Assetwise Public Company Limited

ASW.BK

Real Estate - Development · Real Estate

Price

7.95 THB

+0.10 (+1.27%)

Market Cap

7.15B THB

Exchange

Stock Exchange of Thailand

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Good

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+14.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 785.0M (2021) → 899.7M (2025)

Winston Score History

The full picture

Assetwise Public Company Limited is a Thai real estate developer based in Bangkok. The company builds and sells residential properties, mainly condominiums and townhomes, targeting middle-income buyers in Thailand. It focuses heavily on properties near mass transit lines, particularly the BTS Skytrain and MRT subway systems in Bangkok and surrounding areas.

Assetwise makes money primarily by selling completed residential units, with revenue recognized when ownership transfers to buyers. The company operates almost entirely within Thailand, and its market capitalization of roughly 6.8 billion Thai baht makes it a mid-sized player in the competitive Thai property market. Its focus on transit-oriented developments gives it a positioning advantage, as demand for homes near public transport remains relatively strong in Bangkok. The main risk the company faces is Thailand's sluggish economic growth and rising household debt levels, which can reduce buyers' ability to qualify for mortgages and slow new project sales.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+95.0% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+186.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

0 THB/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

85.1%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

4.7B THB cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Assetwise Public Company Limited grew revenue 95% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

44.2%

Healthy — 44.2% gross margin

Profit after running costs

Operating Margin

20.9%

Excellent — 20.9% operating margin

Return on the money invested

ROCE

7.9%

Weak — 7.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+29.5%

Fast-growing sales (+29.5% YoY)

Profit growth

EPS YoY

+47.7%

Earnings growing fast (+47.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

39%

Weak — only 39% of profit becomes cash

Spare cash per sale

FCF Margin

-12.0%

Burning cash (-12.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.82

Elevated debt (1.82)

Covers its interest

Interest Cover

5.29x

Adequate interest coverage (5.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

4.8x

Attractive valuation — P/E 4.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-0.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

6.62%

Healthy income — 6.62% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

Data not available

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