Asset World Corp Public Company Limited

Asset World Corp Public Company Limited, or AWC, has announced a partnership with seven leading Thai financial institutions, namely Siam Commercial Bank, Kasikornbank, Bangkok Bank, Krungthai Bank, Bank of Ayudhya, and TMBThanachart Bank, as well as Bank of America Securities, to prepare for the offering of trust units of AWR – AWC Lifestyle Property Real Estate Investment Trust, or AWR REIT. The trust aims to be Thailand's largest freehold real estate investment trust, with an initial investment value of not more than 51,388 million baht, drawn from five landmark assets in Bangkok, Samui, Krabi, and Pattaya: The Empire, Banyan Tree Koh Samui Hotel, Banyan Tree Krabi, Meliá Koh Samui, and Pattaya Marriott Resort and Spa. AWR REIT also holds a Right of First Refusal, or ROFR, covering nine high-potential assets that AWC has initially selected, along with opportunities to expand investment through another 48 projects in AWC's current portfolio. On governance structure, AWR REIT will have more than 60% independent directors, jointly appointed by the trustee, and will set management fees linked to growth in distribution per unit, or DPU Growth. Asset World Corp REIT Company Limited has already filed the trust unit offering registration statement and draft prospectus, or Filing, with the Securities and Exchange Commission on September 29, 2026.

Trinity Securities assesses global and Thai stock markets in the fourth quarter of 2026 will face volatility from a tug-of-war between macro factors weighing on the market and micro factors still providing support. Natchat Mekmasin, senior assistant managing director of the securities analysis department at Trinity Securities, said Trinity estimates the SET Index will move within a range of 1,500-1,700 points for the remainder of the year, using a PE Model that sets three forward P/E scenarios at 15.9 times, 14.8 times and 13.8 times, combined with a forecast 2026 EPS from the Bloomberg Consensus of about 110 baht, yielding appropriate index levels of 1,750 points in the best case, 1,630 points in the base case and 1,510 points in the worst case, compared with the current SET level of around 1,580 points. On investment strategy, Trinity recommends a bottom fishing or buy-the-dip approach rather than chasing stocks during market rallies, waiting for the market to see a panic sell driven by macro factors and then gradually accumulating fundamentally strong stocks, while emphasizing sector rotation and stock selection. Its top picks span five themes: the livestock group with BTG and TFG, the tourism group with AWC and ERW, the retail group with CRC and COM7, the processed agricultural products group with STA and TVO, and the group benefiting from FDI, namely AMATA and STECON, for a total of 10 top picks.

Trinity Securities has released its first calculation for the 1H27 review cycle, forecasting which stocks will be added to and removed from the SET50 and SET100 indices, based on data through September 30, and will wait for actual data through the end of November. The stocks expected to be added to the SET50 index are KCE, SPRC, IRPC and CENTEL, all four with 99.99% confidence. The stocks expected to be removed from the SET50 are LH, OSP, TIDLOR and MRDIYT, also with 99.99% confidence. The stocks expected to be added to the SET100 index are MBK, TTW and PSL, while STPI could slip in as the fourth if HANA unexpectedly drops out of the index. The stocks expected to be removed from the SET100 are AURA, QH and MOSHI, and HANA must avoid being placed on the Trading alert list throughout October and November. Strategically, Trinity recommends gradually buying for speculation the stocks certain to be added to the SET50 index, namely KCE, SPRC, IRPC and CENTEL, with KCE the most attractive because it has the largest market cap, and recommends avoiding stocks that may be removed from the SET50, namely LH, OSP, TIDLOR and MRDIYT, over the next one to two months. Meanwhile, Kasikorn Securities noted that the Prime Minister has ordered all agencies to accelerate preparations to host the 2026 World Bank-IMF meeting, which is expected to draw more than 10,000 participants from at least 19 countries, focusing on upgrading airports, airlines, visas, immigration, security and public health, and using this stage to attract investment and build confidence in the Thai economy. This is seen as positive sentiment for stocks related to travel, tourism, airports, hotels and convention centres, such as AOT, AWC, CENTEL and ERW.

