Nikkei Extends Gains to Third Day as Advantest Surges and Kasumigaseki Capital Raises Guidance
The Nikkei Stock Average extended its gains sharply for a third straight session, closing at 65,018.95 yen. Following the decline in long-term interest rates in the U.S. market, buying flowed into semiconductor-related shares in particular, with Advantest climbing 1,810 yen to 32,050 yen. At its monetary policy meeting, the Bank of Japan decided as expected to raise interest rates to 1.25 percent, but its statement did not strongly hint at the timing of any additional rate hike, easing excessive expectations for further tightening. Kasumigaseki Capital raised its earnings forecast for the fiscal year ending August 2026, lifting its operating profit estimate to 27.6 billion yen from 26.5 billion yen, up 45.8 percent from the previous year. The revision reflects better-than-expected progress in expanding project profits and accelerating property sales in its hotel business.
TRIS Affirms LH at A with Stable Outlook, Rates New 6 Billion Baht Bonds
TRIS Rating has affirmed the corporate rating and the senior unsecured debenture rating of Land and Houses Public Company Limited, or LH, at A with a Stable outlook, and has assigned a rating of A to its new bond issue of up to 6 billion baht with a maturity of up to 5 years. The company will use the proceeds to repay part of its debt and/or as working capital. TRIS expects LH's property business to gradually recover during 2026–2028, with residential sales projected to rise to 14–16 billion baht per year from 13 billion baht in 2025. Its backlog as of June 2026 stood at 10.4 billion baht, about 85% of which comes from the Wan Vayla Na Chaophraya condominium project, scheduled to begin transfers in the fourth quarter of 2026. On financial position, TRIS expects LH to control investment and sell one to three rental assets per year, using most of the proceeds to reduce debt, bringing its financial debt-to-equity ratio down from about 60% as of June 2026 to 50–55% over the next three years. For its 2026–2028 projections, TRIS expects LH's total revenue to recover to 23–26 billion baht per year, with an EBITDA margin of 33–43%. As of June 2026, the company held 5.7 billion baht in cash, 10.3 billion baht in undrawn credit lines, and investments in HMPRO, QH, LHFG and Q-CON with a combined market value of about 39 billion baht.
LALIN unveils Design for Life concept, designing homes for every generation
Lalin Property Public Company Limited, or LALIN, has launched its Design for Life concept to reshape modern homes to meet the needs of every generation. Managing Director Churat Chakornkul said changing consumer behaviour means a home must do more than provide shelter: it must also serve as a workplace, a learning space, a space for caring for the elderly, and a space for family activities. The concept develops Flexible and Multifunctional Spaces, such as a ground-floor multipurpose room that can be adapted into a workspace, classroom, or studio, while connecting the living area, dining area, and side garden together. At the same time, the company has applied Universal Design principles to ground-floor bedrooms, step-free areas, and wheelchair-accessible bathrooms to serve an ageing society. The concept is reflected in the Lalin The Prestige and Lanceo CRIB housing projects, French Colonial Series home designs offering four bedrooms with a ground-floor bedroom that supports Universal Design, while Lio applies the Flexible Space concept to townhomes in compact areas. Lalin Property also plans to build on this concept alongside Eco-Smarter Living, from reducing heat and improving air circulation to using natural light, as well as preparing for EV charger and solar power systems from the design stage, and extending the approach to common areas of its projects through Inclusive Community Design.
