Real Estate Operating Companies

Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited, or AWC, disclosed that the flood situation has not yet directly affected the company's hotel bookings, with no cancellations, because Thailand is hosting major events in the second half of 2026 and most AWC hotels are not located in areas hit hardest by the flooding. Meanwhile, the company is revising its five-year investment plan under a total investment budget of 100 billion baht, shifting the original 2026-2030 period to a new plan starting in 2027, in order to develop world-class landmark projects in Bangkok, Pattaya and key tourist destinations, with global hotel chain partners such as InterContinental, Ritz-Carlton Reserve, JW Marriott, Marriott Marquis, Autograph Collection and Moxy. It also plans to develop 11 landmark projects along the Chao Phraya River, including a cable car project across the river. Varut Tantipipop, a director and executive of Veranda Resort Public Company Limited, or VRANDA, disclosed that overall forward bookings for the fourth quarter of 2026 grew about 30% from the same period last year, and revenue per available room is trending higher, with average room rates up about 20% compared with the fourth quarter of last year. Dittanop Watthanavekin, an equity analyst at Krungsri Securities Public Company Limited, assessed that the hotel business in the second half of 2026 will continue to grow well, with AWC's RevPAR up 26% year on year in July and up 25% in August. He recommends stocks with mainly domestic portfolios, namely AWC and ERW, and picks AWC as the top pick, supported by its plan to establish the AWC REIT.

Land and Houses Securities issued an analysis recommending the purchase of two securities, AWC and WHA. For AWC, it set a target price of 3.46 baht, raised from 3.20 baht, while maintaining a speculative buy recommendation, with support levels estimated at 3.02 and 3.10 baht and resistance at 3.40 and 3.50 baht. It noted that clarity on AWR supports an upward revision to extraordinary profit forecasts for 2027 from asset sales, which is expected to help unlock asset value and increase flexibility for debt reduction and further investment, while the company continues to earn returns from holding AWR and management fees. The hotel business remains strong, with forward room bookings from the fourth quarter of 2026 through the first quarter of 2027 still growing at a double-digit rate. For WHA, it recommends buying with a target of 5.50 baht, with support estimated at 4.50 and 4.60 baht and resistance at 4.84 and 5.00 baht. WHA targets land sales this year of 2,500 rai, split into 2,300 rai in Thailand and 200 rai in Vietnam. Land sales in the second quarter of 2026 were 248 rai, a sharp decline from the previous quarter due to a high base, but up 8% from a year earlier, bringing accumulated land sales in the first half of 2026 to 1,199 rai, or 48% of the full-year target. The company views land demand as still high given global geopolitical uncertainty, with Thailand a potential target country for attracting investment, especially in data centers, electronics, and electrical appliances. It expects profit to return to standout levels again in the fourth quarter of 2026, driven by an acceleration in land transfers late in the year and gains from selling assets into the trust, with WHART in the process of a capital increase and offering additional trust units to purchase assets into the trust.

Bualuang Securities said visits to Central Khonkaen and Central Khonkaen Campus reinforced its confidence in CPN's mall expansion strategy, because opening new centres has not siphoned off as many customers from existing centres as feared. Central Khonkaen Campus, which opened in May 2026, has already exceeded management's target of 20,000 visitors per day. Meanwhile, footfall at the original Central Khonkaen, which had fallen 10 to 15 percent year on year in June and July, was down only 1 to 3 percent in August. This is despite the new centre having leasable area equal to 42 percent of the original and sitting just 3 kilometres away. The two centres serve different customer groups, with the Campus focused on the university and medical base, alongside a mixed-use project comprising the PHYLL Khonkaen condominium, which sold out within a week, and a GO! Hotel. The original centre still has an occupancy rate of 97 percent and rent growth averaging about 2 percent a year, while the Campus has an occupancy rate of only 80 to 85 percent against a year-end target of 90 percent, and 55 percent of its leases are revenue-share agreements, above CPN's portfolio average of about 50 percent. Overall, third-quarter 2026 operating results remain strong, with mall footfall up 3 to 4 percent year on year in July and August and tenant sales up 7 to 9 percent year on year. Late-September flooding may dampen momentum somewhat, but the impact on the quarter is still limited. For 2027, core profit is expected to grow 9 percent year on year on net leasable area growth of about 5 percent year on year, against an average of just 2 percent a year over the past three years, with two new centres opening in the first and second quarters of 2027. Another boost is the sale of assets into CPNREIT, which is expected to receive unitholder approval before the end of 2026 and be completed in the first half of 2027, helping to release capital from mature assets and increase financial flexibility for new projects. The broker maintains its Buy rating with an end-2027 target price of 80 baht.

Land and Houses Securities has raised its target price for Asset World Corp, or AWC, to 3.46 baht from 3.20 baht, while maintaining a speculative buy recommendation, after AWC prepared to sell five freehold assets into the AWR trust: Banyan Tree Krabi, Banyan Tree Koh Samui, Meliá Koh Samui, Pattaya Marriott Resort & Spa and The Empire. The minimum combined value is approximately 48.449 billion baht, higher than the book value of about 33.6 billion baht at the end of 2025. The five assets generated combined revenue of approximately 3.5 billion baht and EBITDA of about 1.84 billion baht in 2025. From this transaction, AWC expects to recognise a special pre-tax gain on the asset sale of approximately 10 billion baht, after adjusting its investment proportion in AWR to 28%, and expects to receive net cash of approximately 32 billion baht after deducting the investment adjustment and taxes. If this is used to repay all debt, the interest-bearing debt-to-equity ratio could fall from about 1.0 times to 0.6 times. AWC still has nine more projects under study for future sale into the trust, such as Marriott Surawongse, Marriott Marquis Queen's Park and Asiatique.

Asset World Corp Public Company Limited, or AWC, has launched the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, the largest freehold real estate investment trust in Thailand, with an initial investment value of not more than 51,388 million baht. Asset World Corp REIT Company Limited, as the trust's manager, filed the trust unit offering registration statement and draft prospectus with the Securities and Exchange Commission on September 29, 2026. AWR's initial portfolio comprises five quality assets: The Empire Banyan Tree Koh Samui, Banyan Tree Krabi, Melia Koh Samui, and Pattaya Marriott Resort and Spa, which have posted average EBITDA growth of 20 percent over the past two years. Under AWR's unitholding structure, at least 72 percent is allocated to general investors, while AWC will hold no more than 28 percent of the trust units. AWC also disclosed that as of June 30, 2026, its portfolio had grown to 62 projects, with total asset value rising from 96,460 million baht at the time of its listing on the stock exchange in 2019 to 224,100 million baht.

