Origin Property PCL

Asia Plus Securities has upgraded its recommendation on ORI to Trading, with a new fair value of 1.98 baht based on a 7 times price-to-earnings ratio. It expects normalized profit in the second half of 2026 to recover from the first half, when normalized profit was 203 million baht, or 41 percent of the full-year target of 492 million baht. This is due to plans to deliver two new high-margin projects in Phuket, and the company targets net cash flow of 1.5 to 1.8 billion baht from selling at least two to three hotels, four to five land plots, and warehouses into a REIT in the second half of this year. Meanwhile, normalized profit for 2027 has been raised to 694 million baht, growing 41 percent year on year, driven by transfers of nine new condominium projects worth 20 billion baht. The highlight is the Thonglor project with four buildings worth 12 billion baht, which carries a high margin of 35 to 40 percent.

Origin Property Public Company Limited, or ORI, unveiled a three-year strategic plan under the JUMP+ programme, targeting net profit of approximately 1.432 billion baht in 2028, up 42.6 percent from the previous year. For 2026, net profit is projected at about 808 million baht, an increase of 12.2 percent, and for 2027 at about 1.004 billion baht, an increase of 24.3 percent. The core strategy is a Build-Operate-Exit-Reinvest model, focusing on developing hotels and warehouses to enhance value before selling them into REITs or to other investors, then reinvesting the proceeds. The company plans to launch new projects worth 6.05 billion baht in 2026, 7.3 billion baht in 2027, and 8.6 billion baht in 2028. On the financial side, the company expects to recognise revenue from asset and land sales in the second half of 2026 of about 1.5 to 1.8 billion baht, from placing warehouses of three joint-venture projects with a combined area of 175,107 square metres into the ALPHART trust and selling land in Si Racha, Bangkok, and Phuket. It also aims to reduce its net interest-bearing debt-to-equity ratio from 1.38 times at the end of the second quarter of 2026 to about 1.2 times in 2028.

Origin Property Public Company Limited, or ORI, plans to recognise revenue from various projects totalling approximately 33 billion baht over the next four years. In the second half of 2026, revenue recognition is expected to be around 9 billion baht, with a trend towards nearly 10 billion baht in the following year. The company is preparing to launch new projects worth more than 12.9 billion baht, covering residential, hotel, and warehouse businesses. This includes residential projects for sale worth about 6 billion baht, hotel projects worth about 6.15 billion baht, and plans to develop logistics warehouses with an area of approximately 15,000 square metres. Ownership transfers in the first and second quarters of 2026 are proceeding according to plan, while the second half of the year will see the gradual transfer of additional new projects. These include the SO Origin Bangtao Beach condominium worth more than 3 billion baht, which already has a backlog of over 2 billion baht, as well as three newly completed housing estate projects with a combined value of more than 2.65 billion baht. ORI is moving forward with its Build Operate Exit Reinvest strategy by gradually selling assets in its warehouse and hotel portfolio to increase liquidity and reduce debt. As a result, the interest-bearing debt to equity ratio, or IBD/E, has fallen from 1.5 to 1.6 times at the end of last year to 1.38 times at present. The company aims to reduce IBD/E further to 1.3 times and 1.2 times in the future through debt management, bond issuance, and planned asset sales.

Origin Property Public Company Limited, or ORI, has announced a new investment plan of 11.65 billion baht in Phuket from 2026 to 2028, aiming to boost its total investment portfolio value in the province to 30 billion baht, up from 18.35 billion baht at the end of the second quarter of 2026. The plan covers nine new condominium projects worth a combined 11.65 billion baht and two hotels valued at 1.88 billion baht. Revenue recognition will begin in the fourth quarter of 2026 from the handover of completed projects, along with the phased opening of three hotels under the Hilton and Marriott brands, totaling 601 rooms and worth 2.7 billion baht. The current portfolio's foreign customer base is led by Russians at 46.6 percent, Poles at 15.9 percent, and Chinese at 6.4 percent.

