Earnings Report /
Thailand

Asset World Corp PCL: Shallower loss than projected

  • Loss was shallower than we had expected

  • AWC reported a 3Q22 core loss of Bt17m

  • Revenue totaled Bt2.5bn in 3Q22

Bualuang Securities
10 November 2022

Beyond the COVID-19 recovery story, AWC is a growth play—12 new hotels that will open across Thailand, 2023-26, suggesting a 2023-26 earnings CAGR of 67%. BUY for the long haul.

Loss was shallower than we had expected

AWC reported a 3Q22 core loss of Bt17m (against core losses of Bt698m for 3Q21 and Bt141m for 2Q22). The red ink was shallower than our estimate of a Bt51m loss (the consensus projection was a core profit of Bt40m). Note that the core loss excluded gains on the fair value of investment properties of Bt1.2bn in 3Q22, Bt1.7bn in 3Q21, and Bt1.2bn in 2Q22.