Asset World Corp, or AWC, has announced the establishment of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, with an initial investment value of not more than 51,388 million baht. Wallapa Traisorat, Chief Executive Officer and President of AWC, said this creates a full-fledged sustainable growth platform model for the real estate business, with AWC serving as the Development Engine for developing and creating destinations, while AWR holds assets that generate stable, continuous, and sustainably rapid income. The trust has selected five properties that serve both the business and tourism sectors, comprising The Empire, two world-class Ultra-Luxury Wellness Destination brands, namely Banyan Tree Koh Samui and Krabi, and two in the Family & Friends Luxury Lifestyle Destination group, namely Melia Koh Samui and Pattaya Marriott Resort & Spa. This offers investors the opportunity to participate in the value and growth of these destinations through freehold property. AWC's portfolio has now grown to 62 projects, with total asset value rising from 96,460 million baht at the time of its listing on the Stock Exchange of Thailand in 2019 to 224,100 million baht as of June 30, 2026.

Asset World Corp Public Company Limited, or AWC, has unveiled its AWC's Integrated Sustainable Growth Platform model, which links AWC's property development business with the Asset World Lifestyle Properties Real Estate Investment Trust, or AWR. AWR has an initial investment value of up to 51.388 billion baht and aims to be Thailand's largest freehold REIT, with an initial portfolio of five properties: The Empire, Banyan Tree Koh Samui, Banyan Tree Krabi Resort, Meliá Koh Samui, and Pattaya Marriott Resort and Spa. AWR will grow through three mechanisms: Performance Growth, Appreciation Growth, and Acquisition Growth, expanding from the five initial assets to nine assets selected by AWC, plus 48 more projects in the current portfolio and future projects, under a right of first refusal. Wallapa Traisorat, Chief Executive Officer and President of AWC, said AWC will serve as the Development Engine while AWR will be the holder of income-generating assets. Under the trust unit holding structure, no less than 72% is allocated to investors and AWC holds no more than 28%. AWC currently has a portfolio of 62 projects, and its total asset value has risen from 96.46 billion baht at the time of its listing on the Stock Exchange of Thailand in 2019 to 224.1 billion baht as of June 30, 2026. Asset World Corp REIT Company Limited, as the REIT manager of AWR, filed the registration statement for the offering of trust units and the draft prospectus with the Securities and Exchange Commission on September 29, 2026, and targets a First Trading Day in late 2026 or early 2027. AWC expects to receive net cash flow of more than 30 billion baht from the sale of assets into AWR and aims to reduce its debt-to-equity ratio from 0.9 times to 0.6 times, while recognizing development profit of about 10 billion baht from a total value of approximately 14 billion baht, after deducting the 28% portion held by AWC. AWR has a dividend policy of 40%, paid quarterly, or four times a year. For the outlook for the fourth quarter of 2026, Wallapa said the tourism sector has strong growth momentum, with bookings in some locations rising by several tens of percent and some projects growing by as much as 100%. The flooding situation has not directly affected Asiatique or hotels in the group, and no room bookings have been cancelled.

Chayut Krailatrattanasiri, Assistant Director of the Research Department at Land and Houses Securities, told the Vision team that the overall outlook for tourism stocks in the fourth quarter of 2026 is clearly quite positive. Although early in the quarter there was pressure from flooding, this is assessed as only a short-term impact. The main supporting factors come from China's Golden Week, a long holiday early in the fourth quarter that has helped drive Chinese tourist arrivals into Thailand higher, with a clear acceleration, as well as Thailand hosting the IMF and World Bank meetings in mid-October, a positive factor in terms of policy and economic activity that directly supports tourism stocks. The research team views hotels as the biggest beneficiaries of the recovery in tourist numbers, expecting fourth-quarter operating results and profits to grow outstandingly. Airlines also benefit, but their upside is limited by still-high oil costs. The three standout hotel stocks named as Top Picks are AWC, with a target price of 20 baht, which the research team is in the process of reviewing upward on structural positives from the establishment of AWR that will help unlock asset value and increase liquidity; ERW, with a target price of 80 baht, which is assessed as still offering upside for investment; and CENTEL, with a consensus target price of 50 baht.

Asset World Corp Public Company Limited, or AWC, expects to offer investment units of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, in late the fourth quarter of 2026 or the first quarter of 2027, after Asset World Corp REIT Company Limited, a subsidiary 99.99% held by AWC and serving as the trust's manager, already filed its application and Official Filing with the Securities and Exchange Commission, or SEC, on September 29, 2026. Mrs. Wallapa Traisorat, Chief Executive Officer and President, disclosed that this round will use a Strategic Synergy Model together with AWC, with the AWR trust investing in a first group of assets held on freehold title, spanning both the hotel and commercial real estate businesses, totaling five projects: The Empire (Sathorn) with a minimum value of 25.12 billion baht, Banyan Tree Samui hotel at 6.463 billion baht, Pattaya Marriott Resort and Spa hotel at 6.717 billion baht, Melia Koh Samui hotel at 5.895 billion baht, and Banyan Tree Krabi Resort hotel at 4.884 billion baht. For this round, the assets are worth approximately 14 billion baht, with AWC to hold 28% of the investment units and expected to recognize about 10 billion baht through its profit and loss statement, while those assets have a book cost of roughly 18 billion baht and unrealized gains of about 5 billion baht. The funds raised will be managed under an initial dividend policy targeting payouts every quarter, four times a year, with part used to repay debt to reduce the debt-to-equity ratio, or D/E Ratio, from about 0.9 times currently to 0.6 times, in order to support growth in return on equity, or ROE, and to accommodate new project development plans as a Development Engine to generate ongoing development profits.

Citi analysts are backing platforms that own the data over the AI layer built on top of it, naming Scout24 and Trustpilot as their top picks with both rated "buy." The broker argues that leading platforms benefit from owning inventory, transaction and reputation data, particularly in high-value categories where recommendation accuracy matters most. Citi sees online property classifieds as the lowest-risk corner of the sector, with Scout24 the standout, citing the company's early optimisation for AI agents as a key reason for its confidence. Its case for Trustpilot rests on its review dataset, which the bank says is increasingly important for LLM recommendation quality, fitting the central argument that reputation data is a valuable asset whose value may accrue to the data's owner rather than to the AI layer above it. Citi adds that while AI agents could eventually become the primary discovery interface, it is too early to conclude that, and notes users continue to favour specialist AI tools embedded within category leaders while traffic from leading LLMs remains negligible.