The Structured Product team at Bualuang Securities recommends a Buy on Dip strategy using ELN products to lock in future stock entry prices while earning returns during the wait, viewing market volatility and the flood situation as an opportunity to select stocks with high Earnings Resilience and Recovery Visibility. The recommended underlying stocks include CRC in the retail sector, whose third-quarter 2026 profit is expected to grow 31% year on year and whose 2027 Core Profit is expected to grow 10%, with a 1-month ELN on CRC at a 96% strike offering a yield of 10.05% per year. In the hospital sector, BDMS and BH are expected to post third-quarter 2026 profit growth of 6% and 2% year on year respectively, with a 1-month ELN on BDMS at a 97% strike offering a yield of 6.91% per year. In the tourism sector, CENTEL and AWC are expected to post third-quarter 2026 profit growth of 31% and 33% year on year respectively, with a 1-month ELN on AWC at a 95% strike offering a yield of 8.32% per year. And in the power plant sector, GULF and GUNKUL are expected to post third-quarter 2026 profit growth of 46% and 35% year on year respectively, with a 1-month ELN on GULF at a 97% strike offering a yield of 5.58% per year. Reference prices are as of October 5, 2026. Lessons from the 2011 floods show that the speed of profit recovery matters more than the initial impact, and many sectors can recover within roughly one quarter.

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.

Asia Plus Securities said in a research note that Thailand's tourism sector still looks set for solid growth. During China's Golden Week from September 27 to October 3, 2026, Thailand received 522,532 foreign arrivals, up 8% from the previous week, driven by 133,946 Chinese tourists, a rise of 42% from the prior week. Although foreign arrivals in the third quarter of 2026 fell 5% year on year, they rose 3.5% from the previous quarter, and excluding the Malaysian market the decline was only 0.9%. Key markets continued to expand, with China up 12%, Europe up 1.5%, the Middle East up 13% and the Americas up 1.5%. The standout point is that hotel revenue is still growing faster than visitor numbers. Forward booking data indicates that revenue per room for CENTEL and MINT is likely to rise about 10-13% from a year earlier, while ERW targets revenue growth of 7% from a year earlier. International passenger volume at AOT in July to September 2026 fell 1.9% year on year, in line with the foreign tourist trend when the Malaysian market is excluded. As for the next catalyst, the market is watching the annual meetings of the International Monetary Fund and the World Bank from October 12 to 18, 2026. Large international events of this kind are likely to benefit hotel operators such as ERW, AWC and CENTEL more directly than airport or airline businesses. On investment strategy, the brokerage remains positive on Thailand's tourism group, picking CENTEL as its top stock on the back of strong hotel business profit trends, while AOT and ERW remain attractive as stocks that stand to gain from international events and the recovery of Thailand's tourism sector.

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.

Kasikorn Securities stated that the Prime Minister has ordered all agencies to accelerate preparations for Thailand to host the World Bank-IMF meetings in 2026, which are expected to draw more than 10,000 participants from at least 19 countries. The focus is on upgrading airports, airlines, visas, immigration, security, and public health to accommodate leaders and senior executives, while using the forum as an opportunity to attract investment, expand trade, and build confidence in Thailand's economy over the long term. The brokerage views this as a positive sentiment for stocks related to travel, tourism, airports, hotels, and convention centers, such as AOT, AWC, CENTEL, and ERW, given the potential benefit from increased traffic and spending by attendees.

Bualuang Securities (BLS) said in an analysis that the flood situation has widened, covering 30 provinces and 191 districts in Bangkok as of 1 October 2026, affecting 1.18 million households and about 3.35 million people. The impact on the economy remains limited, however, if the situation does not drag on and does not hit core production bases. The Bank of Thailand estimates the effect on GDP at about 0.03–0.10%, while the research team expects the impact on GDP to be no more than 0.1% and on SET earnings no more than 2%, far below the major floods of 2011. The key thing to watch is the length of production stoppages in the industrial sector rather than the amount of flooded area. At AMATA City Chonburi, about 150 factories were affected and 34 temporarily halted production, while KCE and HANA have some production bases in Ayutthaya. As for DELTA's plants in Bang Pu and Wellgrow, no water entered the factories and operations have returned to normal. Other groups saw fairly limited impact. Consumer finance firms are expected to see about a 2% hit to 2026 earnings for TIDLOR and MTC and 1% for SAWAD, while banks face their main risk from higher provisioning, with an estimated 1–2% impact on earnings, larger than the effect on interest income. BGRIM said its SPP power plants in Amata City Chonburi and its floating solar operations are still running normally. Bualuang sees the flood-driven volatility as a chance to gradually accumulate stocks with resilient earnings and quick recovery prospects, namely CRC, AWC, CENTEL, BDMS, BH, GULF, GUNKUL, DELTA, KCE and HANA, which still have support from demand for AI and data centers.

