บทวิเคราะห์ (Research)

AWC : Earnings preview - Expect profit to rise yoy and qoq in 4Q We maintain a Buy rating for AWC with a target price of Bt4.40, premised on the following: (i) strong yoy and qoq earnings growth in 4Q24F-1Q25F fueled by peak tourist season; (ii) recent 12% drop in the share price YTD is excessive as it implies AWC cannot raise room rates beyond 2025. AWC managed to raise room rates by 6% yoy in 4Q24 and we expect high single-digit growth in 1Q25. Looking ahead, our conservative assumption of 2% increase in room rates in FY25F, combined with AWC’s expanding hotel portfolio, would support our forecast of 22% growth in core profit (2-year CAGR) over FY25-27F. Reiterate BUY rating.