ORI expects property market to recover late next year, plans three new projects worth 4.2 billion baht
Apisit Soonthornchookiat, Chief Executive Officer of Origin Vertical Corporation, or ORIGIN VERTICAL, under Origin Property, or ORI, disclosed that the real estate and condominium market will begin to recover clearly late next year, depending on economic stimulus measures and government support. Meanwhile, the behaviour of the new generation of consumers is shifting from buying to renting, making the condominium rental market in the Eastern Economic Corridor, or EEC, and around industrial estates expand strongly. In the fourth quarter of 2026, the company plans to launch three new projects in Bangkok, Pattaya and Phuket with a combined value of 4.2 billion baht: The Origin Yaek Kor Por Aor Station worth 1.8 billion baht with 868 units starting at 1.49 million baht, Origin Branded Residence Pattaya worth 1.4 billion baht with 306 units starting at 3.49 million baht, and Origin Wellness Residence Phuket worth 1 billion baht with 238 units starting at 3.79 million baht. It targets presales of 20 billion baht, revenue of 4.5 billion baht and transfers of ownership worth 12 billion baht, covering both projects the company develops itself and joint-venture projects. On marketing strategy, the company is shifting from reliance on offline media to a focus on social media and video content, promoting sales staff as company influencers through TikTok, Facebook and Instagram, which generates sales accounting for as much as 30% of total sales. It is also partnering with Lazada and Shopee to hold livestreaming events and bringing Amy and Bonnie from GMMTV to join an activity on 18 September 2026 from 2:00 to 3:00 p.m. on the Lazada platform. Next year, provincial markets will be the main driver, focusing on Phuket, which benefits from the purchasing power of foreign customers through its dealer network, and Rayong, home to industrial estates with a large workforce base. Meanwhile, the SO Origin Siriraj project responds to the health megatrend with a Wellness concept and cooperates with The Longevist, a specialist in Wellness Longevist integrated health care.
KGI highlights AWC and CENTEL as tourism recovery plays for the second half
The analyst team at KGI Securities (Thailand) says it holds an increasingly positive view on the outlook for Thailand's tourism sector, citing a recovering trend in foreign tourist arrivals, rising flight capacity, and still-resilient domestic tourism, all of which should support the operating results of hotel operators in the second half of 2026. Foreign tourist arrivals from January 1 to September 12, 2026 stood at 21.72 million, down 3.4% from the same period a year earlier. Meanwhile, the Tourism Authority of Thailand expects the number of Chinese tourists during the travel season and the long Golden Week holiday to rise 24% from the same period last year to about 250,000. The research team expects RevPAR to accelerate in the third quarter of 2026, turning back to positive growth after a 10% decline in the second quarter of 2026, and forecasts that RevPAR for hotels in Thailand will grow at rates ranging from single digits up to about 20% compared with the same period a year earlier. Among hotel stocks, Asset World Corp, or AWC, is expected to be one of the leaders of the recovery, with RevPAR forecast to grow 24% from the same period a year earlier, while Central Plaza Hotel, or CENTEL, is expected to post mid-teens RevPAR growth, and The Erawan Group, or ERW, is expected to grow at a single-digit rate. The research team maintains an overweight stance on the hotel sector, naming AWC with a target price of 3.60 baht and CENTEL with a target price of 49.00 baht as its top picks, while keeping a buy rating on ERW with a target price of 4.30 baht, MINT with a target price of 30.00 baht, and SHR with a target price of 1.90 baht.
MBK buys 20.03% big lot of VIH shares in push into medical business
PRG Corporation Public Company Limited, part of MBK Public Company Limited, or MBK, has acquired a big lot of 125.66 million shares in Srivichai Vejvivat Public Company Limited, or VIH, representing 20.03%, from BBTV Equity Company Limited, the largest shareholder and a company of the Rattanarak family, owner of Channel 7HD, which has held VIH shares since 2014. Two days earlier, VIH shares jumped 10.71% to close at 9.30 baht amid reports of the big lot. VIH operates four hospitals: Vichaiyut International Hospital Om Noi, Vichaiyut International Hospital Nong Khaem, Vichaiyut International Hospital Samut Sakhon, and Vichaiyut Hospital Fai Chai, along with Srivichai Vocational School, and has consistently profitable operations, paying dividends every year, with the latest dividend yield at 4.24%. The acquisition marks MBK's advance into the medical and health business. MBK has six core businesses: rice production and distribution, contract manufacturing, food courts, property and real estate development, logistics, and energy. Synergies are expected, from opening comprehensive health centers or specialized clinics in the group's shopping malls such as MBK Center, Paradise Park, and The Nine Center, to expanding medical tourism with group hotels such as Pathumwan Princess Hotel, and linking customer databases and loyalty programs across the group's businesses.