Asset World Corp Public Company Limited, or AWC, has announced a strategic partnership with Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations under the Westfield brand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership combines AWC's project development expertise with URW's international knowledge and network, covering three key projects: Asiatique The Riverfront Destination, Wang Nakhon Kasem Yaowarat, and Aquatique Pattaya. Michael Harit, Head of AWC's Commercial Business Group, said the company plans to invest more than 40 billion baht over the next five years in the Asiatique The Riverfront Destination and Wang Nakhon Kasem Yaowarat projects, covering a combined area of more than 260,000 square meters. Asiatique The Riverfront Destination is the flagship project under this partnership, located along the Chao Phraya River on a 224,000-square-meter site with an investment value of more than 22 billion baht, part of the total 40 billion baht investment plan. Wang Nakhon Kasem Yaowarat covers 32,000 square meters, while Aquatique Pattaya covers 110,000 square meters. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said URW is ready to support AWC's vision of creating a new form of lifestyle destination in Thailand, and that this partnership is a strategic advisory collaboration to elevate AWC's lifestyle projects to an international level.

Asset World Corp, or AWC, has announced a strategic partnership with Westfield Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations, to elevate the company's key lifestyle projects into Asia's Flagship Lifestyle Destination. The partnership covers Asiatique The Riverfront Destination, Wang Nakhon Kasem in Yaowarat, and Aquatique Pattaya, under an investment plan of more than 40 billion baht over the next five years. For Asiatique The Riverfront Destination and Wang Nakhon Kasem in Yaowarat, the projects cover more than 260,000 square metres, starting with Asiatique The Riverfront Destination, a landmark on the Chao Phraya River on 224,000 square metres with an investment value of more than 22 billion baht. AWC then plans to extend development to Wang Nakhon Kasem in Yaowarat on 32,000 square metres and Aquatique Pattaya on 110,000 square metres. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership aligns with the company's mission of Building Better Future. Michael Harit, head of AWC's commercial business group, said that combining URW's world-class expertise with AWC's deep understanding of culture, tourism, hospitality, service and local communities will create unique experiences that reflect Thailand's identity. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said the company is ready to bring its expertise in placemaking and destinations, retail partnerships, destination marketing and customer experience to support the development of these projects into leading global flagship destinations.

Asset World Corp Public Company Limited, or AWC, has announced a strategic partnership with Westfield Unibail-Rodamco-Westfield, or URW, a global leader in developing and managing retail destinations under the Westfield brand, which draws a combined total of more than 950 million visits per year. The partnership covers Asiatique The Riverfront Destination, Wang Nakhon Kasem in Yaowarat, and Aquatique Pattaya. URW will work with AWC to develop Asiatique The Riverfront Destination, a landmark on the Chao Phraya River on a site of 224,000 square metres, with an investment value of more than 22 billion baht. After beginning cooperation on this project, AWC plans to apply the knowledge and experience gained from URW to further develop Wang Nakhon Kasem in Yaowarat on a site of 32,000 square metres and Aquatique Pattaya on a site of 110,000 square metres. Under this vision, AWC plans to invest more than 40 billion baht over the next five years for Asiatique The Riverfront Destination and Wang Nakhon Kasem in Yaowarat, covering a combined area of more than 260,000 square metres. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership is in line with the company's Building Better Future mission and aims to develop the projects into Asia's Flagship Lifestyle Destination. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said the company will bring its world-class expertise to support the development of all three projects into leading global flagship destinations.

Asset World Corp REIT Co., Ltd., a subsidiary of Asset World Corp Public Company Limited, or AWC, and acting as the REIT manager, submitted an application and filing to the Securities and Exchange Commission on September 29, 2026, to offer trust units of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR. AWR will invest in its first group of assets, which are freehold properties, comprising five hotel and commercial real estate projects of the company: Banyan Tree Samui, Banyan Tree Krabi Resort, Melia Koh Samui, Pattaya Marriott Resort and Spa, and The Empire, located in prime locations in Bangkok and key tourist destinations across Thailand, with a combined value of not less than 48 billion baht. These five projects will form the core of AWR's initial asset portfolio. In addition, AWR has been granted a right of first refusal from the company to invest in assets of the company and its subsidiaries, a right with no expiry for as long as the company or its subsidiaries continue to act as the REIT manager or hold more than 15 percent of the total issued and paid-up trust units. The offering of trust units and related transactions remain subject to the approval and related processes of the SEC.

Asset World Corp, or AWC, has announced a strategic partnership with Unibail-Rodamco-Westfield, or URW, a global retail giant, under which URW will serve as strategic advisor and co-develop the Experience-Led Lifestyle Retail concept to position Thailand as a global hub for tourism, shopping, and lifestyle retail. The partnership will begin with the Asiatique The Riverfront Destination project, a landmark on the Chao Phraya River spanning 224,000 square meters with investment value of more than 22 billion baht, before extending the model to the Wiang Nakhon Kasem project in Yaowarat, covering 32,000 square meters, and the Aquatique Pattaya project, covering 110,000 square meters. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the tie-up is an important step in the company's Building Better Future mission. Michael Harit, head of AWC's commercial business group, confirmed plans to invest a budget of more than 40 billion baht over the next five years to develop a combined area of more than 260,000 square meters at the Asiatique and Wiang Nakhon Kasem projects. Ricardo Lizcano, Managing Director of Global Partnerships at URW, said the company will bring its global destination management experience, with more than 950 million visits a year across 66 shopping centers worldwide, to support AWC's vision.

