Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Asset World Corporation / Equity Bottom-Up

<ul>
<li>Last week, AWC Lifestyle Properties REIT (AWR) filed with the Securities and Exchange Commission for an offering of up to Bt43bn.</li>
<li>Although the asset sale to AWR would reduce revenue, the proceeds are expected to repay debt, lowering IBD/E and interest expenses.</li>
<li>We maintain our long-term earnings growth outlook of 13% CAGR, driven by hotel network expansion and higher RevPAR.</li>
</ul>


Last week, AWC Lifestyle Properties REIT (AWR) filed with the Securities and Exchange Commission for an offering of up to Bt43bn.
Although the asset sale to AWR would reduce revenue, the proceeds are expected to repay debt, lowering IBD/E and interest expenses.
We maintain our long-term earnings growth outlook of 13% CAGR, driven by hotel network expansion and higher RevPAR.


Asset Sale to AWR Offers Further Upside From Lower Interest Expenses

<ul>
<li>2Q26 core profit grew YoY, in line with expectations, supported by higher RevPAR and improved commercial revenue.</li>
<li>We maintain our 2-year core EPS growth forecast at a 13% CAGR, above the sector average.</li>
<li>There is also potential upside from future asset sales to a REIT, with greater clarity emerging after the company established Asset World Corp REIT (AWR) as a subsidiary to serve as a future REIT manager.</li>
</ul>


2Q26 core profit grew YoY, in line with expectations, supported by higher RevPAR and improved commercial revenue.
We maintain our 2-year core EPS growth forecast at a 13% CAGR, above the sector average.
There is also potential upside from future asset sales to a REIT, with greater clarity emerging after the company established Asset World Corp REIT (AWR) as a subsidiary to serve as a future REIT manager.


ASSET WORLD CORP Plc. (AWC): 2Q26 Core Profit In Line; 2H26E Recovery And Clearer REIT Outlook

<ul>
<li>We expect 2Q26E core profit to deliver strong YoY growth, supported by higher RevPAR, a full-quarter contribution from the company's new hotel in Pattaya, and limited impact from the Middle East conflict.</li>
<li>Our revised fair value of Bt2.94 (from Bt2.80), based on a required return of 2.6% (from 2.7%), implies 2% downside, while tactical view suggests Very limited upside potential.</li>
<li>We are downgrading our recommendation to Neutral (from Outperform).</li>
</ul>


We expect 2Q26E core profit to deliver strong YoY growth, supported by higher RevPAR, a full-quarter contribution from the company's new hotel in Pattaya, and limited impact from the Middle East conflict.
Our revised fair value of Bt2.94 (from Bt2.80), based on a required return of 2.6% (from 2.7%), implies 2% downside, while tactical view suggests Very limited upside potential.
We are downgrading our recommendation to Neutral (from Outperform).


ASSET WORLD CORP Plc. (AWC): Share Price Rally Offsets the Appeal of Strong 2Q26E Earnings Growth

Technical Analysis

Asset World Corporation / Technical Analysis

<ul><li>The SET Index, however, only briefly weakened before rebounding into positive territory, extending its gains to a new year high.</li><li>Continued fund inflows remained a key source of support, while strong buying in banking stocks, energy, SCC, and ADVANC further boosted investor sentiment.</li><li>We expect the index to continue advancing gradually.</li></ul>

The SET Index, however, only briefly weakened before rebounding into positive territory, extending its gains to a new year high.Continued fund inflows remained a key source of support, while strong buying in banking stocks, energy, SCC, and ADVANC further boosted investor sentiment.We expect the index to continue advancing gradually.

Krungthai XSpring Technical Eng. July 14, 2026

Bangchak Corporation / Technical Analysis

<ul>
<li>The SET showed signs of a near-term slowdown but held firmly above 1,600 points, preventing significant selling pressure.</li>
<li>The SET's rebound after testing 1,600 points is a positive signal, suggesting limited downside.</li>
<li>We recommend buying near support.</li>
</ul>


The SET showed signs of a near-term slowdown but held firmly above 1,600 points, preventing significant selling pressure.
The SET's rebound after testing 1,600 points is a positive signal, suggesting limited downside.
We recommend buying near support.


Thailand

Asset World Corporation invests in, develops, and manages real estate properties in Thailand, focusing on hospitality, lifestyle destinations, and commercial workspaces. The company operates through two segments: Hotel and Related Services, and Rental and Rendering of Commercial Building Services. It develops and owns hotels, community shopping malls, and mixed-use properties. Headquartered in Bangkok, Thailand, the company was founded in 2009.

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Asset World Corporation (AWC TB)

Asset Sale to AWR Offers Further Upside From Lower Interest Expenses

Last week, AWC Lifestyle Properties REIT (AWR) filed with the Securities and Exchange Commission for an offering of up to Bt43bn. Although the...

Krungthai XSpring

ASSET WORLD CORP Plc. (AWC): 2Q26 Core Profit In Line; 2H26E Recovery And Clearer REIT Outlook

2Q26 core profit grew YoY, in line with expectations, supported by higher RevPAR and improved commercial revenue. We maintain our 2-year core EPS...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 14, 2026

The SET Index, however, only briefly weakened before rebounding into positive territory, extending its gains to a new year high. Continued fund...

Krungthai XSpring

Technical Analysis

The SET showed signs of a near-term slowdown but held firmly above 1,600 points, preventing significant selling pressure. The SET's rebound after...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asset Sale to AWR Offers Further Upside From Lower Interest Expenses

Last week, AWC Lifestyle Properties REIT (AWR) filed with the Securities and Exchange Commission for an offering of up to Bt43bn. Although the...

Krungthai XSpring

ASSET WORLD CORP Plc. (AWC): 2Q26 Core Profit In Line; 2H26E Recovery And Clearer REIT Outlook

2Q26 core profit grew YoY, in line with expectations, supported by higher RevPAR and improved commercial revenue. We maintain our 2-year core EPS...

Krungthai XSpring

ASSET WORLD CORP Plc. (AWC): Share Price Rally Offsets the Appeal of Strong 2Q26E Earnings Growth

We expect 2Q26E core profit to deliver strong YoY growth, supported by higher RevPAR, a full-quarter contribution from the company's new hotel in...

Krungthai XSpring

Krungthai XSpring Technical Eng. July 14, 2026

The SET Index, however, only briefly weakened before rebounding into positive territory, extending its gains to a new year high. Continued fund...

Krungthai XSpring

Technical Analysis

The SET showed signs of a near-term slowdown but held firmly above 1,600 points, preventing significant selling pressure. The SET's rebound after...

Krungthai XSpring