FirstService Declares Quarterly Cash Dividend of US$0.305 per Share
FirstService Corporation announced that its Board of Directors has declared a quarterly cash dividend of US$0.305 per Common Share. The dividend is payable on October 7, 2026 to holders of Common Shares of record at the close of business on September 30, 2026. The dividend on Common Shares is an eligible dividend for Canadian income tax purposes. FirstService trades on the NASDAQ and the Toronto Stock Exchange under the symbol FSV and is included in the S&P/TSX 60 Index.
ORI turns to selling via Lazada and Shopee, speeds up condo transfers as loan rejection rate tops 40%
Apisit Sunthornchookiat, Chief Executive Officer of Origin Verticle Corporation, part of Origin Property Public Company Limited, or ORI, said the company remains confident this year's performance will meet its target even as the property market slows amid economic volatility, weakening purchasing power, and a loan rejection rate still above 40%. Its final-quarter strategy will push sales more heavily through social platforms and e-commerce channels including Lazada and Shopee. At the end of September it will hold a livestream and campaign on Lazada, targeting 200 million baht in sales, with Girls Love actors from GMMTV appearing on the livestream to sell. In mid-October it will present ready-to-transfer projects at the House and Condo Expo, along with a major campaign to clear stock. For 2027, the company hopes to see the market recover late in the year, with new projects focused on key tourist cities such as Phuket, Rayong, and Pattaya, and it will also pursue joint investments with landowners. The So Origin Siriraj condominium project, valued at 1.3 billion baht, has sold out; 40% of units have been transferred so far, and it will accelerate transfers to reach 100% in October. In the fourth quarter of 2026, the newly completed So Origin Bang Tao Beach project will be ready, with one more project preparing for transfer, having already sold about 70%.
September 17 Earnings and News Roundup: Apple International Raises Ordinary Profit Forecast by 18%
Disclosure filings released after the September 17 market close produced a full slate of positive and negative developments relevant to investment decisions. On the positive side, Apple International raised its ordinary profit forecast for the current fiscal year by 18% and increased its dividend by 5 yen; Choshimaru reversed its current-year ordinary profit outlook to a 21% increase, projecting a record high for the first time in three terms along with a 1 yen dividend hike; Kasumigaseki Capital raised its prior-year ordinary profit forecast by 7%, adding to its record-high projection; and Hobonichi raised its prior-year ordinary profit forecast by 67%. In M&A, Saint Marc Holdings will take over the udon specialty restaurant business Tsurutontan from K Express for 12.8 billion yen, while B-style Holdings will acquire all shares of HR Asocié for 1.21 billion yen, making it a subsidiary. Ferrotec will launch a tender offer for Japan Resistor Manufacturing at 1,901 yen per share, a 49.1% premium to the September 17 closing price, aiming to make it a wholly owned subsidiary, while Nippon Seiki will buy back up to 3.61 million shares, or 6.27% of its outstanding shares, for a maximum of 9.979 billion yen. On the negative side, Chubu Steel Plate reversed its current-year ordinary profit outlook to a 46% decline; PharmaRise Holdings ended the June-August quarter with a 31% drop in ordinary profit; Industrial & Infrastructure Fund Investment Corporation is expected to post a 2% decline in current-year ordinary profit; Advance Residence Investment Corporation a 6% decline; and Ichigo Hotel REIT Investment Corporation an 18% decline.
ORI pushes transfers in second half, aims to close sales on 2-3 projects, targets 200 million baht in e-commerce sales
Origin Vertical Corporation, the condominium business arm of Origin Property, or ORI, is accelerating sales and ownership transfers of ready-to-move-in projects in the second half of 2026. Chief Executive Officer Apisit Sunthornchookiat said the SO Origin Siriraj project, with a project value of 1.3 billion baht, began transfers in June and has already transferred 40%, with all units targeted for transfer by October. Meanwhile, SO Origin Bangtao Beach, a low-rise condominium with three eight-storey buildings totalling 545 units and starting prices of 3.59 to 4.50 million baht, has sold 70% and is scheduled for completion in the fourth quarter of 2026. The company aims to close sales on about two to three condominium projects this year and is shifting more marketing weight to social platforms, especially e-commerce channels Lazada and Shopee, through live-streaming events with Girl Love actresses from GMMTV late this September, targeting about 200 million baht in sales from the campaign. As for the property market outlook in 2027, Apisit expects signs of recovery to emerge late in the year, with the company looking to launch new projects in key tourist cities including Phuket, Rayong and Pattaya, where it already holds land awaiting development, and is also open to joint investment with other landowners.
