The Erawan Group Public Company Limited (SET: ERW) or “The ERAWAN Group”, an investor and operator with significant investment and business development in the hospitality industry across Thailand, Philippines, and Japan. The Company engages in hospitality business in all segments, ranging from luxury to budget hotels, and is expanding its investments in the Asia-Pacific region.
For further details, please visit our website www.theerawan.com.
| 3M25 | 3M24 | 2024 | 2023 |
|---|
| Revenues | 2,135.66 | 2,119.36 | 8,053.93 | 7,046.29 |
| Expenses | 1,602.57 | 1,521.61 | 6,267.79 | 5,773.91 |
| Net Profit (Loss) | 345.38 | 416.95 | 1,280.74 | 742.66 |
| Assets | 25,917.30 | 23,907.04 | 26,246.08 | 23,674.93 |
| Liabilities | 15,998.12 | 17,075.15 | 16,754.27 | 17,304.99 |
| Shareholders' Equity | 9,111.49 | 6,780.07 | 8,711.79 | 6,329.58 |
| Operating | 565.88 | 724.43 | 2,818.35 | 2,289.09 |
| Investing | -247.96 | -491.17 | -2,682.80 | -2,255.75 |
| Financing | -733.40 | -156.75 | 285.69 | -344.29 |
| EPS (Baht) | 0.07 | 0.09 | 0.27 | 0.16 |
| GP Margin (%) | 60.67 | 59.80 | 58.38 | 56.57 |
| NP Margin (%) | 16.98 | 20.21 | 16.30 | 10.78 |
| D/E Ratio (x) | 1.61 | 2.50 | 1.77 | 2.72 |
| ROE (%) | 15.22 | 14.46 | 17.03 | 12.35 |
| ROA (%) | 7.86 | 6.90 | 8.11 | 5.87 |
The Company is committed to sustaining growth and ensuring stable returns through a diversified and flexible investment portfolio. Our luxury to economy hotels are operated under leading global hotel chains in popular tourist destinations in Thailand and Philippines, catering to the demand from international customers. Our budget hotels, branded as “HOP INN,” enjoy strong domestic demand in both Thailand and Philippines, with an expansion into Japan in early 2024. In addition to our strategic location choices, the Company increases its market share through efficient operations while maintaining and upgrading our properties to remain competitive. The Company also continues to explore new investment opportunities both domestically and internationally, with a hotel development plan on a long-term leasehold plot near the BTS Phrom Phong Station while continuing the focus on expanding the “HOP INN” brand. The goal is to ensure a return on each investment, maintain market leadership in Thailand and Philippines, and expand the customer base across the Asia-Pacific region.
For detail on Sustainable Development Plan, please visit
https://www.theerawan.com/en/sustainability/home
In 1Q25, The Erawan Group Public Company Limited and its subsidiaries (“the Company”) continued to deliver revenue growth, driven by the successful execution of its strategy to strengthen a flexible and diversified hotel portfolio. This includes properties across all segments—from luxury, midscale, economy, to budget (HOP INN)—as well as overseas expansion to mitigate the impact of fluctuations in international tourist arrivals by country and support long-term operational stability. The Company also implemented a dynamic room rate strategy in response to growing market demand, with international tourist arrivals increasing by 2 percent YoY. Despite external challenges, including a slowdown in Chinese tourist arrivals and the earthquake in Myanmar on 28 March 2025, which affected regional travel sentiment, the Company delivered strong normalized performance. Total revenues reached 2,136 million baht, reflecting an increase of 7 percent YoY. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was recorded at 785 million baht, an increase of 12 percent YoY while net profit was 345 million baht, an increase of 21 percent YoY. In addition, the Company maintained a solid financial position, supporting its future business expansion plans.
Hotel Business
1.1 Luxury, Midscale and Economy
OCC was at 83% and ARR was at 3,569 Baht. Total operating revenue was recorded at 1,625 million baht, an increase of 4 percent YoY. Revenue from food and beverages amounted to 381 million baht, an increase of 6 percent YoY while EBITDA reached 628 million baht, marking a 5 percent YoY increase.
1.2 HOP INN Thailand
Revenue from existing hotels excluding new hotel openings since 2024 reached 241 million baht, an increase of 4 percent YoY and total revenue amounted to 272 million baht, representing a 15 percent YoY increase, while EBITDA was at 130 million baht, marking an increase of 14 percent YoY.
1.3 HOP INN Philippines
Revenue from existing hotels excluding new hotel openings since 2024 totaled 90 million baht, representing a 9 percent YoY decline and total revenue was at 117 million baht, an increase of 19 percent YoY, with EBITDA reached 51 million baht, an increase of 11 percent YoY.
1.4 HOP INN Japan
Revenue from existing hotels excluding new hotel opening in 2024 totaled 14 million baht, representing a 55 percent YoY increase and total revenue was at 79 million baht, an increase of 111 percent YoY, with EBITDA reached 41 million baht, an increase of 524 percent YoY.
Rental Properties
Revenue was recorded at 34 million baht in 1Q25, a decrease of 1 percent YoY.
Please visit
https://www.theerawan.com/en/investor-relations/document/quarterly-results
The Company recently opened three new “HOP INN” locations in Thailand, Pattaya, Song Khla, and Loei adding a total of 256 rooms to its portfolio. With this addition, the Company now operates 96 hotels, boasting a combined inventory of 11,799 rooms as of 1Q25.
For detail on Risk Management Policy, please visit
https://www.theerawan.com/en/corporate-governance/risk-management-and-internal-control
For detail on our recent awards and recognitions, please visit
https://www.theerawan.com/en/our-pride
| as of 31/03/25 | ERW | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 10.15 | 19.90 | 15.78 |
| P/BV (X) | 1.49 | 1.32 | 1.10 |
| Dividend yield (%) | 3.38 | 2.18 | 4.37 |
| 31/03/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 12,999.23 | 18,668.07 | 23,790.69 |
| Price (B/Share) | 2.66 | 3.82 | 5.25 |
| P/E (X) | 10.15 | 16.72 | 30.96 |
| P/BV (X) | 1.49 | 2.40 | 3.81 |
