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    Investment trusts
LH Hotel Leasehold Real Estate Investment Trust

LH Hotel Leasehold Real Estate Investment Trust

SSET:LHHOTEL
13.50
THB
+0.40
(+3.05%)
1.10EPS
12.27P/E
14.16BMarket Cap
Nov 18Next Earn
LH Hotel Leasehold Real Estate Investment Trust
SET:LHHOTEL
(Stock Exchange of Thailand)

Recent

price

13.50

P/E

ratio

12.27

div

yld

8.40%

ROIC.AI

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
0.07
1.16
1.27
1.44
1.47
0.34
0.03
1.21
1.26
2.24
1.97
1.84
Revenue per Share
0.06
1.26
1.69
1.31
1.24
-0.87
-0.79
1.28
1.5
2.46
1.27
1.1
Basic EPS, GAAP
-11.41
0.13
-7.16
1.19
-6.35
0.73
0.16
0.43
-8
1.93
1.83
1.71
Free Cash Flow per Basic Share
- -
0.73
0.86
1.07
1.07
0.38
- -
0.24
0.68
1.22
1.27
1.13
Dividend per Share
9.68
10.22
11.97
12.2
12.37
11.12
10.33
11.37
11.67
12.92
12.92
12.94
Book Value per Share
9.68
10.22
11.97
12.2
12.37
11.12
10.33
11.37
11.67
12.92
12.92
12.94
Tangible Book Value per Share
316
326
473
538
555
555
555
555
1,049
1,049
1,049
1,096
Basic Weighted Avg Shares
21
377
600
773
817
187
19
674
1,324
2,352
2,062
2,018
Sales/Revenue/Turnover
93.13
92.68
94.01
92.96
88.68
82.25
-27.1
90.46
92.66
95.92
96.18
95.83
Operating Margin (%)
1
10
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
18
410
800
707
686
-485
-437
711
1,577
2,577
1,331
1,206
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
88.04
108.71
133.2
91.54
83.97
-259.2
-2,268.24
105.57
119.09
109.57
64.53
59.76
Profit Margin (%)
201
97
191
154
-2,887
-3,125
-3,169
5
199
412
230
-41
Working Capital
689
689
1,609
1,588
2,683
2,676
2,728
5,702
10,073
9,819
9,509
9,215
LT Debt
3,155
3,328
6,638
6,768
6,862
6,167
5,730
6,307
12,245
13,548
13,550
13,578
Total Equity
- -
10.44
9.21
8.64
6.89
- -
- -
5.16
7.11
9.83
8.46
8.27
Return on Invested Capital (%)
- -
11.06
13.75
9.24
7.26
- -
- -
7.68
10.76
13.24
7.43
6.81
Return on Capital (%)
- -
12.66
16.05
10.55
10.06
-7.44
-7.35
11.82
17
19.98
9.82
8.87
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
320
387
451
LT Borrowings
9,509
9,367
9,215
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,049
1,049
1,049
Market Capitalization
13,636
13,321
14,160

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
563
600
422
Cash, Cash Equivalents & STI
15
49
2
Accounts Receivable, Net
548
546
416
Inventories
- -
- -
- -
Total Current Liabilities
333
402
462
Payables & Accruals
13
14
12
ST Debt
320
387
451
Deferred Revenue
- -
- -
- -

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.6%
21.56%
0.01%
Free Cash Flow
-1,251.58%
-737.11%
-4.95%
Net Income, GAAP
192.03%
-27.17%
-48.37%
Sales/Revenue/Turnover
520.48%
693.81%
-12.34%
Total Cash Common Dividend
- -
- -
4.32%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
591
553
600
609
2,352
2025
570
430
516
545
2,062
2026
543
414
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.43
0.51
0.52
1.01
2.46
2025
0.43
0.32
0.39
0.13
1.27
2026
0.41
0.19
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.27
0.3
0.31
0.34
1.22
2025
0.39
0.3
0.27
0.31
1.27
2026
0.31
0.25
- -
- -
- -
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Business
LH Hotel Leasehold Real Estate Investment Trust (LHHOTEL.BK) operates as a closed-end real estate investment trust in Thailand that mobilizes funds from investors to acquire leasehold rights in hotel properties and ownership of related movable assets; the trust generates income through leasing and subleasing these properties to hotel operators, targeting stable returns for unitholders. It invests in five prime Grande Centre Point branded hotels: Grande Centre Point Hotel Terminal 21 (462 rooms, Bangkok Asoke, leasehold expiry 2040), Grande Centre Point Hotel Ratchadamri (497 rooms, central Bangkok, sublease expiry 2578), Grande Centre Point Hotel Sukhumvit 55 (442 rooms, Thonglor, lease expiry 2047), Grande Centre Point Space Pattaya (490 rooms, North Pattaya, lease expiry 2052), and Grande Centre Point Hotel Pattaya (396 rooms, adjacent to Terminal 21 Pattaya, lease expiry 2049); rental structures feature fixed base rents escalating periodically plus variable components tied to 85-90% of EBITDA above fixed rents, with provisions for special events like pandemics. Founded in 2015 and headquartered at 11 Q.House Sathon Building, South Sathon Road, Tungmahamek, Bangkok, the trust primarily serves the luxury hotel segment in key tourist hubs of Bangkok and Pattaya, managed by Land and Houses Fund Management Company Limited with LH Mall & Hotel Company Limited as hotel operator. In recent developments, the trust expanded its portfolio in 4Q23 through the acquisition of the two Pattaya properties from LH Mall & Hotel, diversifying revenue streams from Bangkok-centric to a balanced mix across city and resort locations while boosting asset base and expected 2024 distributions; this follows strong 2023 performance amid tourism recovery, with ongoing benefits from rising international arrivals projected at 35 million in 2024.