The Erawan Group Public Company Limited

SET:ERW Stock Report

Market Cap: ฿12.3b

Erawan Group Future Growth

Future criteria checks 1/6

Erawan Group is forecast to grow earnings and revenue by 7.2% and 4.9% per annum respectively. EPS is expected to grow by 6.4% per annum. Return on equity is forecast to be 10.2% in 3 years.

Key information

7.2%

Earnings growth rate

6.38%

EPS growth rate

Hospitality earnings growth10.0%
Revenue growth rate4.9%
Future return on equity10.18%
Analyst coverage

Good

Last updated05 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 04

ERW: Cash Dividend And Premium P E Multiple Will Support Future Upside

Analysts have trimmed their fair value estimate for Erawan Group to THB4.67 from THB4.74, reflecting slightly higher discount rate assumptions and a more cautious view on future profit margins, even as revenue growth expectations and forward P/E remain broadly aligned with prior forecasts. What's in the News A board meeting is scheduled for February 24, 2026, with an agenda to consider a cash dividend payment, as notified to the President of the Stock Exchange of Thailand (Key Developments).
Narrative Update • Apr 19

ERW: Dividend Policy And Premium P E Multiple Will Support Upside

Analysts have nudged their price target for Erawan Group slightly lower to THB4.74 from THB4.80, reflecting small adjustments to fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Board meeting scheduled for February 24, 2026 to consider a cash dividend payment, as notified to the President of the Stock Exchange of Thailand (Key Developments).
Narrative Update • Apr 05

ERW: Higher Future P E And Dividend Outlook Will Support Upside Potential

Analysts have nudged their price target on Erawan Group slightly higher, reflecting updated assumptions that include a fair value shift from THB 4.69 to THB 4.74, a higher discount rate, and revised expectations for revenue growth, profit margin, and future P/E. What's in the News A board meeting is scheduled for February 24, 2026, with an agenda that includes considering a cash dividend payment, as disclosed to the Stock Exchange of Thailand (Key Developments).
Narrative Update • Mar 22

ERW: Dividend Plan And Slightly Higher P/E Assumption Will Support Upside Potential

Analysts have inched up their fair value estimate for Erawan Group to THB3.10 from THB3.00, citing slightly higher assumptions for revenue growth, profit margin and future P/E, along with an updated discount rate. What's in the News Board meeting scheduled for February 24, 2026, to consider a cash dividend payment, as disclosed to the Stock Exchange of Thailand (company filing).
Narrative Update • Mar 08

ERW: Higher Discount Rate And Dividend Plan Will Shape Balanced Outlook

Analysts have adjusted their view on Erawan Group, with the THB price target now reflecting a slightly higher discount rate, a more conservative revenue growth outlook, stronger projected profit margins, and a lower future P/E. Together, these factors point to a more earnings-focused rationale behind the updated valuation.
Narrative Update • Feb 22

ERW: Future Asoke Lease And Lower Discount Rate Signal Balanced Outlook

Analysts have raised their price target for Erawan Group, citing adjustments to fair value, discount rate, revenue, profit margin, and expected future P/E to support the higher THB valuation. What's in the News Board meeting scheduled for Nov 24, 2025 to consider a long term land lease agreement with Akkara Sarapa Company Limited, the landowner.
Narrative Update • Feb 07

ERW: Asoke Land Lease Will Support Future Margin Expansion And Upside Potential

Analysts have raised their fair value estimate for Erawan Group to ฿4.69 from ฿4.62, citing updated assumptions around the discount rate, revenue growth, profit margin and future P/E expectations as the main drivers of the change. What's in the News Board meeting scheduled for Nov 24, 2025 to review and approve a long term land lease agreement with Akkara Sarapa Company Limited for a plot near BTS Asoke Station in Bangkok, covering 20 41.8 rai (Key Developments).
Narrative Update • Jan 24

ERW: Asoke Land Lease Will Support Future Margin Expansion And Upside Potential

Analysts have slightly adjusted their price target for Erawan Group, citing updated assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. Together, these factors point to a refined view of the stock's risk and earnings potential in monetary terms.
Narrative Update • Jan 10

ERW: Asoke Land Lease Will Support Future Margin Expansion And Upside Potential

Analysts have trimmed their price target for Erawan Group slightly, pointing to a modestly lower fair value per share of THB4.62 from THB4.66. This reflects a higher discount rate, a small adjustment to revenue growth assumptions, a higher future P/E multiple, and slightly softer profit margin expectations.
Narrative Update • Dec 26