AWC has announced a strategic partnership with URW, a global leader in developing and managing retail destinations under the Westfield brand, to elevate AWC's lifestyle projects in Thailand into international tourism, retail and lifestyle destinations. The partnership covers three key projects: Asiatique The Riverfront Destination, Wang Nakhon Kasem Yaowarat, and Aquatique Pattaya. Wallapa Traisorat, Chief Executive Officer and President of Asset World Corp Public Company Limited, or AWC, said AWC will apply URW's knowledge and experience in retail development, customer experience, destination marketing, attracting partner brands and staging large-scale events to advance its projects in Thailand. Under this partnership, URW will jointly develop Asiatique The Riverfront Destination, a landmark on the Chao Phraya River on 224,000 square metres of land with an investment value of over 22 billion baht, part of AWC's investment plan of more than 40 billion baht over the next five years for the Asiatique project and Wang Nakhon Kasem Yaowarat, which together cover more than 260,000 square metres. AWC then plans to apply the knowledge gained from URW to the Wang Nakhon Kasem Yaowarat project on 32,000 square metres and Aquatique Pattaya on 110,000 square metres. Michael Harit, head of AWC's commercial business group, said the company will start with Asiatique before developing it into an internationally recognised destination and a model for blending lifestyle with Thai cultural identity. Ricardo Lizcano, Managing Director of Global Partnerships at Unibail-Rodamco-Westfield, or URW, said the company is pleased to support AWC's vision of creating a world-leading flagship destination.

Central Pattana has announced a partnership with Weixin Pay to launch the CENTRAL PATTANA X WEIXIN PAY, PAY & EARN LOYALTY PROGRAM, elevating the e-wallet from a payment channel into a full-fledged CRM loyalty platform. It is the first and only shopping center operator in Thailand granted the right to launch this program. Dr. Nattakit Tangpoonsinthana, Chief Marketing Officer of Central Pattana Public Company Limited, said the campaign will begin during China's National Day holiday, or Golden Week, from October 1 to 7, 2026, and continue through March 31, 2027, across all eight Central shopping centers designated as Tourist Malls nationwide. The program is driven by three main highlights: Earn, which provides instant real-time reward points; Expand, which grows the membership base through friend referrals; and Exclusive, which offers discounts of up to 50% from leading brands. Weixin Pay has more than 1.4 billion monthly users across Weixin and WeChat combined, while spending via WeChat Pay at Central shopping centers rose 170%, the number of users increased 340%, and the number of payment transactions grew more than 370% compared with the previous year. This aligns with the overall picture of Chinese tourists, more than 3.5 million of whom traveled to Thailand in 2026, a growth of 16%.

Central Pattana Public Company Limited, or CPN, has announced a partnership with Weixin Pay, a leading Chinese E-Wallet provider, to launch the CENTRAL PATTANA X WEIXIN PAY, PAY & EARN LOYALTY PROGRAM, elevating the E-Wallet from a payment channel into a CRM Loyalty Platform that connects the experience of paying, earning points, and receiving benefits in real time. Central Pattana is the first and only shopping centre operator in Thailand to launch this programme, welcoming the Golden Week period from 1 to 7 October 2026 across 8 Central Tourist Malls nationwide. Dr. Nattakit Tangpoonsinthana, Chief Marketing Officer of Central Pattana Public Company Limited, said this partnership is more than adding a payment channel; it turns every transaction into a Loyalty Moment to build engagement and long-term repeat visits. Currently Weixin Pay has more than 1.4 billion monthly users of Weixin and WeChat, while spending via WeChat Pay at Central shopping centres has grown by leaps and bounds compared with the previous year, with spending up 170%, the number of users up 340%, and the number of transactions growing by more than 370% at key tourist shopping centres such as CentralWorld, Central Park, Central Phuket, Central Pattaya, Central Village, and Central Chiang Mai. Meanwhile, Thailand has welcomed more than 3.5 million Chinese tourists, a rise of 16% in 2026. The programme offers benefits to new members, including discounts of up to 50% from leading brands within all 8 shopping centres, as well as highly exclusive premium gifts from Central Pattana.

Pi Securities noted that US economic data came in below expectations, combined with crude oil prices beginning to pull back, pressuring US government bond yields to ease slightly, which in the short term is seen as a supportive factor for the stock market. Meanwhile, the latest CME FedWatch sees only a 50% chance of a rate hike in October, easing from earlier, and tonight the market awaits US PCE inflation for August, with the consensus expecting 0.3% MoM. On the Thai market, the SET faced pressure from foreign capital flows amid the strengthening dollar, but this morning the baht strengthened slightly, which could support flows. The research team expects the SET INDEX to trade in a 1585-1605 range and has selected 17 large-cap stocks across 7 groups: banking, comprising BBL, KBANK, KTB and SCB; telecommunications, comprising ADVANC; electronics, comprising HANA, KCE and DELTA; industrial estates, comprising AMATA and WHA; airlines, comprising BA; hotels, comprising MINT, CENTEL, ERW and AWC; and power plants, comprising BGRIM and GPSC. It recommends buying AWC with a target price of 3.30 baht, expecting normal profit in the second half of 2026 to grow strongly year on year, supported by room bookings growing 20% to 30% year on year, and awaiting clarity on a plan to establish a REIT within 2026. It also recommends buying BA with a target price of 22.40 baht, as the third quarter of 2026 is the high season for tourism on Koh Samui.

AWC shares rose 5.09%, bucking the market, after the company approved the sale of 5 projects to AWR for a minimum value of 48.449 billion baht. The stock climbed as high as 3.30 baht, up 0.16 baht. KGI Securities (Thailand) set a base target price for AWC at 3.6 baht, expecting strong earnings in the third and fourth quarters. It also sees positive sentiment from China's long holiday period starting late this month through early October, which is expected to boost the number of Chinese tourists. AWC has a Chinese customer base of about 13%, and several large events in the fourth quarter will support Thailand's overall tourism picture. Meanwhile, the planned launch of the AWR REIT will help unlock asset value and prepare investment funds to continue expanding the hotel business. KGI assesses the share price as a sideways uptrend, with support at 3.08 baht and resistance at 3.18 to 3.22 baht. If it breaks through this resistance range, the next resistance is estimated at 3.4 baht, with a stop loss at 3.04 baht.

Asset World Corp Public Company Limited, or AWC, disclosed that a special meeting of its board of directors approved the structure for establishing the AWC Lifestyle Properties real estate investment trust, or AWR, along with a plan to sell five projects into the trust at a combined minimum sale value of 48.449 billion baht, excluding taxes and fees. The total preliminary transaction value is expected not to exceed 50 billion baht. The five projects comprise Banyan Tree Samui at a minimum price of 6.463 billion baht, Banyan Tree Krabi Resort at 4.884 billion baht, Melia Koh Samui at 5.895 billion baht, Pattaya Marriott at 6.1 billion baht, and The Empire (Sathorn) at 25.107 billion baht. After the asset sale, AWC Hotel Property Company Limited, a subsidiary of AWC, will enter into a lease agreement for the hotel group assets from AWR to continue operating the hotel business, while AWC Commercial Property Manager Company Limited will serve as the property manager of AWR, and AWC will hold the right to manage and develop projects, collecting a fee of 3.5% of the total project development value. There is also a plan to subscribe for AWR trust units of not more than 28% of the total trust units issued and offered. Meanwhile, Finansia Syrus Securities recommends buying AWC shares with a target price of 3.90 baht, viewing the injection of assets into AWR as helping to unlock capital and reduce debt. AWC shares stood at 3.28 baht, up 0.14 baht, or 4.46%.