ORI launches SO Origin Siriraj, a 256-unit wellness condo worth 1.3 billion baht
Origin Vertical Corporation, under the condominium business of Origin Property Public Company Limited, or ORI, revealed that the SO Origin Siriraj project, developed under the Wellness Residential Design concept, has been completed 100% and has begun gradually transferring ownership to customers. Chief Executive Officer Apisit Sunthornchookiat said the company places importance on designs that address health and long-term quality of life. The project sits on approximately 1.2 rai of land and is developed as a 19-storey high-rise condominium with 256 units and a project value of about 1.3 billion baht. It comprises two room types: High Ceiling units of 30.10 to 34.90 square metres and Simplex units of 34.70 to 66.11 square metres. The company has partnered with The Longevist, a specialist in wellness longevity, to provide holistic care across five dimensions under the concept Longevity Across all Generations, along with health facilities such as a Private Massage & Spa, yoga and pilates rooms, a swimming pool and the Origin Healthcare Club, as well as Health Secretary services and an Emergency & Resident Care Team around the clock. The project received two international awards at the International Property Awards 2026: Award Winner: Residential High Rise Architecture Thailand and Award Winner: Residential High Rise Development Thailand. Its location at Fai Chai intersection is near Siriraj Hospital and Siriraj Piyamaharajkarun Hospital, just 70 metres from the MRT Blue Line's Fai Chai station. Apisit noted that land prices along main roads and near MRT stations have grown at an average of 5 to 8% over the past five years, while condominium selling prices in the area have risen by about 5.5%.
AMATA draws Chinese firm Homa to invest 3.1 billion baht, setting up refrigerator production base to supply Europe
Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global refrigerator and freezer manufacturer from China, will establish a production base in Amata Industrial Estate in Chonburi with an investment budget of over 3.1 billion baht, a production capacity of approximately 1.5 million units per year, and is expected to generate export value of up to 12 billion baht per year. The production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy regulations. Michael Yao, President of Homa Appliance (Thailand) Company Limited, said this investment will create approximately 1,400 jobs in the first phase and is expected to rise to 3,000 jobs within one to two years, with a goal of increasing the use of domestic components to 50 to 60 percent. Meanwhile, Vikrom Kromadit, Chief Executive Officer of AMATA, stated that Chinese investors remain continuously interested in investing in Thailand, increasingly viewing the country as a production base for exporting to global markets, shifting from a previous focus on production for the domestic market.
Vanke and former board chairman Yu Liang hit with consumption restrictions for the first time
China Vanke Co., Ltd. and former board chairman Yu Liang have for the first time been placed under a consumption restriction order, issued by the Changsha Intermediate People's Court in Hunan Province on September 13, 2026. Case process information shows that on March 11 this year, Vanke was ordered to pay nearly 5 million yuan in connection with a related case. On March 12, the Changsha Intermediate People's Court filed the case for enforcement. Because Vanke failed to fulfil its payment obligations under the effective legal document within the period specified in the enforcement notice, the court imposed consumption restriction measures on Vanke, barring Vanke and its legal representative Yu Liang from high-spending activities and consumption not essential for daily life or work. Yu Liang is prohibited from taking flights, soft sleeper berths on trains, cabins above second class on ships, and first-class or higher seats on high-speed rail and bullet trains. He is also barred from high-spending at star-rated hotels, restaurants, golf courses and similar venues, and from purchasing real estate, vehicles not essential for business operations, and from travelling or taking holidays. Vanke was founded in May 1984. Its current legal representative and chairman is Xu Enli. On March 19 this year, Vanke underwent a business registration change, and Yu Liang stepped down as legal representative. Yu Liang joined Vanke in 1990. On January 27, 2025, he resigned as chairman of the board but continued to serve as a director. On January 8 this year, he resigned as a director and executive vice president of the company upon reaching retirement age, and has since ceased to hold any position at the company. Financial reports show that Vanke's operating revenue in the first half of 2026 was 70.169 billion yuan, down 33.38 percent year on year, while its net loss attributable to shareholders of the listed company widened to 14.951 billion yuan, compared with a loss of 11.947 billion yuan in the same period last year. Over the past two years, its largest shareholder, Shenzhen Metro Group, has repeatedly injected funds into Vanke, having previously provided more than 20 billion yuan in total. On June 13 this year, Vanke A announced that Shenzhen Metro Group would provide a loan of no more than 1.14 billion yuan. From the beginning of 2026 to the disclosure date of that announcement, Shenzhen Metro Group had provided a cumulative total of 2.728 billion yuan in loans to the company, excluding the loan covered by that announcement.