Bluebell Securities is offering newly issued bonds from nine companies, totaling 13 tranches, between August and September 2026. Coupons range from 3.70% to 7.40% per annum, with tenors from one year and six months to five years. Villa Kunalai bonds, with a tenor of two years and three months, carry a coupon of 7.40% per annum, are secured at 1.50 times, and have a credit rating of B plus. They will be offered to institutional and high-net-worth investors on August 20 to 21 and 24. Sak Siam Leasing bonds, with a three-year tenor and a coupon of 5.60% per annum, are rated triple B and will be offered to the general public on August 24 to 27. Aurora Design has two tranches: a one-year-six-month bond with a coupon of 4.80 to 4.90% per annum, rated triple B minus, and a two-year-six-month bond with a coupon of 4.60 to 4.70% per annum, rated triple B, both secured at 1.00 times. They will be offered to institutional and high-net-worth investors on August 25 to 27. Origin Property has two tranches: a one-year-eleven-month bond with a coupon of 5.50% per annum and a two-year-eleven-month bond with a coupon of 6.00% per annum, both rated triple B minus. They will be offered to the general public on August 25 to 27. Micro Leasing bonds, with a two-year tenor and a coupon of 6.40 to 6.60% per annum, are rated double B, secured at 1.20 times, and will be offered to institutional and high-net-worth investors on September 1 to 3. TPI Polene has two tranches: a four-year bond with a coupon of 3.70% per annum and a five-year bond with a coupon of 3.90% per annum, both rated triple B. They will be offered to the general public on September 1 to 3. Next Capital has two tranches: a two-year-six-month bond with a coupon of 5.10 to 5.20% per annum and a three-year bond with a coupon of 5.25 to 5.35% per annum, both rated triple B minus. They will be offered to institutional and high-net-worth investors on September 7 to 9. Charn Issara Development bonds, with a tenor of one year and ten months and a coupon of 7.30% per annum, are rated double B minus, secured at 1.40 times, and will be offered to institutional and high-net-worth investors on September 10 to 11 and 14. Jaymart Group Holdings bonds, with a three-year tenor and a coupon of 5.75 to 6.00% per annum, are rated triple B minus and will be offered to the general public on September 21 to 23.

Origin Property Public Company Limited, or ORI, has closed a deal to sell the Staybridge Suites Bangkok Sukhumvit hotel for 1.095 billion baht to the Sawetsomphop family, executives of Sino-Pacific Trading Thailand. The sale is part of a business restructuring plan under which ORI aims to sell a total of six hotels this year. Earlier, in May 2026, it sold the Ibis Phuket Kata hotel for 745 million baht. The latest deal was carried out through two subsidiaries, Origin One Sukhumvit 24 Company Limited and Origin One Phrom Phong Company Limited, and is expected to be recognised in the third quarter of 2026. ORI will receive net cash flow of approximately 550 million baht, as the project is a joint venture. The hotel asset sales are aimed at strengthening liquidity amid long-term debt obligations due within one year. As of the end of the first quarter of 2026, these stood at 12.147 billion baht, including the ORI269A bond worth 714.70 million baht maturing on 1 September 2026. In addition, ORI plans to sell four warehouse projects into a real estate investment trust of Alpha Industrial Solution Company Limited in the second half of 2026, which is expected to generate additional cash flow of around 450 million baht.

Origin Property Public Company Limited, or ORI, is preparing to offer its third batch of new bonds in 2026, consisting of two tranches, between 25 and 27 August 2026. The first tranche has a tenor of 1 year and 11 months, carries a coupon of 5.50 percent per annum, and matures in 2027. The second tranche has a tenor of 2 years and 11 months, carries a coupon of 6.00 percent per annum, and matures in 2028. Both tranches are registered, unsubordinated, and unsecured, with a bondholder representative. They are being offered to retail and institutional investors, with a minimum subscription of 100,000 baht and multiples of 100,000 baht thereafter. The company holds a corporate credit rating of BBB with a stable outlook, and a debt instrument rating of BBB minus with a stable outlook, from TRIS Rating. This bond issuance is part of the ORIGIN Portfolio Evolution 2026 strategy, which is driven by five core business groups: condominiums, housing developments, property services, recurring income from hotels and commercial spaces, and logistics and warehousing. As of the end of the first quarter of 2026, the company had a sales backlog of 34.68 billion baht, which will be gradually recognised through 2029.