitions presented to the Company
are described in the link as below: Award and Recognitions | Asset World Corporation (assetworldcorp-th.com)
| as of 30/09/24 | AWC | PROP | SET |
|---|---|---|---|
| P/E (X) | 22.63 | 14.67 | 18.03 |
| P/BV (X) | 1.36 | 1.11 | 1.37 |
| Dividend yield (%) | 1.32 | 4.10 | 3.16 |
| 30/09/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 120,978.75 | 113,928.34 | 201,604.86 |
| Price (B/Share) | 3.78 | 3.56 | 6.30 |
| P/E (X) | 22.63 | 22.40 | 59.04 |
| P/BV (X) | 1.36 | 1.33 | 2.48 |
