Noble Development Public Company Limited

Noble Development Public Company Limited, or NOBLE, has announced an aggressive strategy to clear ready-to-move-in inventory in order to generate cash flow and reduce debt amid a volatile property market. Sales from projects in the first half of 2026 came to 3.235 billion baht, up 41% from the same period last year, driven mainly by overseas markets and the launch of Noble Emmers Phrom Phong in the first quarter. The company was able to close sales on three projects worth more than 4.8 billion baht in total: New Noble Fai Chai-Wang Lang, Noble Terra Rama 9-Ekkamai, and New Core Khu Khot Station. Meanwhile, first-half ownership transfers reached 3.558 billion baht, growing 38% from a year earlier, with four key projects driving the performance: New Riverest Rat Burana, Noble Create, Noble Form Thonglor, and New Evo Ari. Currently NOBLE has a ready-to-sell remaining inventory portfolio worth about 14.642 billion baht and, as of the end of the second quarter of 2026, accumulated sales awaiting revenue recognition of more than 21.647 billion baht, which will be gradually recognised as revenue over the next four years. As a result, the interest-bearing debt to equity ratio as of 30 June 2026 fell to 1.70 times.

Sideltha Public Company Limited, or DPAINT, has acquired The City Phuket Residence Company Limited, the developer of The City Phuket condominium project, and is preparing to invest in the development of Building C to create a new revenue stream. This expansion into the real estate business reflects DPAINT's vision of building a new growth engine to support long-term growth. Meanwhile, Noble Development Public Company Limited, or NOBLE, has announced the offering of its second bond issuance of 2026, with a tenor of 2 years and 11 months, a fixed interest rate of 6.15 percent per annum, and interest payments every 3 months. The bonds have been rated BBB minus with a stable outlook by TRIS Rating, and subscriptions will open from August 4th to 6th, with proceeds to be used for repaying existing bonds. In other news, Primo Service Solution Public Company Limited, or PRI, is advancing its PRIMO Transformation strategy to become Thailand's leading property and living services ecosystem through service quality improvements and customer base expansion. Business Alignment Public Company Limited, or BIZ, has launched the BIZGENES brand in precision health and longevity solutions, featuring The Vitality Collection under the concept of science-based nutrition, leveraging over 26 years of expertise. Additionally, Triple I Logistics is inviting entrepreneurs to visit its booths at TILOG-LOGISTIX 2026, taking place from August 19th to 21st at BITEC Bangna. This year, there will be two large booths from the parent company and Hazchem Logistics, a specialist in dangerous goods and chemical transportation.

Noble Development Public Company Limited, or NOBLE, is preparing to offer its second bond issuance of 2026, with a tenor of 2 years and 11 months, a fixed coupon of 6.15% per annum, and interest payments every 3 months. The subscription period will run from August 4 to 6, 2026, for both retail and institutional investors. Proceeds will be used to repay maturing bonds. This bond issue has been assigned a credit rating of BBB- with a stable outlook by TRIS Rating on July 1, 2026, which is equivalent to the company's corporate rating. Mr. Thongchai Busaraphan, Vice Chairman and Co-Chief Executive Officer, disclosed that the company places importance on prudent liquidity and capital structure management. This bond offering is part of financial planning to strengthen the capital structure and support long-term growth. He noted that the company has clear cash flow support factors from continuously growing sales and the gradual transfer of large-scale projects. The recent One Price One Month campaign, which began on June 29, has generated sales from completed and ready-to-transfer projects exceeding 2 billion baht, surpassing the set target. These sales have the potential to be gradually transferred and recognized as revenue, generating immediate cash flow within the third quarter of 2026, which will help enhance liquidity and support the repayment of bonds maturing in September 2026. Additionally, the company has four more large-scale projects that are completed and ready for transfer: New Evo Ari, Noble Form Thonglor, Noble Create, and New Riverest Ratburana. These will gradually recognize revenue and generate continuous cash flow throughout the year. The company also has a backlog of over 22 billion baht, which will be recognized as revenue over the next four years, reflecting its ability to generate sustained long-term income. Retail investors can subscribe to NOBLE bonds with a minimum subscription of 100,000 baht and multiples of 100,000 baht through the eight bond underwriters.