Broker recommends buying AWC, plans AWR trust to sell 5 projects worth 50 billion baht

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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.

Impact on assets 1

Real Estate▲ · 1 stocks
Asset World Corp Public Company Limited
AWC
▲ PositiveCapitalrelevance

Broker Finansia Syrus recommends buy with 3.90 baht target after AWC approved the AWR trust structure and sale of 5 projects worth up to 50 billion baht.

Off-coverage companies 3

AWC Lifestyle Properties REITPrivate▲ Positive
Capitalrelevance

AWC approved establishing the AWR REIT and transferring 5 freehold projects worth at least 48.449 billion baht into it.

AWC Commercial Property Manager Co., Ltd.Private▲ Positive
Capitalrelevance

AWC will set up AWR-R to manage AWR's commercial and office real estate, with AWC charging a 3.5% project development fee.

AWC Hotel Property Co., Ltd.Private▲ Positive
Capitalrelevance

AWC will set up AWR-Hs to lease the hotel assets from the AWR trust, formalizing its role in the REIT structure.

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