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.
| 2025 | 2024 | 2023 | 2022 |
|---|
| Revenues | 23,065.36 | 21,010.80 | 19,019.19 | 14,557.80 |
| Expenses | 13,248.87 | 12,096.62 | 10,939.50 | 8,487.48 |
| Net Profit (Loss) | 6,388.00 | 5,850.30 | 5,104.55 | 3,935.08 |
| Assets | 204,197.10 | 185,962.93 | 172,898.50 | 162,136.65 |
| Liabilities | 108,458.50 | 94,185.24 | 85,240.05 | 78,517.00 |
| Shareholders' Equity | 95,738.60 | 91,777.69 | 87,658.45 | 83,619.66 |
| Operating | 5,948.03 | 5,725.50 | 5,493.93 | 3,201.61 |
| Investing | -12,602.96 | -8,207.72 | -5,991.07 | -12,909.42 |
| Financing | 6,569.31 | 2,437.44 | 722.75 | 9,854.97 |
| EPS (Baht) | 0.20 | 0.18 | 0.16 | 0.12 |
| GP Margin (%) | 52.02 | 54.47 | 52.17 | 45.46 |
| NP Margin (%) | 36.48 | 36.51 | 38.69 | 40.02 |
| D/E Ratio (x) | 1.13 | 1.03 | 0.97 | 0.97 |
| ROE (%) | 6.81 | 6.52 | 5.88 | 4.65 |
| ROA (%) | 5.03 | 5.01 | 4.80 | 3.97 |
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
• In 2025, Jurassic World: The Experience had sold more than 300,000 tickets since its opening in August 2025, while Skyflyers : Wings of Garudapterus sold more than 28,000 tickets within its first month.
• Advancing growth in 2026, the Company will launch Fairmont Bangkok Sukhumvit this June—the first Fairmont-branded hotel in Thailand. It will also introduce LANNATIQUE Kalare Phase 1 in Chiang Mai, positioning it as a world-class lifestyle landmark for art-driven tourism in the Chang Klan district. Additionally,
a contemporary heritage building under the Woeng Nakornkasem Yaowaraj project, further strengthening Thailand’s sustainable tourism potential.
• AWC achieved record-high performance in 2025, reporting total revenue of Baht 23,065 million, an increase of 9.8% YoY, and
net profit of THB 6,388 million, up 9.2% YoY. The value of its quality asset portfolio rose to THB 218,740 million, representing 10.0% YoY growth. The Company also declared a dividend of THB 0.08 per share, up 6.7% YoY, supported by its solid capital structure with an interest-bearing debt-to-equity ratio of 0.89x as of year-end 2025.
• The Commercial Business recorded total revenue growth of 6.9% YoY, reaching THB 9,602 million It delivered exceptional experiences with the launch of Jurassic World: The Experience and the Skyflyers: Wings of Garudapterus, further strengthening Asiatique The Riverfront Destination as a world-class landmark. The Company also delivers immersive lifestyle experiences and premium dining experiences at EA Rooftop at The Empire, located in the largest office building in Bangkok’s CBD.
• The Hospitality Business delivered stable cash flow, generating THB 12,813 million in revenue—up 4.5% YoY and 47% from 2019. Growth was driven by revenue from three newly opened hotels, contributing over THB 720 million, and strong performance from upcountry properties, particularly in Chiang Mai, Koh Samui, and Krabi. The strengthened lifestyle model drove continued growth in the F&B business, with revenue reaching THB 4,047 million, up 11.1% YoY—primarily supported by a full year of revenue recognition from EA Rooftop at The Empire, which generated over THB 444 million.
- 24 January 2025: Opening "Melia Pattaya Hotel, Thailand"
- 26 February 2025: Invested in Le Concorde Hotel Co., Ltd. to acquire Jubilee Prestige Ratchadaphisek and Jubilee Prestige Tower
- 20 June 2025: Opening "Pattaya Marriott Resort and Spa"
- 8 August 2025: Opening of Jurassic World: The Experience
- 28 November 2025: Unveiling “Skyflyers: Wings of Garudapterus”
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 30/12/25 | AWC | PROP | SET |
|---|---|---|---|
| P/E (X) | 10.63 | 12.87 | 15.44 |
| P/BV (X) | 0.72 | 0.74 | 1.19 |
| Dividend yield (%) | 3.54 | 5.14 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 67,867.50 | 112,657.46 | 113,928.34 |
| Price (B/Share) | 2.12 | 3.52 | 3.56 |
| P/E (X) | 10.63 | 21.06 | 22.40 |
| P/BV (X) | 0.72 | 1.26 | 1.33 |