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.

The Thai Airways board has ordered the removal of Chai Eamsiri from the CEO position and appointed Samrit to take over, after the flood crisis damaged its reputation and operations. The board also opened the way for a full fact-finding investigation and immediately changed the authority to sign binding commitments on behalf of the company. Most recently, Thai Airways signed a contract with EEC to proceed with the U-Tapao aircraft maintenance centre, investing 10 billion baht on 210 rai of land, targeting construction in 2027 and the opening of the centre in 2030, with capacity to service 90 aircraft per year and generate revenue of 4,000 to 5,000 million baht. It also issued relief measures for passengers affected by the floods, including flight changes, full refunds, and compensation for delayed baggage. Among other stocks to watch, MRDIYT hinted at bright third-quarter 2026 results driven by branch expansion, while OR teamed up with CENTEL to develop budget hotels, starting with six pilot locations at prices from 800 to 1,300 baht per night, aiming to expand to 50 locations by 2031. AWC filed a filing with the SEC to establish the AWR trust, expecting net cash flow of more than 30,000 million baht, and WP completed its share buyback in full, 1.5 million shares, or 2.94%, worth 57.08 million baht.

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.

Trinity Securities assesses that the Thai stock market index in the fourth quarter of 2026 will fluctuate within a range of 1,500-1,700 points, noting that the current index level has fallen into a zone where reward clearly outweighs risk. For those who still hold Thai stocks at low levels, or who need to invest to reduce taxes this year, the current index area is seen as an opportunity to gradually accumulate (Buy the Dip). As for the investment strategy for the fourth quarter, the research department recommends a defensive approach focused on its quarterly recommended stocks, namely BTG, TFG, AWC, ERW, CRC, COM7, STA, TVO, AMATA and STECON.

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.

Maybank Securities (Thailand) Public Company Limited has raised its 2026 SET Index target to 1,590 points from 1,550 points, but maintained a Neutral view because the overall market upside is not particularly high. Speaking at an online seminar titled "Decoding Thai Stocks, Fourth Quarter: Finding the Next Winners," the firm said earnings support from listed companies is not yet broad-based, with upward earnings revisions concentrated mainly in the electronics and energy sectors, while bond yields in several countries remain elevated, pressuring valuations of risk assets. On the Thai economy, Maybank expects GDP growth of 2.4% in 2026 and 2.7% in 2027, supported by exports, private investment, and a recovery in tourism, though the government's fiscal capacity has diminished amid a higher public debt level. For its fourth-quarter strategy, Maybank recommends focusing on adjusting weights between industry groups and selecting individual stocks rather than investing based on index direction. It highlights three standout groups: consumer finance, where valuations are starting to look attractive again, with TIDLOR, KTC, and MTC as top picks; tourism and transport, where earnings momentum continues, with AWC, AOT, BA, and MINT; and hospital businesses, which have stable revenue and specific supporting factors, with BH and CHG. At the same time, it advises increased caution in three groups: utilities and energy, which has been downgraded from Positive to Neutral; petrochemicals; and retail.

