Assetwise Public Company Limited

ASW.BK

Real Estate - Development · Real Estate

Exchange

Stock Exchange of Thailand

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

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.

Winston Score History

Score breakdown

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Quality

Gross Margin

41.5%

Healthy — 41.5% gross margin

Operating Margin

14.8%

Healthy — 14.8% operating margin

ROCE

1.2%

Weak — 1.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-0.9%

Shrinking sales (-0.9% YoY)

EPS YoY

-20.6%

Earnings shrinking (-20.6% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

-196%

Weak — only -196% of profit becomes cash

FCF Margin

-32.9%

Burning cash (-32.9%)

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

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Stability

Debt / Equity

1.89

Elevated debt (1.89)

Interest Cover

4.71x

Adequate interest coverage (4.7x)

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

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Valuation

P/E Ratio (TTM)

6.4x

no trend

Attractive valuation — P/E 6.4

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

P/E vs Forward

+1.4

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend Yield

6.62%

no trend

Healthy income — 6.62% yield

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

Dividend Growth

N/A

no trend

Data not available

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