Asset World Corporation (AWC), a member of the TCC Group, is a leading real estate company dedicated to Building Better Future for All. AWC is committed to developing and managing integrated lifestyle real estate projects. It operates two main business groups: Hospitality Business and Commercial Business, which includes Retail, Wholesale, and Office.
| 9M25 | 9M24 | 2024 | 2023 |
|---|
| Revenues | 16,594.17 | 15,122.44 | 21,010.80 | 19,019.19 |
| Expenses | 9,560.13 | 8,825.68 | 12,096.62 | 10,939.50 |
| Net Profit (Loss) | 4,521.91 | 3,990.53 | 5,850.30 | 5,104.55 |
| Assets | 201,351.18 | 181,815.11 | 185,962.93 | 172,898.50 |
| Liabilities | 107,602.72 | 92,149.76 | 94,185.24 | 85,240.05 |
| Shareholders' Equity | 93,748.46 | 89,665.34 | 91,777.69 | 87,658.45 |
| Operating | 3,678.16 | 4,158.08 | 5,725.50 | 5,493.93 |
| Investing | -11,313.52 | -6,385.80 | -8,207.72 | -5,991.07 |
| Financing | 7,435.84 | 2,015.99 | 2,437.44 | 722.75 |
| EPS (Baht) | 0.14 | 0.12 | 0.18 | 0.16 |
| GP Margin (%) | 51.79 | 54.42 | 54.47 | 52.17 |
| NP Margin (%) | 36.16 | 34.40 | 36.51 | 38.69 |
| D/E Ratio (x) | 1.15 | 1.03 | 1.03 | 0.97 |
| ROE (%) | 6.81 | 5.88 | 6.52 | 5.88 |
| ROA (%) | 5.04 | 4.84 | 5.01 | 4.80 |
The Company focuses on enhancing the value of quality assets and strengthening the portfolio’s potential, aligning with the Sustainable Growth-Led Strategy via two approaches:
(1) Organic Growth - enhancing existing assets by accelerating the performance of properties in Ramp Up and Repositioning stages to a transition into a BAU stage.
(2) Inorganic Growth - expanding the portfolio through asset enhancement and strategic investments through 4 key approaches:
2.1) Capability to convert developing assets into operating assets.
2.2) Capability of assets enhancement to elevate operational efficiency.
2.3) Exclusive right to acquire high-quality assets under a ROFR agreement with (1) an investment plan under the GRANT OF RIGHT (GOR) Agreement which provides access to high-potential assets from the TCC Group and (2) AWC Growth Fund model, which allows the Company to invest in promising assets at predetermined prices with flexible investment durations and no debt burden during the development phase, enabling the Company to generate cash flow growth and sustainably enhance the quality of its portfolio.
2.4) Strategic Acquisitions to capture market opportunities.
With the Company's mission under the concept of "Building Better Future For All" through
Driving sustainability strategies across 3 main pillars:
1. Creating Environmental Value (BETTER PLANET)
2. Creating Social Value (BETTER PEOPLE)
3. Creating Economic Value (BETTER PROSPERITY)
Read more at Sustainable Development of AWC
- “Jurassic World: The Experience” delivered a unique, world-first happiness experience, driving a remarkable 44.0% YoY revenue growth in the retail business, with over 200,000 tickets sold within the first three months.
- Continuous portfolio expansion has driven the high-quality asset portfolio reached a total asset value of THB 215,550 million in 9M/2025, representing a more than doubling since the IPO and a 10.4% YoY increase.
The Company reported strong 9M/2025 performance with total revenue of THB 16,594 million, increased by 9.7% YoY, EBITDA of THB 8,648 million, increased by 11.6% YoY, and net profit of THB 4,522 million, increased 13.4% YoY. Hospitality Business generated total revenue from normal operating assets of THB 8,861 million, representing a 4.3% YoY increase, driven by revenue recognition from new operating assets such as Meliá Pattaya Hotel, Thailand, Jubilee Prestige Ratchadapisek, Pattaya Marriott Resort & Spa, alongside revenue from the MICE, Luxury Resorts and Non-Bangkok City segments. Additionally, the Company’s success from lifestyle model initiatives, such as “EA” Rooftop at The Empire and the opening of Fossil and Flame restaurant at Jurassic World: The Experience, contributed to 10.9% YoY growth in food and beverage revenue. Meanwhile, Commercial Business generated total revenue of THB 7,008 million, increased by 6.6% YoY, with EBITDA of THB 5,942 million, an increase of 5.5% YoY, supported by the success of “Jurassic World: The Experience” and the success of AWC’s Lifestyle Destination concept, which transforms shopping malls into lifestyle destinations, also contributed to a 8.0% YoY increase in occupancy rate for retail spaces and a 14.2% YoY increase in rental revenue. Meanwhile, Office building Business introduced a new experience that integrated lifestyle elements tailored to the needs of leading companies and executives, achieving revenue growth of 4.0% YoY. This growth was driven by a 5.8% YoY increase in rental revenue.
- 8 August 2025: Grand Opening of Jurassic World: The Experience
- 18 August 2025: Entering a long-term partnership with A49 to co-create landmark destinations across Thailand
- 20 August 2025: Partnering with Arun Plus to Develop “Chiang Mai Tram By Lannatique”
- 28 August 2025: Recognition among the Top 50 Listed Companies in ASEAN
- 13 September 2025: Hatch Dome at Asiatique The Riverfront Destination receiving Winner: Best Landmark Retail Architectural Design
- 1 October 2025: Announcing the opening of Jubilee Prestige Hotel Ratchadapisek
- 9 October 2025: The Empire unveils a new vision under the “The Empire Reimagined” strategy.
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 30/09/25 | AWC | PROP | SET |
|---|---|---|---|
| P/E (X) | 11.25 | 13.10 | 16.67 |
| P/BV (X) | 0.78 | 0.80 | 1.21 |
| Dividend yield (%) | 3.35 | 4.90 | 3.67 |
| 30/09/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 71,709.06 | 112,657.46 | 113,928.34 |
| Price (B/Share) | 2.24 | 3.52 | 3.56 |
| P/E (X) | 11.25 | 21.06 | 22.40 |
| P/BV (X) | 0.78 | 1.26 | 1.33 |