Kasikorn Securities stated that the impact of the flood situation on tourism businesses remains manageable, with tourism operations continuing as normal. According to flood reports, the situation has expanded to cover 25 provinces and Bangkok, resulting in 8 deaths across 3 provinces, according to the Department of Disaster Prevention and Mitigation as of September 26. About 84,600 people from 27,100 households in 21 provinces have been affected. During September 16–26, the floods affected a cumulative total of more than 102,000 people across 36 provinces. The three airlines under analysis did not cancel flights during September 25–27, though some ground operations were affected. All three airlines allowed passengers to change flights within one week at no additional cost, while THAI allowed changes to flights departing from Thailand through October 11. Hotel operators reported no property damage from the floods and no significant impact on revenue during September 25–27, with booking cancellations at about 2–15% of total bookings, mostly at upcountry hotels, partially offset by guests extending their stays, equivalent to about 20–30% of cancellations. The research team expects the floods to have a limited impact on third-quarter 2569 profits for the tourism sector, as the most severely affected period lasted only about 3 days. It therefore maintains a neutral view on the tourism sector and continues to favour hotel stocks, viewing the decline in hotel share prices due to the floods as an investment opportunity. It recommends BUY on AWC with a target price of 3.74 baht, BUY on CENTEL with a target price of 48.11 baht, and BUY on THAI with a target price of 6.78 baht.

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.

Analysts at Kasikorn Securities Public Company Limited have unveiled their Thai equity investment strategy for the fourth quarter of 2026, expecting Thailand's investment upcycle, driven by data centre investment and the PDP26 plan, to support growth momentum from the fourth quarter of 2026 through 2027. They expect power generation capacity serving data centres to rise to 5–7GW by 2030, and have raised their SET index target to 1,680 points, shifting the calculation base to an end-2027 target based on a 2027 SET EPS of 105 points and a long-term average PE of 16 times. For the fourth quarter of 2026, they highlight two themes: stocks benefiting from the new investment cycle, namely BBL, DELTA and BGRIM, and stocks with earnings recovery coupled with cost pass-through ability and room for prices to catch up, namely SCGP and CPALL. Meanwhile, analysts at InnovestX Securities have raised their 2026 SET target from 1,600 points to 1,700 points to reflect a stronger-than-expected second quarter of 2026, robust investment and economic stimulus measures, viewing 1,550 points as an attractive level for gradual accumulation, and selecting AMATA, CENTEL, CRC, KTB and PR9 as their top picks for the fourth quarter of 2026. Analysts at Trinity Securities see global stock markets in the fourth quarter of 2026 entering a tug-of-war between macro factors weighing on sentiment and micro factors still supporting the market. They estimate the SET index trading range at 1,500–1,700 points, with a base case of around 1,630 points calculated from a forward PE of 14.8 times multiplied by this year's EPS of 110 baht, and recommend a sector rotation and stock selection strategy across five favoured groups: livestock, BTG and TFG; tourism, AWC and ERW; retail with company-specific catalysts, CRC and COM7; agricultural products, STA and TVO; and beneficiaries of private-sector investment, AMATA and STECON.

Bualuang Securities, or BLS, remains positive on the Thai stock market, assessing that the index is likely to trend upward from the fourth quarter of 2026 through the first half of 2027 and could reach a best-case target of 1,780 points before shifting into sector rotation. Its base case puts the end-2027 target at 1,710 points, based on earnings per share of 106 baht, down 4% from the same period a year earlier, with the overall profit decline driven mainly by an earnings correction in upstream energy, refining and petrochemicals. The main supporting factors come from three drivers: the global technology wave, an upcycle in global industry, and foreign capital. It estimates that every 10 billion baht in net foreign buying would lift the index by about 15 to 20 points. For its fourth-quarter 2026 strategy, it recommends a barbell approach. The first core focuses on energy and petrochemicals, namely PTT and PTTGC. The other core focuses on power producers with structural growth, namely GULF, GPSC and GUNKUL. It also recommends retailers such as CRC and COM7, tourism names such as AOT, AWC and CENTEL, hospitals such as BH and BDMS, as well as 2027 growth leaders such as CBG, ICHI and BGRIM. In the first half of 2027, it advises rotating into groups that benefit from lower costs, such as CENTEL, before shifting to high-dividend stocks and companies with strong cash flows as the portfolio's core in the second half of 2027.

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.

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.

September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.

Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.

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.

