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    REIT - Hotel & Motel
Sri Panwa Hospitality Real Estate Investment Trust

Sri Panwa Hospitality Real Estate Investment Trust

SRIPANWA.BK
Sri Panwa Hospitality Real Estate Investment TrustTH flagStock Exchange of Thailand
5.10
THB
- -
- -
1.42BMarket Cap
Sri Panwa Hospitality Real Estate Investment Trust
SRIPANWA.BK
(Stock Exchange of Thailand)

Recent

price

5.10

P/E

ratio

- -

div

yld

- -

ROIC.AI

2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
- -
0.87
0.87
0.03
1
1
1.13
1.13
1.13
1.13
1.02
1
1.05
1.05
Revenue per Share
- -
1.07
1.02
0.02
0.86
1.16
0.43
0.53
-0.37
0.74
0.27
0.26
0.85
0.84
Basic EPS, GAAP
- -
0.69
0.76
-4.59
0.67
-1.08
0.79
0.45
0.05
0.01
1.01
0.98
1.02
0.83
Free Cash Flow per Basic Share
- -
- -
- -
- -
0.42
0.74
0.73
0.11
- -
- -
0.18
0.5
0.4
0.44
Dividend per Share
- -
10.73
11.05
11.34
11.56
11.98
11.68
12.1
11.73
12.47
12.56
12.32
12.77
12.71
Book Value per Share
- -
10.73
11.05
11.3
11.52
11.95
11.65
12.06
11.69
12.43
12.52
12.29
12.73
12.68
Tangible Book Value per Share
- -
200
200
279
279
279
279
279
279
279
279
279
279
279
Basic Weighted Avg Shares
- -
175
175
9
278
278
314
315
316
316
284
278
294
292
Sales/Revenue/Turnover
- -
93.17
93.16
86.47
93.04
92.8
92.01
92.6
93.14
91.99
90.78
90.97
91.59
91.54
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
214
203
7
239
325
120
148
-103
206
75
74
237
234
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
122.45
116.25
81.12
85.88
116.55
38.14
47.03
-32.78
65.15
26.43
26.5
80.53
80.11
Profit Margin (%)
59
67
57
140
166
197
209
12
-531
-353
463
406
416
400
Working Capital
- -
- -
- -
446
447
978
978
530
- -
- -
780
683
573
574
LT Debt
2,087
2,148
2,213
3,154
3,216
3,334
3,250
3,367
3,263
3,469
3,494
3,429
3,554
3,538
Total Equity
- -
7.69
7.47
0.25
7.12
6.48
6.77
6.81
- -
6.7
5.86
5.9
6.37
6.39
Return on Invested Capital (%)
- -
10.11
9.32
0.26
7.1
8.63
3.81
4.31
- -
5.5
2.99
3.03
6.79
6.75
Return on Capital (%)
- -
10.11
9.32
0.26
7.47
9.88
3.63
4.47
-3.11
6.1
2.15
2.12
6.75
6.7
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
709
112
75
LT Borrowings
- -
573
574
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
279
279
279
Market Capitalization
1,390
1,390
1,437

Working Capital

FRC

•

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
519
538
490
Cash, Cash Equivalents & STI
89
99
47
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
719
122
90
Payables & Accruals
9
10
15
ST Debt
709
112
75
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
5.5%
1.15%
3.64%
Free Cash Flow
560.36%
1,428.03%
3.55%
Net Income, GAAP
294.22%
-62.62%
221.17%
Sales/Revenue/Turnover
307.58%
-1.27%
5.68%
Total Cash Common Dividend
- -
- -
-19.74%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
69
62
72
74
278
2025
75
71
72
76
294
2026
73
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.17
-0.43
0.31
- -
0.26
2025
0.21
0.21
0.22
- -
0.85
2026
0.2
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.18
0.11
0.11
- -
0.5
2025
0.21
0.07
0.05
- -
0.4
2026
0.26
- -
- -
- -
- -
Similar Companies
Pebblebrook Hotel Trust (PEB)
Alinma Hospitality REIT Fund (4349.SR)
Pebblebrook Hotel Trust (PEB-PD)
Japan Hotel REIT Investment Corporation (8985.T)
Orinoquia Real Estate SOCIMI, S.A. (MLORQ.PA)
Ichigo Hotel REIT Investment Corporation (3463.T)
Business
Sri Panwa Hospitality Real Estate Investment Trust operates as a real estate investment trust specializing in hospitality and hotel-related properties primarily in Thailand. The Trust's core portfolio includes hotel land, residence villas, hotel buildings, serviced apartments, and related buildings. It generates income through leasing these properties and providing associated hotel and vacation home services under the Sri Panwa brand in Phuket Province. The Trust holds freehold rights to its properties and focuses on hospitality real estate assets that cater to upscale leisure and vacation markets. Founded in December 2012 and headquartered in Bangkok, Thailand, the Trust operates as a closed-end fund with indefinite maturity, targeting investors seeking exposure to Thailand's luxury hospitality real estate sector. It is managed by Charn Issara REIT Management Company Limited and aims to provide stable returns by leasing properties to operators such as Sri Panwa Management Company Limited, which handles hotel operations. The Trust includes properties developed in phases, with assets such as villas, serviced apartments, and hotel buildings specifically designed to serve high-end tourism and vacation rental markets. Recent developments include the Trust's strategic efforts to expand its invested assets by converting the original Sri Panwa Hotel Property Fund into a hospitality-focused REIT, enabling investment in additional high-quality hotel and villa assets. In 2024 and 2025, the Trust engaged in asset acquisitions related to the Sri Panwa Hotel's Phase 2 project, including 30-room hotel buildings and luxury villa properties, supporting expansion in hotel operations and serviced residence offerings. The Trust has also undertaken operational leasing adjustments, including lease contract renegotiations and tenant recruitment auctions conducted in 2023 to optimize rental income and asset utilization. The Trust trades under the ticker SRIPANWA.BK on the Stock Exchange of Thailand and remains focused on maximizing asset value through hospitality property lease arrangements, including the provision of related services like villa management and short-stay rentals. It operates predominantly in the Phuket region, well-known for its luxury resort market, and targets institutional and retail investors seeking consistent returns in the hospitality real estate sector in Southeast Asia. In summary, Sri Panwa Hospitality REIT is a Thailand-based hospitality real estate investment trust that owns and leases luxury hotel and villa properties under the Sri Panwa brand, focused on upscale vacation markets, with recent expansions via asset acquisitions and lease contract renewals to boost financial performance and asset quality. It operates as a closed-end, indefinite maturity fund managed by Charn Issara, headquartered in Bangkok, and listed on the Stock Exchange of Thailand.