Reported Earnings • May 13
First quarter 2026 earnings released: EPS: ฿0.26 (vs ฿0.22 in 1Q 2025) First quarter 2026 results: EPS: ฿0.26 (up from ฿0.22 in 1Q 2025). Revenue: ฿2.15b (up 20% from 1Q 2025). Net income: ฿229.6m (up 14% from 1Q 2025). Profit margin: 11% (in line with 1Q 2025). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 4% per year. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.50 per share Eligible shareholders must have bought the stock before 30 April 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 42% but the company is not cash flow positive. Trailing yield: 6.8%. Lower than top quartile of Thai dividend payers (7.5%). Higher than average of industry peers (4.7%). Buy Or Sell Opportunity • Mar 16
Now 20% undervalued Over the last 90 days, the stock has risen 26% to ฿7.50. The fair value is estimated to be ฿9.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. Reported Earnings • Feb 24
Full year 2025 earnings released: EPS: ฿1.20 (vs ฿1.62 in FY 2024) Full year 2025 results: EPS: ฿1.20 (down from ฿1.62 in FY 2024). Revenue: ฿9.42b (down 5.2% from FY 2024). Net income: ฿1.08b (down 26% from FY 2024). Profit margin: 11% (down from 15% in FY 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 5% per year. New Risk • Feb 22
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 7.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Valuation Update With 7 Day Price Move • Feb 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ฿6.90, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Real Estate industry in Thailand. Total loss to shareholders of 9.7% over the past three years. Price Target Changed • Nov 15
Price target increased by 11% to ฿8.42 Up from ฿7.62, the current price target is an average from 3 analysts. New target price is 39% above last closing price of ฿6.05. Stock is down 24% over the past year. The company is forecast to post earnings per share of ฿1.17 for next year compared to ฿1.62 last year. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: ฿0.32 (vs ฿0.50 in 3Q 2024) Third quarter 2025 results: EPS: ฿0.32 (down from ฿0.50 in 3Q 2024). Revenue: ฿2.60b (down 17% from 3Q 2024). Net income: ฿289.5m (down 36% from 3Q 2024). Profit margin: 11% (down from 14% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Aug 26
Assetwise Public Company Limited (SET:ASW) acquired 49% stake in Wise Estate 3 Co.,Ltd. from MIRARTH HOLDINGS,Inc. (TSE:8897). Assetwise Public Company Limited (SET:ASW) acquired 49% stake in Wise Estate 3 Co.,Ltd. from MIRARTH HOLDINGS,Inc. (TSE:8897) on August 25, 2025.
Assetwise Public Company Limited (SET:ASW) completed the acquisition of 49% stake in Wise Estate 3 Co.,Ltd. from MIRARTH HOLDINGS,Inc. (TSE:8897) on August 25, 2025. Reported Earnings • Aug 08
Second quarter 2025 earnings released: EPS: ฿0.22 (vs ฿0.66 in 2Q 2024) Second quarter 2025 results: EPS: ฿0.22 (down from ฿0.66 in 2Q 2024). Revenue: ฿1.82b (down 37% from 2Q 2024). Net income: ฿198.5m (down 67% from 2Q 2024). Profit margin: 11% (down from 21% in 2Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Major Estimate Revision • May 15
Consensus EPS estimates fall by 20% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate fell from ฿1.43 to ฿1.14. Revenue forecast unchanged from ฿9.32b at last update. Net income forecast to shrink 15% next year vs 4.9% growth forecast for Real Estate industry in Thailand . Consensus price target down from ฿8.55 to ฿7.10. Share price was steady at ฿6.85 over the past week. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ฿0.22 (vs ฿0.28 in 1Q 2024) First quarter 2025 results: EPS: ฿0.22 (down from ฿0.28 in 1Q 2024). Revenue: ฿1.79b (up 2.5% from 1Q 2024). Net income: ฿201.4m (down 21% from 1Q 2024). Profit margin: 11% (down from 15% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Price Target Changed • May 06
Price target decreased by 14% to ฿7.85 Down from ฿9.15, the current price target is an average from 2 analysts. New target price is 12% above last closing price of ฿7.00. Stock is down 13% over the past year. The company is forecast to post earnings per share of ฿1.37 for next year compared to ฿1.62 last year. Announcement • Apr 24
Assetwise Public Company Limited Approves Omission of Dividend Payment for the Period Ending on December 31, 2024 Assetwise Public Company Limited at its AGM held on April 24, 2025, approved the omission of dividend payment for the Company's operating results of the accounting period ending on December 31, 2024. Reported Earnings • Feb 22
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: ฿1.62 (up from ฿1.25 in FY 2023). Revenue: ฿9.94b (up 47% from FY 2023). Net income: ฿1.46b (up 33% from FY 2023). Profit margin: 15% (down from 16% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Revenue is forecast to grow 9.4% p.a. on average during the next 2 years, compared to a 2.3% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 15
Price target decreased by 13% to ฿9.15 Down from ฿10.55, the current price target is an average from 2 analysts. New target price is 22% above last closing price of ฿7.50. Stock is down 10% over the past year. The company is forecast to post earnings per share of ฿1.46 for next year compared to ฿1.25 last year. New Risk • Nov 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Earnings are forecast to decline by an average of 4.7% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Major Estimate Revision • Nov 02
