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 more information,
please visit our website at www.theerawan.com.
| 6M25 | 6M24 | 2024 | 2023 |
|---|
| Revenues | 3,889.00 | 3,962.63 | 8,053.93 | 7,046.29 |
| Expenses | 3,118.10 | 3,061.77 | 6,267.79 | 5,773.91 |
| Net Profit (Loss) | 408.39 | 778.39 | 1,280.74 | 742.66 |
| Assets | 25,764.93 | 25,567.65 | 26,246.08 | 23,674.93 |
| Liabilities | 16,256.23 | 17,707.02 | 16,754.27 | 17,304.99 |
| Shareholders' Equity | 8,700.51 | 7,804.73 | 8,711.79 | 6,329.58 |
| Operating | 1,020.39 | 1,362.28 | 2,818.35 | 2,289.09 |
| Investing | -472.90 | -2,131.08 | -2,682.80 | -2,255.75 |
| Financing | -958.43 | 1,180.58 | 285.69 | -344.29 |
| EPS (Baht) | 0.08 | 0.17 | 0.27 | 0.16 |
| GP Margin (%) | 57.90 | 57.90 | 58.38 | 56.57 |
| NP Margin (%) | 11.12 | 20.03 | 16.30 | 10.78 |
| D/E Ratio (x) | 1.71 | 2.25 | 1.77 | 2.72 |
| ROE (%) | 11.04 | 16.35 | 17.03 | 12.35 |
| ROA (%) | 6.46 | 7.74 | 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
The performance of the Erawan Group Public Company Limited and its subsidiaries (“the Company”) in 2Q25 was impacted by a decline of international tourists arrivals to Thailand of 12 percent YoY especially a continued slowdown of Chinese tourists arrival due to security concern since February 2025 and the impact of earthquake in Myanmar in March 2025 which slowed the forward bookings. For 6M25 normalized basis, total revenues reached 3,890 million baht, reflecting an increase of 1 percent YoY. EBITDA was recorded at 1,280 million baht, an increase of 3 percent YoY whilst net profit was 408 million baht, a decrease of 1 percent YoY following an increase of tax expenses. However, the Company maintained its focus on an effective pricing strategy with prompt response to the market demand to secure the occupancy level while expanding the new customers base i.e. Middle East and various marketing channels. This included a disciplined cost control to maintain profitability amid a soft Thailand tourism while maintained a solid financial position to support its future business expansion plans.
Hotel Business (Performance 6M25 compared to 6M24)
1.1 Luxury, Midscale and Economy recorded RevPAR decreased 4 percent due to decreases in OCC by 4 percent and an increase of ARR by 1 percent. Total operating revenue was recorded at 2,850 million baht, representing a 4 percent decrease. Food and beverages revenue reached 693 million baht, a 2 percent increase, while EBITDA was recorded at 967 million baht, reflecting a 4 percent decrease.
1.2 HOP INN Thailand recorded total revenue of 542 million baht, representing a 15 percent increase, while EBITDA was at 254 million baht, marking an increase of 15 percent.
1.3 HOP INN Philippines recorded total revenue of 235 million baht, marking a 17 percent increase, while Peso performance showed strong growth of 26 percent. EBITDA reached 95 million baht, a 14 percent decrease.
1.4 HOP INN Japan recorded total revenue of 176 million baht, a 54 percent increase, while Yen performance showed a 63 percent increase. EBITDA reached 94 million baht, a 110 percent increase.
Rental Properties
For 6M25 compared to 6M24, the Company recorded 67 million baht, a decrease of 4 percent. This is followed by the conclusion of the building management contract for the Ploenchit Center building on 23 January 2025
For more details, please visit
https://www.theerawan.com/en/investor-relations/document/quarterly-results
The Company recently opened three new “HOP INN” locations in Thailand, Ranong, Khon Kaen, and Saraburi adding a total of 219 rooms to its portfolio. With this addition, the Company now operates 99 hotels, boasting a combined inventory of 12,018 rooms as of 2Q25.
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 30/06/25 | ERW | TOURISM | SET |
|---|---|---|---|
| P/E (X) | 8.57 | 17.69 | 14.76 |
| P/BV (X) | 1.14 | 1.13 | 1.03 |
| Dividend yield (%) | 4.25 | 2.53 | 4.39 |
| 30/06/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 10,360.29 | 18,668.07 | 23,790.69 |
| Price (B/Share) | 2.12 | 3.82 | 5.25 |
| P/E (X) | 8.57 | 16.72 | 30.96 |
| P/BV (X) | 1.14 | 2.40 | 3.81 |
