The Company operates as a Holding Company, with subsidiaries primarily engaged in real estate development for sale, encompassing condominium projects, housing estates, townhomes, and home offices. The Company aims to achieve stable and sustainable long-term growth through a strategy of diversifying investments into real estate-related businesses, such as property management, hotel operations, and related services. This approach is intended to support the core business, strengthen its overall capabilities, and establish the Company as one of Thailand's leading real estate developers.
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 5,691.04 | 3,633.21 | 9,465.86 | 9,941.31 |
| Expenses | 4,584.14 | 2,996.26 | 7,601.60 | 7,950.05 |
| Net Profit (Loss) | 792.47 | 399.90 | 1,077.66 | 1,456.72 |
| Assets | 45,769.03 | 35,701.86 | 40,163.90 | 31,832.36 |
| Liabilities | 35,587.59 | 26,626.35 | 30,303.66 | 23,202.82 |
| Shareholders' Equity | 9,283.38 | 8,213.43 | 8,940.78 | 7,813.51 |
| Operating | 1,634.25 | -430.25 | -1,601.40 | 685.91 |
| Investing | -1,851.59 | -395.08 | -1,012.33 | -1,550.43 |
| Financing | 739.94 | 701.60 | 2,275.09 | 935.01 |
| EPS (Baht) | 0.88 | 0.44 | 1.20 | 1.62 |
| GP Margin (%) | 43.17 | 41.70 | 41.63 | 41.40 |
| NP Margin (%) | 15.26 | 10.47 | 12.96 | 14.98 |
| D/E Ratio (x) | 3.50 | 2.93 | 3.07 | 2.69 |
| ROE (%) | 16.81 | 13.06 | 12.86 | 20.25 |
| ROA (%) | 6.20 | 4.70 | 5.22 | 7.01 |
The company aims to achieve sustainable growth and strives to become a leading real estate company in Thailand.
- ASW received upgraded its corporate credit rating to“BBB” with a “Stable” outlook. from TRIS Rating Co., Ltd., reflecting the strength of its financial position and continuously growing operating performance over the past 5 years since its listing on the Stock Exchange of Thailand (SET).
- As of Q2/2026, the company has a backlog totaling over 38,181 million Baht, an increase of 12%
For the first half of 2026, the Group recorded total revenue from sales and services of 5,691 million baht. The Group’s primary source of revenue was revenue from real estate sales, amounting to 5,380 million baht. Net profit attributable to owners of the parent was 792 million baht. The gross profit margin and net profit margin were 43% and 14%, respectively.
For 2026, the company aims to launch a total of 11 new projects with a total value of 17,555 million baht, along with a pre-sales target of 18,500 million baht and a total revenue target of 12,500 million baht. And in the first half of 2026, the company launched a total of 5 new projects with a total value of 8,255 million baht, representing 47% of the set target, and achieved pre-sales of 11,847 million baht, representing 64% of the set target.
The Company's core business is real estate development for sale, with its primary project development base in Bangkok and its vicinity, which is a market with continuous residential demand. To manage portfolio concentration risk and enhance long-term growth opportunities, the Company has implemented a strategy to expand investments into high-potential locations. These include the Eastern Economic Corridor (EEC), which is an area with growth potential driven by investment and economic activities, and Phuket Province, a world-class destination that continuously attracts interest from both domestic and international customers. Phuket's strengths stem from its diverse demand base, including demand for residential properties, leisure, and investment. Furthermore, it boasts a high-purchasing-power customer base. This enables the Company to create opportunities for developing projects that can generate returns and support the Company's stable and sustainable growth in all market conditions.
- 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 30/06/26 | ASW | PROP | SET |
|---|---|---|---|
| P/E (X) | 5.70 | 14.26 | 16.92 |
| P/BV (X) | 0.69 | 0.85 | 1.46 |
| Dividend yield (%) | 7.14 | 4.39 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 6,298.21 | 5,398.47 | 7,107.98 |
| Price (B/Share) | 7.00 | 6.00 | 7.90 |
| P/E (X) | 5.70 | 6.38 | 3.98 |
| P/BV (X) | 0.69 | 0.64 | 0.93 |
