AWC : Solid Long-Term Earnings Growth, but on Demanding Valuation

AWC : 3Q22 Core Profit Beat Our Estimate but Below Market Expectation

AWC: Clearer Picture for Hotel Business Is Expected to Be Seen in Early 2022

AWC: Long-Term Earnings Growth Profile Remains Intact

AWC: Slower-Than-Expected Recovery in Hospitality Revenue

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

Asset World Corporation / Equity Bottom-Up

<ul>
<li>Maintain HOLD rating for AWC after rolled over target price to Bt5.40(Previous TP:4.50).We expect the company earnings in 2H22to grow strongly from the first half and low base last year</li>
<li>2Q22 core earnings show positive sign of recovery Report 2Q22 net profit at Bt776m.Stripping out extra gain from asset valuation, AWC would incur net loss of Bt382m, the least loss </li>
<li>Gross profit margin hit nine-quarter high at 40.2% as a result from an increase in revenue to the highest level in nine quarter at Bt2.0bn.SG&amp;A to sales ratio also trimmed </li>
</ul>


Maintain HOLD rating for AWC after rolled over target price to Bt5.40(Previous TP:4.50).We expect the company earnings in 2H22to grow strongly from the first half and low base last year
2Q22 core earnings show positive sign of recovery Report 2Q22 net profit at Bt776m.Stripping out extra gain from asset valuation, AWC would incur net loss of Bt382m, the least loss 
Gross profit margin hit nine-quarter high at 40.2% as a result from an increase in revenue to the highest level in nine quarter at Bt2.0bn.SG&amp;A to sales ratio also trimmed 


Asset World Corporation

AWC : On Its Pace of Gradual Recovery