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AssetWise PCL Records Groundbreaking Revenue and Profit Surge in First Half of 2024

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ASW recently shared its stellar performance for the first half of 2024, achieving a groundbreaking 4.642 billion baht in total revenue, which catapulted the company to new heights with a record profit of 849 million baht. This remarkable achievement signifies a year-on-year surge of 54% in revenue and an astounding 93% increase in profit.

The company’s first-half sales figures stood at an impressive 10.73 billion baht, thanks to the overwhelming response to two new projects in Phuket under the “THE TITLE” brand. Following this robust growth, TRIS Rating upgraded ASW’s credit rating outlook to “BBB-/Positive.” Currently, the company boasts a projected backlog valued at 23.678 billion baht. As we move into the second half of the year, ASW plans to launch six new condominium and horizontal projects valued at 11.76 billion baht, alongside a foray into the Health & Wellness sector to bolster its Recurring Income portfolio. The company remains confident in hitting a revenue target of 8.7 billion baht.

Kromchet Vipanpong, CEO of AssetWise PCL, stated, “For Q2/2024, we achieved total revenue of 2.884 billion baht and a net profit of 593 million baht, reflecting 64% and 131% growth, respectively, compared to the previous quarter. This strong performance has resulted in a first-half revenue record of 4.642 billion baht and a net profit of 849 million baht, the highest since the company’s inception.”

The company has successfully transferred newly completed projects such as Kave Town Island, a campus condo near Bangkok University with 1,770 units, and The Title HALO 1, a leisure condominium in Phuket, which are set to drive revenue even further in Q3/2024. ASW has also reaped significant benefits from pre-sales, achieving a 35% year-on-year increase for H1/2024, mainly driven by two successful projects under Rompho Property.

In light of this outstanding performance, TRIS Rating has revised ASW’s credit rating outlook from “BBB-/Stable” to “BBB-/Positive” due to ongoing steady growth in sales and revenue. With a substantial backlog of 23.678 billion baht as of Q2/2024, expected to be recognized through 2026, ASW is strongly positioned for sustained future growth.

Looking ahead, ASW is gearing up to advance its “The New Frontiers” plan, which involves launching six new projects in Bangkok, the Eastern Economic Corridor (EEC), and Phuket, collectively worth 11.76 billion baht. The company is also making strategic moves into the Health & Wellness sector with Rocket Fitness and Vitala clinics. An exciting addition to their portfolio is the upcoming launch of the Aquarous Jomtien Pattaya project scheduled for Q4/2024.

This year, ASW is riding high on a robust growth trajectory in sales, revenue, and profit under its innovative “New Frontiers” strategy. With their unyielding commitment and strategic foresight, ASW is firmly on track to achieve their ambitious revenue target of 8.7 billion baht, setting new benchmarks in the industry.

31 Comments

  1. Alex Johnson August 16, 2024

    Wow, those are some impressive numbers! Looks like ASW is doing something right.

    • Michelle August 16, 2024

      Impressive indeed, but let’s not forget the real estate market is notoriously volatile. These numbers can change overnight.

      • Alex Johnson August 16, 2024

        True, but their diversified approach into Health & Wellness might provide more stability.

      • Sandra59 August 16, 2024

        Health & Wellness is a trendy move, but it could also be a distraction. Focus is crucial.

  2. John D. August 16, 2024

    I’m curious how much of this growth is sustainable. Real estate can be a bubble.

    • Sara P. August 16, 2024

      If they manage their backlog well, they might sustain it. But yeah, bubbles are a legit concern.

  3. Elena Kim August 16, 2024

    No mention of the environmental impact of all these new projects. That’s really concerning.

    • green_thumb32 August 16, 2024

      Agreed, it’s about time companies are held accountable for their environmental footprints.

    • Alex Johnson August 16, 2024

      They could be incorporating sustainable practices and not mentioning it. Benefit of the doubt?

  4. RealEstateBuff August 16, 2024

    Smart move targeting Phuket and wellness. Those markets have massive potential.

    • Megan R. August 16, 2024

      Phuket is overcrowded though. Saturation might be a risk.

      • RealEstateBuff August 16, 2024

        Fair point, but there’s still demand for luxury and wellness segments. It’s a calculated risk.

  5. TechInvestor101 August 16, 2024

    Their growth story sounds great, but how do their financials look? What’s their debt situation like?

    • FinGeek August 16, 2024

      Good question. Debt-to-equity ratio will give us more insight. Anyone got that?

  6. Linda August 16, 2024

    Revenue and profit surges sound great, but what about the employees? Any news on how they’re sharing the wealth?

    • Sophie B. August 16, 2024

      Haha, good luck finding that info! Companies rarely share the wealth.

  7. Jerry T. August 16, 2024

    I don’t buy into this hype. What goes up fast, often crashes harder.

    • InvestorX August 16, 2024

      That’s overly pessimistic. Strong fundamentals can support fast growth.

      • Jerry T. August 16, 2024

        We’ll see. I’m betting on a downturn.

  8. StrongWoman August 16, 2024

    Kromchet Vipanpong seems to be doing a fantastic job as CEO. Leadership is key!

    • Nina August 16, 2024

      True, but leadership also means being transparent. What’s his plan for the next five years?

      • StrongWoman August 16, 2024

        Good point. Long-term vision needs to be clear.

  9. Simon L. August 16, 2024

    Looks like they’re aiming to take over Bangkok and Phuket! Ambitious, but possibly reckless.

    • TravelBug August 16, 2024

      Phuket’s real estate market is booming. I think it’s a smart move.

    • Simon L. August 16, 2024

      Only time will tell. I’m skeptical about such rapid expansion.

  10. FutureArchitect August 16, 2024

    If they manage to hit their 8.7 billion baht target, they’ll be unstoppable.

  11. Tommy B. August 16, 2024

    Record profits often come at a cost. Wonder what corners they’re cutting.

    • JaneDoe August 16, 2024

      That’s a bit cynical, but also fair. Scrutiny is always good.

  12. BusyBee August 16, 2024

    What about competition? Other companies must be eyeing these markets too.

  13. RealDeal August 16, 2024

    Stock price is likely to shoot up. Great time to invest IMHO.

    • Skeptic42 August 16, 2024

      Or it could be overpriced now. Be careful!

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