Kasikorn Securities has issued an analysis recommending a Buy on AWC shares with a target price of 3.74 baht, based on a DCF method using a WACC assumption of 6.9% and a long-term growth rate of 3.0%, without yet including the AWR transaction in the official target price because further details of the transaction are still pending. AWC held an investor meeting on 25 September to discuss the board's resolution to move ahead with unlocking asset value through the AWC Lifestyle Properties real estate investment trust, or AWR. Management expects AWR to complete an IPO within the first quarter of 2027 and will hold another investor meeting on 29 September to discuss further transaction details. AWC currently operates 25 hotels with a total of 7,250 rooms and five office buildings with total leasable area of 293,000 square meters. The assets being offered represent 16% of all hotels, 8.9% of all rooms, and 54% of total office building leasable area. These assets had a combined book value of 33.6 billion baht as of 2025, while the minimum value from the asset disposal will be no less than 48.449 billion baht. As of the second quarter of 2026, AWC had a net debt to equity ratio of 0.92 times and a net debt to EBITDA ratio of 6.7 times. Based on calculations assuming IPO proceeds of 48.449 billion baht, AWC is expected to record a pre-tax gain from the asset disposal of about 10.4 billion baht, and the transaction has the potential to create added value of about 3.5 billion baht, assuming EBITDA from the disposed assets of 2.05 billion baht, management fees of 150 million baht, net cash received before tax of 34.6 billion baht, and AWC holding a 28% stake in AWR. Factors supporting an increase in the valuation multiple include strong hotel business performance in the third quarter of 2026, with revenue per available room, or RevPar, expected to grow more than 20% year on year; strong hotel business performance in the fourth quarter of 2026 from global conferences and events such as the IMF and Tomorrowland; and the opportunity to create added value from the AWR project. Key downside risks include volatility in jet fuel prices, lower-than-expected inbound tourist numbers, intensifying competition in the hotel and office building markets, and a delay in the AWR IPO.

Finansia Syrus Securities recommends "buy" on Asset World Corp, or AWC, with a target price of 3.90 baht, after the company announced a special board resolution approving the structure for establishing the AWC Lifestyle Properties real estate investment trust, or AWR, and proceeding to sell 5 projects with a combined value of not more than 50 billion baht. The 5 projects are part of the plan to transfer Freehold assets into AWR, with a combined minimum value of 48.449 billion baht, excluding taxes and fees. They comprise Banyan Tree Samui hotel with a minimum price of 6.463 billion baht, Banyan Tree Krabi Resort at 4.884 billion baht, Melia Koh Samui hotel at 5.895 billion baht, Pattaya Marriott hotel at 6.1 billion baht, and The Empire Sathorn project at 25.107 billion baht. The company will set up two subsidiaries: AWC Hotel Property Co, or AWR-Hs, which will lease the hotel assets from the AWR trust, and AWC Commercial Property Manager Co, or AWR-R, which will manage AWR's commercial and office real estate. AWC will hold the rights as project manager and developer, charging a fee of 3.5 percent of the total project development value, and plans to subscribe to not more than 28 percent of the total trust units issued and sold. The meeting also acknowledged a study of 9 additional assets for possible future sale into the AWR trust. Meanwhile, RevPAR in the third quarter of 2026 and bookings for the fourth quarter of 2026 remain strong.

Asset World Corp Public Company Limited, or AWC, is preparing to file for the establishment of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, for an initial public offering of ordinary shares by September 29, with a minimum total offering value of no less than 48.449 billion baht. Wallapa Traisorat, Chief Executive Officer and President, disclosed that the company's board has approved the sale of five projects into the trust, comprising four hotels and one office building for rent, selected from AWC's total of 62 projects, choosing only assets in Premium Locations and Premium Brands on a freehold basis. The five projects consist of The Empire, valued at approximately 25.107 billion baht; Banyan Tree Samui hotel, valued at approximately 6.463 billion baht; Pattaya Marriott Resort and Spa hotel, valued at approximately 6.1 billion baht; Melia Koh Samui hotel, valued at approximately 5.895 billion baht; and Banyan Tree Krabi Resort hotel, valued at approximately 4.884 billion baht. AWC plans to subscribe for no more than 28% of AWR trust units, with more than 50% allocated to domestic investors and no more than 50% to foreign institutional investors, and expects the AWR REIT to list on the Stock Exchange of Thailand in early 2027. The board has also approved nine additional high-quality projects in the pipeline for future transfer into the AWR REIT, targeting portfolio growth from 50 billion baht to between 100 billion and 300 billion baht within the next five years.

The board of Asset World Corp Public Company Limited, or AWC, has resolved to establish two subsidiaries within September 2026: AWC Hotel Property Company Limited, or AWR-Hs, with registered capital of 199.99 million baht, and AWC Commercial Property Manager Company Limited, or AWR-R, with registered capital of 9.99 million baht, to serve as the lessee and property manager of the Asset World Lifestyle Properties Real Estate Investment Trust, or AWR. The board also approved the disposal of five leading projects to the AWR trust: Banyan Tree Samui at a minimum sale price of 6.463 billion baht, Banyan Tree Krabi Resort at a minimum sale price of 4.884 billion baht, Melia Koh Samui at a minimum sale price of 5.895 billion baht, Pattaya Marriott Hotel at a minimum sale price of 6.1 billion baht, and The Empire project at a minimum sale price of 25.107 billion baht. If all five projects are sold together, the minimum total sale price will be no less than 48.449 billion baht, excluding related taxes and expenses, with an estimated preliminary value within a limit of 50 billion baht. After the asset disposal, AWR-Hs will become the lessee of the hotel projects to continue operating the hotel business, while AWR-R will serve as the property manager for The Empire project. In addition, AWC plans to subscribe to AWR trust units at no more than 28% of the total issued and sold trust units, and will act as project manager and developer, with the right to charge a management fee of 3.5% of the total project development value. The meeting also acknowledged a plan to study nine additional projects for possible future sale to AWR. The trust manager is currently preparing to file the registration statement with the Securities and Exchange Commission in accordance with the next steps.

