Asset World Corp Public Company Limited (SET: AWC) surprised the market with stronger-than-expected core earnings in the third quarter of 2025, according to analysis from Kasikorn Securities.
AWC’s 3Q25 core profit was approximately 64% higher than the securities firm’s estimate, attributed to ongoing growth in management fee income and lower-than-anticipated selling, general and administrative (SG&A) expenses.
On the hospitality side, AWC’s RevPar (revenue per available room) for 3Q25 was THB 3,202, marking a 4% increase QoQ but a decline of 18% YoY. The average daily rate (ADR) held steady QoQ at THB 5,103, down 7% YoY, while occupancy rate (OCR) reached 62.7%—an improvement of 2.7 percentage points QoQ, but a decrease of 9 percentage points YoY.
Retail and commercial revenues reached THB 1.2 billion, a 24% YoY growth, buoyed by a strong 26% YoY rental increase at Asiatique and additional income from the Jurassic World project. Group EBITDA in 3Q25 climbed to THB 793 million, representing a 25% YoY increase.
The brokerage firm maintains its “Buy” recommendation on AWC, with a target price of THB 3.61.
