AP (Thailand) Public Company Limited

An analyst at Asia Plus Securities said 14 residential developers posted second-quarter 2026 normalised profit of 5.88 billion baht, recovering 75 percent from the previous quarter and rising 16 percent from the same period last year. This marks the first return to year-on-year growth in 12 quarters. Seven companies, namely SPALI, QH, LPN, SC, SIRI, PSH and LALIN, announced interim dividend payments for the first half of 2026, offering average yields of more than 2 to 3 percent, except PSH and QH, which average more than 1 percent. They will go ex-dividend this week between 25 and 28 August 2026. The analyst recommends a market-weight stance, selecting SC and SIRI as top picks to accumulate before the XD dates to capture dividends of around 3 percent, and expects second-half 2026 profit to be better than the first half, when normalised profit was 9.25 billion baht, up 9 percent from the same period last year. Meanwhile, AP pays dividends only once a year but offers a yield above 6 percent per year, and its profit is expected to stand out more in the second half of 2026.

E-Finance Thai News reports the second-quarter 2026 results of 10 property companies, comparing net profit and growth rates with the same period last year. Companies with standout profit growth included Sansiri, AP Thailand, and Supalai, while those with significant profit declines included Pruksa Holding and Land & Houses. Overall, the property sector continues to face pressure from high household debt and loan rejections by financial institutions, causing transfer volumes to slow further.

Krungsri Securities Public Company Limited maintains a buy recommendation on AP Thailand Public Company Limited with a 2026 target price of 10.10 baht, after the company reported second-quarter 2026 net profit of 1.06 billion baht, up 6% from the same period last year and up 18% from the previous quarter. The results were close to the research team's and market estimates. Profit growth was supported by higher revenue both year-on-year and quarter-on-quarter, as well as an improved gross margin to 30.9% from 30.7% a year earlier and 29.6% in the first quarter, thanks to a higher proportion of transfers of new high-margin projects. Ownership transfers in the second quarter of 2026 rose 8% from a year earlier and 13% from the previous quarter despite a high base, with growth in both low-rise projects and condominiums, in line with high presales during the same period. The rising share of new projects helped lift the gross margin. First-half 2026 net profit was 1.97 billion baht, up 5% from a year earlier, accounting for 43% of the full-year 2026 profit estimate of 4.5 billion baht. The research team maintains its estimate and expects full-year profit to grow 5% from a year earlier on higher ownership transfers. For the third quarter of 2026, the research team expects net profit to be stable year-on-year but higher quarter-on-quarter, supported by the start of transfers of new condominiums and additional launches of new low-rise projects, which will support revenue and profit in the second half of the year. Krungsri also expects AP to maintain a 2026 gross margin of around 31.0%, above the property sector average, reflecting better pricing competitiveness than peers. The firm also sees advantages from economies of scale given the company's large business size. Although construction costs remain a short-term pressure, the research team believes AP still has above-sector growth potential over the medium to long term from maintaining a high and steadily rising market share, and expects the company to remain the market leader. On valuation, Krungsri views the stock as not expensive, trading at a 2026 price-to-earnings ratio of only 5.7 times, making it still attractive for investment, and keeps AP as one of its top picks in the property sector.

AP Thailand Public Company Limited reported first-half 2026 results with total revenue of 22.431 billion baht, up 7.1 percent from the same period last year, and net profit of 1.967 billion baht, an increase of 5.2 percent, while maintaining a net debt-to-equity ratio of 0.66 times. Net sales in the first seven months stood at 27.974 billion baht, representing 57 percent of the full-year target of 49 billion baht, comprising 22.747 billion baht from low-rise projects, up 7.6 percent, and 5.227 billion baht from condominiums, growing 59.6 percent. The company has raised its new project launch plan for this year to 46 projects worth a combined 56 billion baht, an increase of 4 projects worth 1 billion baht from the original plan. In the second half, it will launch 31 projects worth 33.32 billion baht, consisting of 17 projects worth 17.9 billion baht in the third quarter and 14 projects worth 15.42 billion baht in the fourth quarter.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

The research division of Tisco Securities estimates that the combined net profit of seven property developers in the second quarter of 2026 will be around 3.8 billion baht, up 10.8 percent from the first quarter of 2026 but down 25.8 percent from the same period last year. It views the second quarter of 2026 as the trough of the property sector profit cycle, after most operators began to recover from a low base in the first quarter. The recovery is driven more by accelerated ownership transfers than by a genuine recovery in demand. AP and PSH are expected to grow both quarter-on-quarter and year-on-year, while SPALI, SIRI, and most other operators in the sector are expected to recover only from the previous quarter. The research team continues to favour AP and SIRI as top picks in the property sector, recommending a buy on AP with a fair value of 10.60 baht and on SIRI at 1.80 baht.

