บทวิเคราะห์ (Research)

AWC Initiate coverage : Strong earnings growth priced-in We initiate coverage of AWC with a Trading Buy rating and Bt4.40 TP. (1) AWC is projected to deliver 28% p.a. earnings growth (3-year CAGR) over 2024-27F, driven by an expanding hotel portfolio, strategically-located assets and higher margin. (2) The Rental & Commercial segment, which contributes 45% of group EBITDA, provides stable, high margins. (3) Currently trading at 28x EV/EBITDA, 59x P/E and 2.5x PEG, the highest among its peers, AWC's share price has surged 19% in one month, reflecting expectations of strong earnings growth. Given the limited upside to our TP of Bt4.40, we initiate coverage with a Trading Buy rating.