ASW is a holding company which has subsidiary operating core business companies that operate in property development for sale, including condominium, single house, townhome and home office.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 9,465.86 | 9,941.31 | 7,174.52 | 5,979.98 |
| Expenses | 7,601.60 | 7,950.05 | 5,625.68 | 4,324.22 |
| Net Profit (Loss) | 1,077.66 | 1,456.72 | 1,092.22 | 1,118.52 |
| Assets | 40,163.90 | 31,832.36 | 24,363.73 | 15,536.61 |
| Liabilities | 30,303.66 | 23,202.82 | 16,879.89 | 9,583.75 |
| Shareholders' Equity | 8,940.78 | 7,813.51 | 6,576.07 | 5,619.39 |
| Operating | -1,601.40 | 685.91 | -2,615.14 | -2,965.80 |
| Investing | -1,012.33 | -1,550.43 | -2,168.96 | 54.50 |
| Financing | 2,275.09 | 935.01 | 5,328.58 | 2,876.70 |
| EPS (Baht) | 1.20 | 1.62 | 1.25 | 1.31 |
| GP Margin (%) | 41.63 | 41.40 | 40.82 | 43.84 |
| NP Margin (%) | 12.96 | 14.98 | 16.90 | 22.63 |
| D/E Ratio (x) | 3.07 | 2.69 | 2.26 | 1.61 |
| ROE (%) | 12.86 | 20.25 | 17.91 | 21.40 |
| ROA (%) | 5.22 | 7.01 | 7.68 | 12.24 |
The Company aims to achieve stable and sustainable long-term growth by operating under a Holding Company structure and implementing a diversified investment strategy (Diversified Portfolio) across businesses related to real estate. The Group is supported by subsidiaries in key sectors, including property management, hospitality, and related service businesses, which strengthen and support the Company’s core operations. This strategy enhances the Group’s overall business resilience and supports its ambition to become one of Thailand’s leading real estate developers.
- Rhom Bho Property Public Company Limited or TITLE, a subsidiary of the Company, transferred its trading from the mai Stock Exchange to the Stock Exchange of Thailand (SET) on January 30, 2026, with the Company holding a 68.87% stake.
- In 2025, ASW had 1 new joint venture project, to develop the "Kevalon" project value of 4,500 million Baht.
- In 2025, cumulative presales reached 23,407 million Baht, exceeding the target by 20% and increasing by 21% year-on-year (YoY).
- As of the end of 2025, the Company had backlog status of 33,944 million Baht.
Operating results for the year ended December 31, 2025, the Group recorded sales and service revenue of 9,466 million Baht, Which main source of revenue came from sales of real estate 8,629 million Baht, and profit attributed to parent of 1,078 million Baht.
In 2026, the company aims target to launch 11 new projects worth 17,555 million baht, with pre-sales targets of 18,500 million baht and revenue targets of 12,500 million baht. In addition, the Company will increase its investment allocation in Phuket, a high-potential location with strong purchasing power, to support the Company’s continued growth.
Since the Company operates as a property developer for sale, its projects have historically been concentrated in Bangkok and its surrounding areas. To manage risks and strengthen long-term growth, the Company has adopted a strategy to diversify investments into high-potential locations with strong purchasing power, particularly Phuket, a world-class destination with strong demand from both domestic and international buyers and solid growth potential across all market conditions.
- The Company received an excellent rating for
the Corporate Governance Report of Thai listed companies (CGR) from Thai Institute of Directors (IOD).
- The Company has been achieved an "AAA" rating in the SET ESG Ratings for 2025 from the Stock Exchange of Thailand
- The Company has been certified as a member of the Thai Private Sector Collective Action Against Corruption (CAC).
| as of 30/12/25 | ASW | PROP | SET |
|---|---|---|---|
| P/E (X) | 6.38 | 12.87 | 15.44 |
| P/BV (X) | 0.64 | 0.74 | 1.19 |
| Dividend yield (%) | - | 5.14 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 5,398.47 | 7,107.98 | 7,552.62 |
| Price (B/Share) | 6.00 | 7.90 | 8.40 |
| P/E (X) | 6.38 | 3.98 | 7.28 |
| P/BV (X) | 0.64 | 0.93 | 1.24 |