AP has announced its readiness to hand over the LIFE Sathorn–Narathiwat 22 condominium, a joint venture project with Mitsubishi Estate valued at 1.8 billion baht, following the completion of construction. This low-rise condo in the heart of the CBD comprises two eight-storey residential buildings and a two-storey facilities building, totalling 416 units. It marks the 25th joint venture project between AP and Mitsubishi Estate. The company expects that opening the project for customer visits will boost confidence and stimulate ownership transfers in the second half of the year.

Yuanta Securities stated that AP Thailand, or AP, is likely to see profit and presales growth in the second half of 2026 continuing from the first half. Normal profit in the second quarter of 2026 is expected at 1.022 billion baht, up 13.2 percent from the previous quarter and 1.6 percent from a year earlier, driven by gradual transfers of newly launched low-rise projects and ongoing transfers of the Good Day Sukhumvit 93 and Aspire Itsaraphap Station condominiums. The overall gross margin is expected at 30.6 percent, up 100 basis points from the previous quarter but still below the normal level of over 30 percent due to high competition in the low-rise market. Presales in the second quarter of 2026 are expected at 12.305 billion baht, up 9.7 percent from the previous quarter and 50.2 percent from a year earlier, following the launch of 12 new projects, comprising 11 low-rise projects worth 12.65 billion baht and one high-rise project worth 4.5 billion baht. For the second half of 2026, the company plans to launch a total of 27 new projects, consisting of 22 low-rise projects worth 24.82 billion baht and five condominium projects worth 7.5 billion baht. It will begin transferring new condominiums, including Rhythm Charoennakhon Iconic and Life Sathorn – Narathiwas 22, a joint venture project worth 6.8 billion baht, and Life Charoennakhon – Sathorn worth 2.5 billion baht. Yuanta Securities revised down its 2026 profit forecast to 4.626 billion baht from 5.078 billion baht and lowered the year-end 2026 target price to 9.45 baht, based on a PER of 6.43 times. It maintained a buy rating but noted that SC is more attractive this quarter due to a lower PER and an interim dividend.

Kasikorn Securities expects AP Thailand's net profit in the second quarter of 2026 to grow 3% year-on-year and 15% quarter-on-quarter, reaching 1.04 billion baht. Revenue from sales is projected to rise 4% year-on-year and 9% quarter-on-quarter to 10.1 billion baht, supported by 194 existing projects with a ready-to-sell value of 104.8 billion baht, a sales backlog awaiting transfer of 36.8 billion baht, and take-up rates of 14 to 52 percent for new low-rise projects worth 14.6 billion baht launched in the first half of 2026. Meanwhile, gross margin is expected to recover by 1.2 percentage points quarter-on-quarter, returning to the same level as the second quarter of 2025. In the second half of 2026, three condominium projects with a combined value of 9.3 billion baht are scheduled for completion, which will continue to support earnings. Kasikorn maintains a buy recommendation and a mid-2027 target price of 8.75 baht. AP trades at a 2026 price-to-earnings ratio of just 5.5 times and offers a dividend yield of more than 6.8 percent.

Analysts at TTB Wealth Securities have an OVERWEIGHT call on the property sector, expecting the market downcycle to trough in 2026, with current share prices already pricing in most negatives. Housing demand is still about 40% below its long-term normal level, but is seen gradually recovering from 2027 onwards alongside the economic recovery, with market share concentrating further among large developers. Preferred stocks are AP, SIRI and SPALI. Meanwhile, the Agency for Real Estate Affairs notes the housing market is moving towards a better demand-supply balance, with new project launches up 12% in the first half of 2026 while sales rose 15%, led by condominiums where new launches jumped 41% and sales rose 27%. Townhouse sales increased 9% even as new launches were flat, while single-detached and semi-detached house launches fell 24% but sales dipped only 3%, causing unsold inventory to start normalising. The number of unsold remaining units fell to 210,000 from 234,000 at end-2024, with unsold condominiums down 22% to 62,000 units, townhouses down 10% to 69,000 units, while unsold single-detached and semi-detached houses were steady at around 77,000 units as the adjustment has only just begun.

AP Thailand has launched a new condominium project, LIFE Sukhumvit–Rama 4, valued at 4.5 billion baht. It is the 29th joint venture with Mitsubishi Estate, located on Rama 4 Road, 550 metres from BTS Phra Khanong. The 46-storey tower, under the concept EVERYDAY EXTRAORDINARY, features four sky common area floors spanning over 5,800 square metres. Units range from one large bedroom and one bedroom plus to two bedrooms with two bathrooms, with prices starting at 2.99 million baht. AP targets presales of no less than 70 percent of the units launched for sale. This project is part of AP's Rama 4 condominium portfolio, which has a combined value of over 15.6 billion baht, including LIFE Rama 4–Asoke, which is 83 percent sold, and ASPIRE Sukhumvit–Rama 4, which is 72 percent sold.