Pi Securities estimates the SET index today will move in a range of 1570 to 1595, viewing Non Bank stocks as attractive for accumulation again on expectations of lower yields ahead. It names stocks in this group including MTC, SAWAD and TIDLOR. Meanwhile, US stock markets closed higher, with the DJIA up 0.61% and the S&P 500 up 1.14%, after the Fed raised interest rates by 25 basis points and signalled it may hike once more this year. Brent crude fell to around 104 to 105 dollars per barrel after Middle East concerns eased somewhat and Saudi Arabia said it would resume oil exports, helping push the US 10-year yield and 30-year yield lower. On US economic data released overnight, initial jobless claims came in at about 196,000, below market expectations. For short-term strategy, it recommends TECH names including DELTA and KCE after the Kospi rose about 2.5% this morning, as well as the tourism group including AOT, MINT, CENTEL, AWC, CPALL, CPN and HMPRO, and the hospital group including BDMS, BCH and PR9.

Brokers assess that the Thai Teaw Thai Plus scheme is likely to postpone its registration start date from October 1, 2026 to April 2027, creating negative sentiment for the tourism sector in the short term, as travelers may push back their trips. The scheme retains a budget framework of 4 billion baht, with 1 million entitlements, government support of 1,500 baht per night for accommodation up to 5 nights, and digital co-payment coupons on a 50:50 basis, split into 1,500 baht per day for major cities and 2,000 baht per day for secondary cities. Dao Securities assesses that the delay to April 2027 will benefit hotel groups better because it coincides with the start of the low season. The stocks expected to face negative sentiment, ranked from most to least by their share of domestic hotel revenue, are ERW, CENTEL, MINT and SHR. The broker gives an overweight weighting to the tourism sector relative to the market, favoring CENTEL with a target of 48.00 baht on July-August 2026 RevPAR excluding Dubai rising 8% year on year, and favoring ERW with a target of 4.20 baht on its on-the-book volume in the third quarter of 2026, with RevPAR expected to grow about 5% year on year. Meanwhile, Finansia Syrus Securities takes a neutral view, assessing that ERW and CENTEL are likely to benefit the most, but that upside to earnings is expected to be limited to just 1-2%. Krungsri Securities sees it as negative in the short term, but says the new timeframe supports the low season period in 2027, and recommends gradually accumulating tourism stocks with strong operating track records such as AWC and ERW, as well as stocks with clear momentum, namely AOT, THAI and BA.

Krungsri Securities Public Company Limited stated that the postponement of the Thailand Travel Thailand Plus project from its original start date of October 1, 2026 to around April 2027 is a short-term negative sentiment for hotel stocks, as the positive catalyst has been pushed out. However, the delay does not affect 2026 earnings forecasts because the benefits from the project had not yet been included in the estimates. Meanwhile, the recovery of revenue per available room, or RevPar, and forward room bookings, or On-the-Book, in the second half of 2026 is trending stronger than expected. AWC reported RevPar for July to August 2026 growing more than 25% compared with the same period last year, and On-the-Book for the remainder of 2026 grew more than 30%, higher than the previous assumption that RevPar in the second half of 2026 would grow about 5-10%. On September 16, 2026, Minister of Tourism and Sports Surasak Phanchareonworakul revealed that the Thailand Travel Thailand Plus project is likely to be postponed to start during the off-peak tourism season, or around April 2027, because the Cabinet meeting agreed that budget injections should not be made during the tourism season. In principle, the conditions, details, and budget framework of the project have already received preliminary approval, and the delay to a low-season start could also create upside for hotel sector earnings forecasts in 2027. The brokerage maintains a positive view on hotel stocks, selecting AWC and ERW as its top picks in the sector, since both companies derive more than 90% of their core revenue from domestic hotel operations. It recommends buying AWC with a target price of 3.90 baht and buying ERW with a target price of 4.20 baht. The key risk to monitor is the renewed intensification of war in the Middle East, which could affect confidence and the travel of foreign tourists.

