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.
Wow, those are some impressive numbers! Looks like ASW is doing something right.
Impressive indeed, but let’s not forget the real estate market is notoriously volatile. These numbers can change overnight.
True, but their diversified approach into Health & Wellness might provide more stability.
Health & Wellness is a trendy move, but it could also be a distraction. Focus is crucial.
I’m curious how much of this growth is sustainable. Real estate can be a bubble.
If they manage their backlog well, they might sustain it. But yeah, bubbles are a legit concern.
No mention of the environmental impact of all these new projects. That’s really concerning.
Agreed, it’s about time companies are held accountable for their environmental footprints.
They could be incorporating sustainable practices and not mentioning it. Benefit of the doubt?
Smart move targeting Phuket and wellness. Those markets have massive potential.
Phuket is overcrowded though. Saturation might be a risk.
Fair point, but there’s still demand for luxury and wellness segments. It’s a calculated risk.
Their growth story sounds great, but how do their financials look? What’s their debt situation like?
Good question. Debt-to-equity ratio will give us more insight. Anyone got that?
Revenue and profit surges sound great, but what about the employees? Any news on how they’re sharing the wealth?
Haha, good luck finding that info! Companies rarely share the wealth.
I don’t buy into this hype. What goes up fast, often crashes harder.
That’s overly pessimistic. Strong fundamentals can support fast growth.
We’ll see. I’m betting on a downturn.
Kromchet Vipanpong seems to be doing a fantastic job as CEO. Leadership is key!
True, but leadership also means being transparent. What’s his plan for the next five years?
Good point. Long-term vision needs to be clear.
Looks like they’re aiming to take over Bangkok and Phuket! Ambitious, but possibly reckless.
Phuket’s real estate market is booming. I think it’s a smart move.
Only time will tell. I’m skeptical about such rapid expansion.
If they manage to hit their 8.7 billion baht target, they’ll be unstoppable.
Record profits often come at a cost. Wonder what corners they’re cutting.
That’s a bit cynical, but also fair. Scrutiny is always good.
What about competition? Other companies must be eyeing these markets too.
Stock price is likely to shoot up. Great time to invest IMHO.
Or it could be overpriced now. Be careful!