ERW: Asoke Land Lease Will Support Future Margin Expansion And Upside Potential

Analysts have trimmed their price target on Erawan Group slightly to THB 4.66 from THB 4.71, citing modestly lower discount rate and revenue growth assumptions, a marginally improved profit margin outlook, and a slightly reduced expected future P E multiple. What's in the News Board approves entry into a long term land lease agreement with Akkara Sarapa Company Limited for a 20 41.8 rai plot near BTS Asoke Station in Bangkok, positioning the company for future development in a prime transit oriented location (Board Meeting disclosure).
Narrative Update • Dec 12

ERW: Long-Term Asoke Land Lease Will Support Margin Expansion

Analysts have nudged their price target on Erawan Group slightly higher to reflect a modest increase in fair value, supported by expectations of stronger profit margins and a marginally lower discount rate, despite tempering revenue growth and future P/E assumptions. What's in the News The board approved entry into a long-term land lease agreement with Akkara Sarapa Company Limited for a 20-41.8 rai plot near BTS Asoke Station in Bangkok, positioning the group for a new hospitality or mixed-use project in a prime transit location (Board Meeting filing).
User avatar
New Narrative • Jan 27

Holiday Inn Pattaya Renovation May Improve Occupancy But Profit Margins Could Shrink Amid Challenges

Revenue growth is likely to benefit from expansions in the mid-scale, luxury, and budget segments, along with effective yield management.

Earnings and Revenue Growth Forecasts

SET:ERW - Analysts future estimates and past financials data (THB Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20289,1641,039-5102,4018
12/31/20278,773985-7802,10415
12/31/20268,273916-1,4641,91315
12/31/20257,9308381,3292,386N/A
9/30/20257,8978431,3472,341N/A
6/30/20257,9649111,4412,476N/A
3/31/20258,0541,209-1232,660N/A
12/31/20248,0391,281-2122,818N/A
9/30/20247,6971,117-4612,652N/A
6/30/20247,5841,141-1,8032,605N/A
3/31/20247,383921-2392,447N/A
12/31/20237,03774312,281N/A
9/30/20236,8817683652,516N/A
6/30/20236,4286091,4542,216N/A
3/31/20235,7943271,0491,760N/A
12/31/20224,666-2244861,289N/A
9/30/20223,566-709-298494N/A
6/30/20222,530-1,321-792-38N/A
3/31/20221,793-1,871-1,053-367N/A
12/31/20211,536-2,050-1,237-634N/A
9/30/20211,512-2,278-1,189-638N/A
6/30/20211,693-2,169-1,037-535N/A
3/31/20211,506-2,105-1,167-692N/A
12/31/20202,337-1,715-1,165-536N/A
9/30/20203,467-1,066-85155N/A
6/30/20204,537-509-797583N/A
3/31/20205,864108-4561,238N/A
12/31/20196,416446-311,780N/A
9/30/20196,412450N/A1,721N/A
6/30/20196,347448N/A1,621N/A
3/31/20196,300485N/A1,731N/A
12/31/20186,313536N/A1,744N/A
9/30/20186,174518N/A1,747N/A
6/30/20186,190556N/A1,742N/A
3/31/20186,188584N/A1,727N/A
12/31/20176,037506N/A1,680N/A
9/30/20175,881448N/A1,564N/A
6/30/20175,806424N/A1,547N/A
3/31/20175,736383N/A1,535N/A
12/31/20165,652367N/A1,416N/A
9/30/20165,614364N/A1,386N/A
6/30/20165,455289N/A1,289N/A
3/31/20165,381247N/A1,334N/A
12/31/20155,286195N/A1,304N/A
9/30/20155,256146N/A1,369N/A
6/30/20155,06583N/A1,387N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ERW's forecast earnings growth (7.2% per year) is above the savings rate (2.2%).

Earnings vs Market: ERW's earnings (7.2% per year) are forecast to grow slower than the TH market (11.2% per year).

High Growth Earnings: ERW's earnings are forecast to grow, but not significantly.

Revenue vs Market: ERW's revenue (4.9% per year) is forecast to grow slower than the TH market (9.6% per year).

High Growth Revenue: ERW's revenue (4.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ERW's Return on Equity is forecast to be low in 3 years time (10.2%).

Discover growth companies

7D

1Y

7D

1Y

7D

1Y

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/07 03:14
End of Day Share Price 2026/05/07 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

The Erawan Group Public Company Limited is covered by 23 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Teerapol UdomvejBofA Global Research
Narumon EkasamutBualuang Securities PCL
Kalvalee ThongsomaungBualuang Securities PCL