Asset World Corp, or AWC, has announced a long-term strategic expansion of its partnership with Meliá Hotels International to develop luxury and lifestyle hotels and resorts in Thailand, targeting a combined portfolio of more than 3,000 rooms by 2036 across the Meliá Hotels & Resorts, ME by Meliá, Paradisus Jomtien Hotel by Meliá, INNSiDE by Meliá and Gran Meliá Hotels & Resorts brands. A key highlight is the launch of Paradisus Jomtien Resort in 2031 on Jomtien Beach in Pattaya, marking the first time an all-inclusive luxury resort brand enters Thailand. In the fourth quarter of 2026, AWC will open a new Meliá hotel in the Sukhumvit 24 and 26 area, before fully upgrading it to the ME by Meliá and Meliá Hotels & Resorts brands in the fourth quarter of 2027. AWC currently has about 1,900 rooms under joint management with Meliá, both already in operation and under development, making AWC the largest owner of Meliá-branded hotels in Thailand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership will help drive Thailand toward becoming a world-class sustainable tourism destination, while Gabriel Escarrer, Executive Chairman and Chief Executive Officer of Meliá Hotels International, said Thailand is one of the most important strategic markets in Asia-Pacific.

Kasikorn Securities said the Tourism Authority of Thailand is pressing ahead with the Nihao Month 2026 project to stimulate the Chinese tourist market during Golden Week and continuing into the low season. It expects about 250,000 Chinese tourists between September 25 and October 7, 2026, up 24% year on year, generating 11.5 billion baht in revenue, up 37% year on year. Advance bookings for October rose 16% and flight searches increased 24%, reflecting the recovery trend in the Chinese market. The brokerage views this as positive for tourism, hotels, airports, retail and airlines, such as AOT, CENTEL, ERW and AWC, given the likely rise in tourist numbers and spending.

Kraphat Worachet, Senior Executive Vice President and Head of Research at Krungsri Securities Public Company Limited, or KSS, disclosed that foreign investors have returned to buying Thai stocks, with Thailand among the first markets in Asia to receive foreign inflows, alongside Taiwan, before fund flows spread more broadly into South Korea and other regional markets. The key driver is the accelerating AI infrastructure investment cycle, which has brought technology and high-growth stocks back into focus. However, a short-term risk factor is crude oil prices, which have surged past 100 dollars per barrel and climbed close to 102.5 dollars, the highest level in about two months. The average crude oil price relevant to Thailand stands at 87 to 88 dollars per barrel. If prices stay above 100 dollars for roughly another month and a half, the average could move above 95 dollars. On the Thai stock market, KSS assesses the SET index with support levels at 1,610 and 1,605 points, and resistance at 1,626 and 1,630 points. For short-term strategy, KSS recommends watching PTTEP and PTT, which benefit from high energy prices, while AWC has its own positive factors from faster-than-expected earnings recovery and an asset sale plan this month.

Asset World Corp Public Company Limited (AWC) has announced a partnership with VitalLife Scientific Wellness Center, under Bumrungrad Hospital, to open "AYA Wellness Club" at Empire, Thailand's first comprehensive health and lifestyle destination in the heart of Bangkok. The club will operate 24 hours a day, offering preventive health programs, longevity, spa, dining, hydrotherapy, heat therapy, and fitness, with VitalLife serving as advisor on preventive healthcare and Longevity Medicine. Located in Empire, which spans over 48,000 square meters and is certified LEED Gold, WELL Core Platinum, and others, the first phase is set to open in 2026, with full operations in 2027.

Hotel stocks rose, led by CENTEL and AWC, following news that the government is preparing to launch the "Thai Travel Thai Travel Plus" tourism stimulus measures, expected to be finalized mid-month. CENTEL gained 4.09% to 44.50 baht, while AWC rose 3.31% to 3.12 baht, and ERW added 3.17% to 3.90 baht. The measures have a budget of 4 billion baht, distributing 1 million rights, divided into accommodation discounts of up to 3,000 baht per right, totaling 3 billion baht, and travel coupons of 1,000 baht per right, totaling 1 billion baht. The coupons are increased from 500 baht in the previous program and expanded to include spa and wellness businesses. Analysts from Dao Securities and Krungsri Securities view this as most positive for ERW and CENTEL, as well as AWC.