← Assetwise overview

Assetwise vs Land and Houses: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Assetwise Public Company Limited (ASW.BK)

Q3 2026
▲4

ASW profit surges, Phuket expands, new projects launch

  • Q2 profit surge and record backlog ASW reported Q2 2026 net profit of 563 million baht, up 184% from a year earlier, on strong condo transfers in Phuket. First-half profit nearly doubled to 792 million baht, and the sales backlog hit a record 38.2 billion baht, securing revenue through 2028. This confirms the company is executing well and gives investors confidence in future earnings.

    This is the core earnings story that directly explains why ASW's stock is moving.

  • Phuket expansion and foreign demand ASW took over TITLE, a Phuket specialist, adding over 20 billion baht in Phuket sales and a 200-rai land bank. Phuket is becoming a global hub for wealthy foreigners, with strong cash purchases and low loan rejection. This boosts ASW's premium project sales and margins.

    Phuket is a key growth driver and a major reason for ASW's recent profit surge.

  • New project launches and transfers ASW launched several new condos, including WYNN Bang Mot, KAVALON, and Modiz Voyager, and is transferring large projects like KAVE Town. Nine-month sales reached 15.3 billion baht, 83% of the annual target. These launches and transfers support revenue growth into 2027.

    New launches and transfers are the operational engine that drives future revenue and profit.

  • Capital moves: debentures, stake sales, M&A ASW will issue its first public debentures to fund expansion, sold a 49% stake in WE23 to Tokyo Tatemono, and acquired Chewathai Estate 3. These moves bring in cash, reduce risk, and support growth, while the credit rating upgrade to BBB lowers borrowing costs.

    Capital actions strengthen the balance sheet and fund expansion, directly supporting the stock.

September 2026
▲4

ASW profit surges, Phuket expands, new projects launch

  • Q2 profit surge and record backlog ASW reported Q2 2026 net profit of 563 million baht, up 184% from a year earlier, on strong condo transfers in Phuket. First-half profit nearly doubled to 792 million baht, and the sales backlog hit a record 38.2 billion baht, securing revenue through 2028. This confirms the company is executing well and gives investors confidence in future earnings.

    This is the core earnings story that directly explains why ASW's stock is moving.

  • Phuket expansion and foreign demand ASW took over TITLE, a Phuket specialist, adding over 20 billion baht in Phuket sales and a 200-rai land bank. Phuket is becoming a global hub for wealthy foreigners, with strong cash purchases and low loan rejection. This boosts ASW's premium project sales and margins.

    Phuket is a key growth driver and a major reason for ASW's recent profit surge.

  • New project launches and transfers ASW launched several new condos, including WYNN Bang Mot, KAVALON, and Modiz Voyager, and is transferring large projects like KAVE Town. Nine-month sales reached 15.3 billion baht, 83% of the annual target. These launches and transfers support revenue growth into 2027.

    New launches and transfers are the operational engine that drives future revenue and profit.

  • Capital moves: debentures, stake sales, M&A ASW will issue its first public debentures to fund expansion, sold a 49% stake in WE23 to Tokyo Tatemono, and acquired Chewathai Estate 3. These moves bring in cash, reduce risk, and support growth, while the credit rating upgrade to BBB lowers borrowing costs.

    Capital actions strengthen the balance sheet and fund expansion, directly supporting the stock.

Latest
▲4

ASW profit surges, Phuket expands, new projects launch

  • Q2 profit surge and record backlog ASW reported Q2 2026 net profit of 563 million baht, up 184% from a year earlier, on strong condo transfers in Phuket. First-half profit nearly doubled to 792 million baht, and the sales backlog hit a record 38.2 billion baht, securing revenue through 2028. This confirms the company is executing well and gives investors confidence in future earnings.

    This is the core earnings story that directly explains why ASW's stock is moving.

  • Phuket expansion and foreign demand ASW took over TITLE, a Phuket specialist, adding over 20 billion baht in Phuket sales and a 200-rai land bank. Phuket is becoming a global hub for wealthy foreigners, with strong cash purchases and low loan rejection. This boosts ASW's premium project sales and margins.

    Phuket is a key growth driver and a major reason for ASW's recent profit surge.

  • New project launches and transfers ASW launched several new condos, including WYNN Bang Mot, KAVALON, and Modiz Voyager, and is transferring large projects like KAVE Town. Nine-month sales reached 15.3 billion baht, 83% of the annual target. These launches and transfers support revenue growth into 2027.

    New launches and transfers are the operational engine that drives future revenue and profit.

  • Capital moves: debentures, stake sales, M&A ASW will issue its first public debentures to fund expansion, sold a 49% stake in WE23 to Tokyo Tatemono, and acquired Chewathai Estate 3. These moves bring in cash, reduce risk, and support growth, while the credit rating upgrade to BBB lowers borrowing costs.

    Capital actions strengthen the balance sheet and fund expansion, directly supporting the stock.

Land and Houses Public Company Limited (LH.BK)

Q3 2026
▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

  • Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.

    It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.

  • New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.

    It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.

  • TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.

    It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.

  • Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.

    These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.

August 2026
▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

  • Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.

    It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.

  • New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.

    It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.

  • TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.

    It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.

  • Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.

    These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.

Latest
▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

  • Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.

    It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.

  • New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.

    It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.

  • TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.

    It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.

  • Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.

    These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.