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    Real estate investment trusts
Golden Ventures Leasehold REIT

Golden Ventures Leasehold REIT

SSET:GVREIT
7.00
THB
+0.10
(+1.45%)
0.12EPS
64.39P/E
6.19BMarket Cap
Nov 19Next Earn
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
- -
1.33
1.4
1.48
1.45
1.37
1.39
1.42
1.39
1.38
1.34
Basic EPS, GAAP
- -
0.79
1.3
1.09
0.92
0.87
0.79
0.69
0.56
0.21
0.12
Free Cash Flow per Basic Share
- -
0.91
0.77
0.89
0.89
0.99
0.87
1.19
0.8
0.93
0.92
Dividend per Share
- -
0.68
0.77
0.84
0.82
0.79
0.75
0.8
0.78
0.8
0.75
Book Value per Share
10.09
10.08
10.61
10.86
10.96
11.03
11.06
10.97
10.74
10.15
10.24
Tangible Book Value per Share
10.09
10.08
10.61
10.86
10.96
11.03
11.06
10.97
10.74
10.15
10.24
Basic Weighted Avg Shares
815
815
815
815
815
815
815
815
815
815
815
Sales/Revenue/Turnover
- -
1,082
1,138
1,208
1,179
1,113
1,131
1,153
1,134
1,122
1,090
Operating Margin (%)
- -
73.17
72.28
70.85
69.57
74.68
74.08
70.82
70.61
69.91
69.07
Depreciation Expense
- -
30
- -
- -
- -
- -
- -
- -
- -
- -
- -
Net Income, GAAP
- -
647
1,059
888
747
705
643
566
458
168
96
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Profit Margin (%)
- -
59.85
93.11
73.53
63.39
63.38
56.84
49.06
40.38
14.95
8.83
Working Capital
282
116
27
-15
-55
-13
-72
106
-32
-57
-284
LT Debt
2,000
2,000
1,998
1,998
1,998
2,800
2,793
2,750
2,706
2,677
2,698
Total Equity
8,224
8,216
8,648
8,849
8,930
8,990
9,010
8,936
8,755
8,271
8,347
Return on Invested Capital (%)
- -
7.55
7.88
7.97
7.53
7.31
7.1
6.95
6.92
7
6.65
Return on Capital (%)
- -
7.05
10.72
8.94
7.53
7.16
6.34
5.71
4.85
2.4
1.74
Return on Common Equity (%)
- -
7.88
12.56
10.15
8.41
7.87
7.14
6.3
5.17
1.97
1.12

Capital Structure

THB

•

in mil. unless spec.
Dec'26
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
2,000
2,000
2,000
LT Finance Leases
685
692
698
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
815
815
815
Market Capitalization
5,500
5,215
6,192

Working Capital

THB

•

in mil. unless spec.
Dec'26
Mar'26
Jun'26
Total Current Assets
83
105
76
Cash, Cash Equivalents & STI
59
90
62
Accounts Receivable, Net
13
11
13
Inventories
- -
- -
- -
Total Current Liabilities
366
380
360
Payables & Accruals
61
71
52
ST Debt
- -
- -
- -
Deferred Revenue
305
309
307

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
-1.5%
-5.53%
Free Cash Flow
- -
3.83%
15.52%
Net Income, GAAP
- -
-21.78%
-63.35%
Sales/Revenue/Turnover
- -
-0.95%
-1.03%
Total Cash Common Dividend
- -
-0.38%
2.09%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
285
281
284
284
1,134
2025
289
280
281
271
1,122
2026
272
277
269
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.24
0.22
0.21
-0.11
0.56
2025
0.25
0.25
0.24
-0.53
0.21
2026
0.21
0.24
0.2
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.19
0.2
0.19
0.2
0.78
2025
0.2
0.2
0.2
0.2
0.8
2026
0.18
0.18
0.19
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Palat Lertphitchaphong
Sector
Finance
Industry
Real estate investment trusts
Address
22nd Floor, Mitrtown Office Tower Bangkok BM Thailand 10330
IPO Date
Apr 4, 2016
Website
gvreit.com
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Business
Golden Ventures Leasehold Real Estate Investment Trust (GVREIT.BK) operates as a leasehold real estate investment trust focused on owning and leasing Grade A office buildings in Bangkok's central business district; its core assets include leasehold rights over portions of Park Ventures Ecoplex (excluding The Okura Prestige Bangkok Hotel area), a LEED Platinum-certified property at the intersection of Phloenchit and Wireless Roads with direct BTS Phloen Chit access, and sub-leasehold rights over land and the Sathorn Square office building, a LEED Gold-certified property at the corner of Sathorn and Narathiwas Roads with direct BTS Chong Nonsi access, providing a total gross leasable area of approximately 99,844 square meters to 169 diversified tenants across sectors such as consumer discretionary, industrials, financials, services, technology, property and construction, health care, and others. Founded on March 22, 2016, and listed on the Stock Exchange of Thailand on April 4, 2016, GVREIT is headquartered at the 22nd Floor, Mitrtown Office Tower, 944 Rama 4 Road, Wangmai, Pathumwan, Bangkok 10330, Thailand, with operations concentrated in the prime business district of Thailand; it entrusts Frasers Property Commercial Asset Management (Thailand) Company Limited (formerly Univentures REIT Management Company Limited) as REIT manager, North Sathorn Realty Company Limited as property manager, and Kasikorn Asset Management Company Limited as trustee. Recent developments include the completion of the Asset Enhancement Initiative (AEI) for both properties as of September 30, 2024, to enhance competitiveness through improved office services, technology applications, fully furnished spaces, and tenant experiences amid rising office supply; affirmation of its A- (Stable Outlook) credit rating by TRIS Rating on October 31, 2024, and previously on October 20, 2023; fourth consecutive participation in the GRESB sustainability assessment starting July 1, 2024, with improved results; stable portfolio maintenance with 90% average occupancy, THB 0.2050 per unit distribution for 1Q FY2025 (October-December 2024), and net investment income of THB 187.3 million for the period, alongside total assets of THB 11,914.5 million and NAV per unit of THB 10.7953 as of December 31, 2024.