บทวิเคราะห์ (Research)

We have upgraded the rating to BUY with Bt4.40 TP for AWC. This is premised on the following: (i) core profit would surge 78% yoy and 10% qoq in 3Q24F, and remain strong in 4Q given peak tourist season in Thailand. The group’s assets are in prime tourist destinations and they generate 100% of revenue domestically; and (ii) AWC is projected to deliver one of the strongest earnings growth in the sector, at 28% p.a. (3-year CAGR) over 2024-27F, driven by an expanding hotel portfolio, strategically-located assets, and higher margins.