Asset World Corp, or AWC, announced a board resolution to proceed with a plan to establish the AWC Lifestyle Properties real estate investment trust, or AWR, preparing to sell five high-potential assets with a combined preliminary value of not more than 50 billion baht, while setting up subsidiaries to lease them back and continue managing them in order to generate steady income and extend long-term growth. The five highlight projects to be sold into the trust comprise The Empire Sathorn, a large office building in the heart of the city, with a minimum sale price of 25.107 billion baht; Banyan Tree Samui hotel, with a minimum sale price of 6.463 billion baht; Pattaya Marriott hotel, with a minimum sale price of 6.1 billion baht; Melia Koh Samui hotel, with a minimum sale price of 5.895 billion baht; and Banyan Tree Krabi Resort, with a minimum sale price of 4.884 billion baht. If all five projects are transferred and sold together, the total value must be no less than 48.449 billion baht. In addition, AWC approved the establishment of two new subsidiaries: AWC Hotel Property Co Ltd, or AWR-Hs, to lease the group of four hotels back from the trust and continue operating them, and AWC Commercial Property Manager Co Ltd, or AWR-R, to act as property manager for The Empire project. At the same time, AWC will subscribe to investment units in the AWR trust at a proportion of not more than 28%. AWC has also begun studying the feasibility of selling a next-phase batch of nine more projects, which include Bangkok Marriott The Surawongse hotel, Marriott Marquis Queens Park hotel, The Ritz-Carlton Phuket Resort and Spa hotel, Fairmont Bangkok Sukhumvit hotel, Phuket Marriott Resort and Spa Sukhumvit Inyara Beach hotel, Kimpton Hua Hin Resort Beach Club hotel, the Asiatique The Riverfront Destination project, The Hotel Plaza Athenee Nobu Bangkok hotel, and InterContinental Chiang Mai Mae Ping Hotel. Currently, an AWC subsidiary, as trust manager, is preparing to file a registration statement with the Securities and Exchange Commission to seek approval to establish the trust and formally offer investment units to investors.

Asset World Corp Public Company Limited, or AWC, has announced a major restructuring of its real estate portfolio, with the board resolving to establish two subsidiaries to support the investment and asset management of the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, and preparing to sell five projects with a combined minimum value of 48.449 billion baht. The two subsidiaries are AWC Hotel Property Company Limited, or AWR-Hs, with registered capital of 199.99 million baht, almost 100% held by AWC, which will lease assets from AWR to operate hotel and related businesses, and AWC Commercial Property Manager Company Limited, or AWR-R, with registered capital of 9.99 million baht, also almost 100% held by AWC, which will manage AWR's assets. Both companies are expected to be established by September 2026. The five projects slated for sale are Banyan Tree Samui, with a minimum sale price of 6.463 billion baht; Banyan Tree Krabi Resort at 4.884 billion baht; Melia Koh Samui at 5.895 billion baht; Pattaya Marriott at 6.1 billion baht; and The Empire project at 25.107 billion baht. AWC will allow all or part of the assets to be sold to AWR, and after the assets are transferred to AWR, AWR-Hs will lease the hotel assets back from AWR to continue operating the business, while The Empire will have AWR-R take over real estate management. In addition, AWC has been approved to act as Development Manager overseeing the development of projects in which AWR invests, with the right to receive project management and development fees at a rate of 3.5% of total project development costs, excluding construction management fees. On the investment side, AWC plans to subscribe to AWR trust units of not more than 28% of the total units issued and offered, using cash flow from operations, loans from financial institutions, and/or other funding sources. Meanwhile, AWC is also studying another nine projects for possible future inclusion under AWR. As for next steps, the transaction must still pass key conditions, such as the trust manager receiving approval from the Securities and Exchange Commission, being properly established by law with sufficient capital, and obtaining consent from creditors and relevant counterparties, as well as completing asset due diligence. AWC stated that the sale of the five projects, together with the leaseback and the subscription to AWR trust units, represents less than 25% of total assets, qualifying as a small-scale transaction under the relevant criteria and not a connected transaction.

Asset World Corp Public Company Limited, or AWC, announced that its Board of Directors, at an extraordinary meeting 1/2569 held on 25 September 2569, approved the disposal of five assets to the AWC Lifestyle Properties Real Estate Investment Trust, or AWR, at a minimum total sale price of 48.449 billion baht, with the preliminary transaction value expected to fall within a limit of 50 billion baht. The assets to be sold comprise the Banyan Tree Samui hotel project at a minimum price of 6.463 billion baht, the Banyan Tree Krabi Resort hotel project at 4.884 billion baht, the Melia Koh Samui hotel project at 5.895 billion baht, the Pattaya Marriott hotel project at 6.1 billion baht, and The Empire project at 25.107 billion baht. If all five projects are sold together, the minimum sale price must be no less than 48.449 billion baht, excluding value-added tax, specific business tax, stamp duty, and expenses related to the transaction. The Board also approved the establishment of two subsidiaries to serve as the asset lessee and property manager of AWR, namely AWC Hotel Property Company Limited, or AWR-Hs, with initial registered capital of 199.99999 million baht, in which AWC holds 99.99999995%, and AWC Commercial Property Manager Company Limited, or AWR-R, with initial registered capital of 9.99999 million baht, in which AWC holds 99.999999%. Both companies are scheduled to be established within September 2569. In addition, AWC approved the company's subscription for trust units of AWR of not more than 28% of the total issued and sold trust units, using cash flow, loans from financial institutions, and/or other funding sources, while the final investment amount will depend on the trust unit offering price and the fundraising value determined by AWR. AWC stated that the disposal of all five projects represents a transaction size of not more than 25% of the company's total assets under the total consideration criteria, based on total assets in the financial statements for the second quarter of 2569 ending 30 June 2569, and therefore constitutes a small-scale transaction and is not a connected transaction. Regarding future plans, AWC acknowledged a study of assets for possible disposal to AWR, with an initial phase studying nine projects, including Bangkok Marriott Hotel The Surawongse, Bangkok Marriott Marquis Queen's Park, The Ritz-Carlton Phuket Resort and Spa, Fairmont Bangkok Sukhumvit, Phuket Marriott Resort and Spa Nai Yang Beach, Kimpton Hua Hin Resort Beach Club, Asiatique The Riverfront Destination, The Hotel Plaza Athenee Nobu Bangkok, and InterContinental Chiang Mai Mae Ping Hotel. The transaction remains subject to relevant conditions precedent, including approval from the Securities and Exchange Commission for the trust manager and the issuance and offering of trust units, the establishment of AWR and sufficient fundraising to invest in the assets, consent from lenders, hotel managers, and relevant counterparties, due diligence results satisfactory to AWR, and the absence of any event causing a material adverse effect on the assets or the related transaction.

