The Investor Relations Department of The Erawan Group Public Company Limited (SET: ERW) informed “Kaohoon” that during the period when BLACKPINK is set to hold the “BLACKPINK WORLD TOUR < DEADLINE > IN BANGKOK” concert from October 24-26, 2025 at Rajamangala National Stadium, there has been a considerable increase in hotel bookings within the group’s portfolio.
Additionally, the upcoming “Wonderfruit Festival” in Pattaya from December 11–15, 2025, is expected to further boost the occupancy rate (OCC) of the group’s hotels, serving as an upside to the high season. Currently, ERW’s hotel portfolio covers all market segments in both beach and city locations.
As for the outlook on operation performance for 3Q25, it is anticipated to improve from 2Q25, when hotel operation revenue was around THB 1.7 billion. For 4Q25, growth is expected to peak for the year, as it coincides with Thailand’s tourism high season. From early 3Q25, a recovery in Chinese tourist arrivals has become apparent, especially during the Golden Week or China National Day from October 1–7, 2025, pushing the current occupancy rate to above 85% on average.
An analyst from Krungsri Securities told “Kaohoon” that the outlook is positive due to the BLACKPINK WORLD TOUR < DEADLINE > IN BANGKOK concert, as it will attract fan bases from China and neighboring ASEAN countries during the Thai tourism high season. Since the 2025 concert will only be hosted in Thailand, it should boost inbound travel.
However, based on previous events, it is not possible to specify the exact number of fans, as tourists already plan visits during this period. Therefore, the securities company recommended “BUY” on hotel stocks with key properties in Thailand, namely ERW, with a target price of THB 3.20; Central Plaza Hotel PCL (SET: CENTEL), with a target price of THB 37.00; and Asset World Corp PCL (SET: AWC), with a target price of THB 2.70.
Mr. Youssef El Khomri, President of ERW, stated that on September 25, 2025, Hop Inn Hotel PCL (HOP INN), a subsidiary, established a new subsidiary named Hop Inn Hotel Korea Co., Ltd. in the Republic of Korea with a registered capital of KRW 3 billion to operate a hotel business, in which HOP INN holds a 100% stake.
In addition, Erawan Philippines (BGC), Inc., a subsidiary in the Philippines wholly owned indirectly through Hop Inn Hotel Philippines, Inc., with registered and paid-up capital of PHP 17.5 million has been dissolved and liquidated under Philippine law as of August 22, 2025. The dissolution has no impact on the company’s operations.
InnovestX Securities indicated that ERW’s establishment of HOP INN HOTEL KOREA in South Korea reflects the strategy of HOP INN to expand overseas, with a focus on the Asia Pacific market. Currently, HOP INN operates in the budget hotel segment in Thailand, the Philippines, and Japan, accounting for around 20% of ERW’s revenue. ERW also plans to spin off HOP INN through an initial public offering (IPO) in 2027. Therefore, the securities company maintained an “Outperform” rating on ERW, with a target price of THB 3.30 per share.
Thanachart Securities also reflected a similar view with InnovestX, giving a “BUY” recommendation on ERW with a basic price of THB 3.60 per share.
As for Bualuang Securities, the securities company stated that the set up of Hop Inn Hotel Korea in South Korea aligns with ERW’s strategy to expand the HOP INN network into at least three new countries in Asia-Pacific.
Currently, HOP INN has more than 100 properties in Thailand, the Philippines, and Japan. Revenue from HOP INN hotels accounts for 28% of total income, with international revenue contributing 11%. ERW targets 20% revenue growth for HOP INN in 2025 from 2024, and 15% CAGR (compound annual growth rate) in the long run based on growth potential, aiming to become number one budget hotel chain in Asia Pacific by 2030.
Yuanta Securities (Thailand) recommended a “BUY” rating on ERW, with a fair price of THB 3.20, following the establishment in Korea. Their outlook on the news is slightly positive, as ERW has adjusted its revenue portfolio by focusing more on Budget Hotels and increasing overseas customer base revenue.
The strengths of the HOP INN hotel group are its small scale and lower investment requirement, enabling faster payback than larger hotels, and the budget segment sees lower price competition than the luxury segment. At the end of 2Q25, HOP INN operated 81 properties in Thailand, the Philippines, and Japan, generating approximately 25% of total income and 30% of EBITDA (earnings before interest, taxes, depreciation, and amortization). With this business expansion, Yuanta expected a CAGR of over 15% per year for ERW.