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2024 has improved. 2024 revenue forecast increased from ฿8.61b to ฿9.49b. EPS estimate increased from ฿1.35 to ฿1.45 per share. Net income forecast to shrink 8.4% next year vs 1.9% growth forecast for Real Estate industry in Thailand . Consensus price target up from ฿9.65 to ฿10.55. Share price was steady at ฿8.05 over the past week. New Risk • Oct 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (7.1% operating cash flow to total debt). Earnings are forecast to decline by an average of 0.9% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: ฿0.66 (vs ฿0.18 in 2Q 2023) Second quarter 2024 results: EPS: ฿0.66 (up from ฿0.18 in 2Q 2023). Revenue: ฿2.87b (up 130% from 2Q 2023). Net income: ฿593.1m (up 278% from 2Q 2023). Profit margin: 21% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 1.1% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: ฿0.28 (vs ฿0.33 in 1Q 2023) First quarter 2024 results: EPS: ฿0.28 (down from ฿0.33 in 1Q 2023). Revenue: ฿1.75b (up 8.6% from 1Q 2023). Net income: ฿256.3m (down 9.4% from 1Q 2023). Profit margin: 15% (down from 18% in 1Q 2023). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Real Estate industry in Thailand. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Apr 23
Upcoming dividend of ฿0.25 per share Eligible shareholders must have bought the stock before 30 April 2024. Payment date: 21 May 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Thai dividend payers (6.0%). Lower than average of industry peers (4.6%). Declared Dividend • Feb 26
Dividend reduced to ฿0.25 Dividend of ฿0.25 is 52% lower than last year. Ex-date: 30th April 2024 Payment date: 21st May 2024 Dividend yield will be 3.0%, which is lower than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (44% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 137% per year over the past 3 years and payments have been stable during that time. EPS is expected to grow by 24% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 24
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ฿1.25 (down from ฿1.31 in FY 2022). Revenue: ฿6.77b (up 24% from FY 2022). Net income: ฿1.09b (down 2.4% from FY 2022). Profit margin: 16% (down from 20% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) also surpassed analyst estimates by 7.8%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Real Estate industry in Thailand. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: ฿0.19 (vs ฿0.22 in 3Q 2022) Third quarter 2023 results: EPS: ฿0.19 (down from ฿0.22 in 3Q 2022). Revenue: ฿1.68b (up 90% from 3Q 2022). Net income: ฿168.4m (down 12% from 3Q 2022). Profit margin: 10.0% (down from 22% in 3Q 2022). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Real Estate industry in Thailand. Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: ฿0.18 (vs ฿0.32 in 2Q 2022) Second quarter 2023 results: EPS: ฿0.18 (down from ฿0.32 in 2Q 2022). Revenue: ฿1.25b (down 22% from 2Q 2022). Net income: ฿156.8m (down 43% from 2Q 2022). Profit margin: 13% (down from 17% in 2Q 2022). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Real Estate industry in Thailand. Announcement • Jul 22
Assetwise Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 361.2 million. Assetwise Public Company Limited has completed a Follow-on Equity Offering in the amount of THB 361.2 million.
Security Name: Ordinary shares
Security Type: Common Stock
Securities Offered: 43,000,000
Price\Range: THB 8.4 New Risk • Jul 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (39% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (5.0% increase in shares outstanding). Announcement • Jul 15
Assetwise Public Company Limited announced that it has received THB 361.2 million in funding On July 13, 2023, Assetwise Public Company Limited closed the transaction. Upcoming Dividend • Apr 21
Upcoming dividend of ฿0.52 per share at 6.0% yield Eligible shareholders must have bought the stock before 28 April 2023. Payment date: 18 May 2023. Payout ratio is a comfortable 40% but the company is not cash flow positive. Trailing yield: 6.0%. Within top quartile of Thai dividend payers (6.0%). Higher than average of industry peers (4.0%). Reported Earnings • Nov 11
Third quarter 2022 earnings released: EPS: ฿0.22 (vs ฿0.18 in 3Q 2021) Third quarter 2022 results: EPS: ฿0.22 (up from ฿0.18 in 3Q 2021). Revenue: ฿881.2m (down 22% from 3Q 2021). Net income: ฿191.0m (up 22% from 3Q 2021). Profit margin: 22% (up from 14% in 3Q 2021). The increase in margin was driven by lower expenses. Reported Earnings • Aug 15
Second quarter 2022 earnings released: EPS: ฿0.32 (vs ฿0.32 in 2Q 2021) Second quarter 2022 results: EPS: ฿0.32. Revenue: ฿1.61b (up 45% from 2Q 2021). Net income: ฿272.6m (up 5.7% from 2Q 2021). Profit margin: 17% (down from 23% in 2Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: ฿0.26 (vs ฿0.51 in 1Q 2021) First quarter 2022 results: EPS: ฿0.26 (down from ฿0.51 in 1Q 2021). Revenue: ฿1.27b (up 8.2% from 1Q 2021). Net income: ฿225.9m (down 30% from 1Q 2021). Profit margin: 18% (down from 27% in 1Q 2021). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 03
Upcoming dividend of ฿0.40 per share Eligible shareholders must have bought the stock before 10 March 2022. Payment date: 05 May 2022. Payout ratio is a comfortable 35% but the company is not cash flow positive. Trailing yield: 4.6%. Lower than top quartile of Thai dividend payers (5.2%). Higher than average of industry peers (3.1%). Reported Earnings • Feb 24
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ฿1.21 (down from ฿1.40 in FY 2020). Revenue: ฿4.93b (up 17% from FY 2020). Net income: ฿951.4m (up 8.9% from FY 2020). Profit margin: 19% (down from 21% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Reported Earnings • May 14
First quarter 2021 earnings released: EPS ฿0.58 (vs ฿0.13 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ฿1.17b (up 99% from 1Q 2020). Net income: ฿320.3m (up 330% from 1Q 2020). Profit margin: 27% (up from 13% in 1Q 2020). The increase in margin was driven by higher revenue.