Keihanshin Building announced on July 30 that it has signed an agreement to transfer the Shijo Kawaramachi Building in Nakagyo Ward, Kyoto, to a domestic corporate buyer, and expects to record a gain on sale of fixed assets of about 5.9 billion yen as an extraordinary profit in the second quarter of the fiscal year ending March 2027. In response, the company revised its consolidated earnings forecast for the full fiscal year ending March 2027. It left its forecasts of 20.5 billion yen in revenue and 5.5 billion yen in operating profit unchanged, while cutting its ordinary profit forecast to 4.5 billion yen, down 8.2 percent from the previously forecast 4.9 billion yen, and raising its net profit forecast to 7 billion yen, up 42.9 percent from the previously forecast 4.9 billion yen. It explained that the downward revision to ordinary profit reflects overseas real estate development projects where leasing and other business progress has come faster than expected, meaning related costs originally planned for the following fiscal year and beyond are now expected to be booked earlier. The upward revision to net profit is largely due to the one-off extraordinary gain from the building sale, and attention is warranted given that ordinary profit has been revised downward. Net profit per share after the revision comes to 73.37 yen. The company has also decided on a policy of progressive dividend increases from the fiscal year ending March 2027 through the fiscal year ending March 2029, and its annual dividend forecast for the fiscal year ending March 2027 is 15 yen at the interim and 15 yen at the year-end, for a total of 30 yen on a post-split basis, with a forecast payout ratio of 40.9 percent.

Primo Service Solutions Public Company Limited, or PRI, has been entrusted with the management of two condominium projects in Khon Kaen province: The Origin Campus Khon Kaen with 492 units and Origin Place Khon Kaen-Kanlapaphruek with 442 units, for a total of 934 units. The condominium juristic-person management work for both projects will be handled by PMM Property Management Company Limited, or PMM, a subsidiary of PRI, covering common-area management, budgeting and finance, building systems and maintenance, security, and the environment. Suphint Meechoocheep, Chief Executive Officer of PRI, said that taking on the management of the two new projects is an important step in expanding services to high-potential provincial cities and aligns with the company's strategy of developing a full-service real estate services business, or One-Stop Service.

Analysts view the buzz around 'Nene Royal', or Ms. Rattikan Amloy from Phuket province, who won season 21 of America's Got Talent, as helping build global recognition and drawing tourists to Phuket and lifting Thailand's overall tourism during this year-end travel season. Mr. Puwadon Pusodngern, an investment strategist in the research department at Bualuang Securities Public Company Limited, told 'Than Hoon' that Phuket's tourist arrival statistics were already growing well and ranked among the top in the country before the Nene Royal phenomenon, so it further strengthens this area. For hotel and tourism stocks with a customer base in Phuket, AWC is recommended with a fundamental target price of 4 baht, supported by advance bookings that lift profit through the first quarter of 2026 and a Phuket hotel portfolio that suits high-purchasing-power customers. CENTEL has a fundamental target price of 49 baht, benefiting from a low profit base that is ready to recover, and ERW has a fundamental target price of 4.50 baht, gaining less value benefit than AWC and CENTEL because it relies mainly on tourist numbers. The strategy recommends gradual accumulation. Meanwhile, CRC has a fundamental target price of 34 baht, supported directly by higher tourist spending, in line with an analysis by Maybank Securities (Thailand) Public Company Limited, which holds a positive view on Thailand's tourism group, citing a recovering short-haul market, an upcycle in average room rates, a recovery in MICE spending led by China, and undemanding share prices. It prefers AWC over ERW and MINT given stronger earnings-per-share growth prospects.

Asset World Corp Public Company Limited, or AWC, is preparing to hold a press conference to announce landmark-quality assets that will form the initial portfolio of Asset World Corp REIT, or AWR, which serves as the trust's manager. The total value of assets to be injected into the trust has been set at no more than 50 billion baht. Watcharut Watcharawongsit, an investment analyst covering fundamental factors at FSS International Investment Advisory Securities Company Limited, said this clarity is a positive factor both in terms of unlocking the value of high-quality assets, especially hotels, which are currently recorded at book value based on original cost, and therefore offer the opportunity to recognize special gains from selling assets at market prices above book value. The sale process and revenue recognition are expected to take place in the fourth quarter of 2026, or possibly shift to the first quarter of 2027, depending on whether the assets are sold as a single block for the full 50 billion baht or gradually injected into the fund in stages. On liquidity, the proceeds will help AWC continue to develop new projects under its pipeline plan. Meanwhile, performance in the second half of 2026 is expected to grow strongly on the back of the upper-tier hotel business, the tourism high season, and international conferences. The analyst set a target price of 3.90 baht per share.

Primo Service Solutions Public Company Limited, or PRI, has been entrusted with the management of two condominium projects in Khon Kaen province: The Origin Campus Khon Kaen with 492 units and Origin Place Khon Kaen-Kanlapaphruek with 442 units, totaling 934 units. PMM Property Management Company Limited, or PMM, a subsidiary of PRI, will be responsible for the juristic person management of both projects, covering common area management, budgeting and finance, building systems and maintenance, security, and the environment. Suphint Mechoocheep, Chief Executive Officer of PRI, stated that Khon Kaen province is a key hub of the northeastern region in terms of economy, education, and medicine, which is driving demand for quality housing and professional project management services. Taking on the management of these two new projects is an important step in expanding services to potential provincial cities and aligns with PRI's One-Stop Service strategy, which covers real estate management, residential and hotel management, brokerage, and related technology services.

Central Pattana Public Company Limited, or CPN, has announced the transformation of its Central Bangna shopping centre into a future-facing mixed-use New Master Planning project. The first phase focuses on the retail component, with a gross building area of 330,000 square metres, supporting the growth of eastern Bangkok under the Living Gallery concept. The company is bringing in more than 300 well-known shops and new brands opening gradually, along with 200 events throughout the year, and targets visitor traffic growth to between 45,000 and 50,000 people. Inside the centre will be a Central department store in a new flagship-standard concept, which is being gradually renovated and will open in full in 2027, along with a 6,000-square-metre X Venture and a Fun City, both opening in 2027. Meanwhile, data from The1 shows that Central Bangna ranks in the top five shopping centres with more than 85% of its customers in the Wealthy Families group, and the company is ready to expand its car park to 3,500 spaces to serve future visitors.

Wichak Phraditwanit, Chief Executive Officer and Managing Director of MBK Public Company Limited, or MBK, disclosed that the operating performance trend for the third quarter of 2026 for the MBK group remains positive, driven by a recovery in tourist numbers, which is supporting customer traffic at its shopping centres and the performance of its City Hotel business. In the first half of 2026, MBK recorded net profit attributable to shareholders of the parent company of 2.563 billion baht, up about 19% from the same period a year earlier, comprising first-quarter 2026 profit of 1.211 billion baht and second-quarter 2026 profit of 1.352 billion baht. For the shopping centre business, MBK Center had an occupancy rate of about 98% in the first half of 2026 and expects to maintain that level throughout the year, while rents can be gradually raised at lease renewal cycles by an average of about 3 to 5% per year. On the hotel side, although overall tourist numbers are trending toward a slowdown, the average room rate in the first half of 2026 has not yet been significantly affected. The occupancy rate in the second quarter of 2026 was partly affected by conflict in the Middle East, which disrupted travel by European and Middle Eastern tourists. In the second half of 2026, signs of recovery are beginning to emerge, especially for City Hotel properties, and the overall picture is expected to have a chance of returning to close to the second half of 2025. As for Resort Hotel properties in the South, although the third quarter of 2026 is the off-season for tourism, the fourth quarter of 2026 through the first quarter of 2027 is the tourism season, and with support from several international events and major festivals, this is expected to strongly support growth in the segment. As for Riverdale District, the company is in the process of developing the project as an ecosystem to enhance the potential and value of roughly 1,500 rai of land, as well as to increase opportunities to sell and lease land around the golf course. Development is expected to begin to be visible from late 2026, starting with the opening of a football pitch. Meanwhile, Invictus International School, which leases land from the company, is scheduled to begin operations in 2027. For the Finance business, operating results in 2026 remain at a good level, with the company focusing on controlling loan portfolio quality, while a joint venture to operate a motorcycle hire-purchase lending business is a growth driver that will play a greater role going forward. The Auction business is not yet a main growth driver this year, as the number of cars entering the auction yard is still slowing amid caution by financial institutions in extending auto loans and the effects of the Bank of Thailand's debt relief measures.

Today's stocks to watch span several key developments. Bangchak, or BCP, is changing its top leadership for the first time in 12 years, after the board unanimously resolved to appoint Bundit Hansapaiboon as the new CEO, succeeding Chaiwat Kovavisarach, whose term has ended, effective January 1, 2027, after more than a decade at the helm. The stock fell nearly 3% on concerns over the leadership change. Meanwhile, BCPG clarified the case in which the Department of Special Investigation requested information on its investment in the Phetchaburi oil depot and jetty project, confirming it is ready to cooperate fully and that there has been no conclusion or ruling from the relevant agencies. Central announced a new investment plan in Vietnam totaling 3.5 billion US dollars, covering retail, real estate, and hotels, split into 1.5 billion dollars for CRC to expand roughly 50 stores over three to five years, and another 2 billion dollars for CPN, after seeing substantial room for economic and purchasing-power growth. EGCO is pushing into the United States, acquiring a large 615-megawatt natural gas power plant in central New York under a tolling agreement that locks in long-term cash flow and captures electricity demand from AI and data centers. SPALI declared that Thai real estate has passed its bottom, and it will launch 19 new projects worth a combined 22.66 billion baht in the second half, with brokers saying profits have reached a turning point, raising this year's profit forecast by 10%, highlighting a 7.7% dividend yield, and setting a buy rating with a 21 baht target price.

The analyst team at KGI Securities (Thailand) says it holds an increasingly positive view on the outlook for Thailand's tourism sector, citing a recovering trend in foreign tourist arrivals, rising flight capacity, and still-resilient domestic tourism, all of which should support the operating results of hotel operators in the second half of 2026. Foreign tourist arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.4% from the same period a year earlier. Meanwhile, the Tourism Authority of Thailand expects the number of Chinese tourists during the travel season and the long Golden Week holiday to rise 24% from the same period last year to about 250,000. The research team expects RevPAR to accelerate in the third quarter of 2026, turning back to positive growth after a 10% decline in the second quarter of 2026, and forecasts that RevPAR for hotels in Thailand will grow at rates ranging from single digits up to about 20% compared with the same period a year earlier. Among hotel stocks, Asset World Corp, or AWC, is expected to be one of the leaders of the recovery, with RevPAR forecast to grow 24% from the same period a year earlier, while Central Plaza Hotel, or CENTEL, is expected to post mid-teens RevPAR growth, and The Erawan Group, or ERW, is expected to grow at a single-digit rate. The research team maintains an overweight stance on the hotel sector, naming AWC with a target price of 3.60 baht and CENTEL with a target price of 49.00 baht as its top picks, while keeping a buy rating on ERW with a target price of 4.30 baht, MINT with a target price of 30.00 baht, and SHR with a target price of 1.90 baht.

PRG Corporation Public Company Limited, part of MBK Public Company Limited, or MBK, has acquired a big lot of 125.66 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03%, from BBTV Equity Company Limited, the largest shareholder and a company of the Rattanarak family, owner of Channel 7HD, which has held VIH shares since 2014. Two days earlier, VIH shares jumped 10.71% to close at 9.30 baht amid reports of the big lot. VIH operates four hospitals: Vichaiyut International Hospital Om Noi, Vichaiyut International Hospital Nong Khaem, Vichaiyut International Hospital Samut Sakhon, and Vichaiyut Hospital Fai Chai, along with Srivichai Vocational School, and has consistently profitable operations, paying dividends every year, with the latest dividend yield at 4.24%. The acquisition marks MBK's advance into the medical and health business. MBK has six core businesses: rice production and distribution, contract manufacturing, food courts, property and real estate development, logistics, and energy. Synergies are expected, from opening comprehensive health centers or specialized clinics in the group's shopping malls such as MBK Center, Paradise Park, and The Nine Center, to expanding medical tourism with group hotels such as Pathumwan Princess Hotel, and linking customer databases and loyalty programs across the group's businesses.