ALPHAX's APDL Joins Hands with JDB to Back 400-Megawatt Solar Financing in Laos
Alpha Divisions Public Company Limited, or ALPHAX, is making a clean-energy push in Laos, as Alpha Power Development (Lao) Sole Co., Ltd., or APDL, together with its group subsidiaries, signed a memorandum of understanding, or MOU, with Joint Development Bank Public, or JDB, to set an initial framework for cooperation in considering credit support for solar power plant projects on a project-by-project basis. Kamphon Thruangbunrakul, Chief Executive Officer of ALPHAX, said the projects that may be considered under this MOU framework have a combined installed capacity of more than 400 megawatts, which is only part of the feasibility study framework for developing solar power projects under the Memorandum of Agreement, or MOA, that APDL signed with Electricité du Laos, or EDL, the state electricity enterprise of Laos. Under the MOU framework, credit consideration will be carried out on a project-by-project basis, with financial terms such as interest rates, fees, loan tenors, repayment, and collateral to be considered and negotiated as appropriate and in line with market conditions at the time. ALPHAX views this signing as another important step in expanding funding source options and strengthening the group's readiness to build on its existing project base in solar development toward future opportunities to grow its renewable energy portfolio.
FPT transfers factories and warehouses to FTREIT for 872.60 million baht
Frasers Property (Thailand) Public Company Limited, or FPT, informed the Stock Exchange of Thailand that it has completed the transfer of assets from the company and its subsidiaries to the Frasers Property Industrial Real Estate Investment Trust and Leasehold Real Estate Investment Trust, or FTREIT, on 16 September 2026. The assets sold comprise 3 factory buildings totaling 3 units with approximately 10,000 square meters of net leasable area, together with land rights totaling approximately 15 rai 3 ngan 32 square wah, located in the Kabin Buri Industrial Zone for 1 building and 1 unit, and in the Rojana Industrial Park Prachin Buri for 2 buildings and 2 units. In addition, there are 2 warehouse buildings totaling 8 units with approximately 31,380 square meters of net leasable area, together with land rights totaling approximately 33 rai 48.1 square wah, located at Frasers Property Logistics Center Wang Noi 2. The total value of consideration from the asset sale is 872.60 million baht, while the appraisal prices from 2 independent appraisers, using the income approach, range from approximately 872.9 to 878.4 million baht.
AWC partners with Meliá to expand luxury hotel portfolio to 3,000 rooms by 2036
Asset World Corp, or AWC, has announced a long-term strategic expansion of its partnership with Meliá Hotels International to develop luxury and lifestyle hotels and resorts in Thailand, targeting a combined portfolio of more than 3,000 rooms by 2036 across the Meliá Hotels & Resorts, ME by Meliá, Paradisus Jomtien Hotel by Meliá, INNSiDE by Meliá and Gran Meliá Hotels & Resorts brands. A key highlight is the launch of Paradisus Jomtien Resort in 2031 on Jomtien Beach in Pattaya, marking the first time an all-inclusive luxury resort brand enters Thailand. In the fourth quarter of 2026, AWC will open a new Meliá hotel in the Sukhumvit 24 and 26 area, before fully upgrading it to the ME by Meliá and Meliá Hotels & Resorts brands in the fourth quarter of 2027. AWC currently has about 1,900 rooms under joint management with Meliá, both already in operation and under development, making AWC the largest owner of Meliá-branded hotels in Thailand. Wallapa Traisorat, Chief Executive Officer and President of AWC, said the partnership will help drive Thailand toward becoming a world-class sustainable tourism destination, while Gabriel Escarrer, Executive Chairman and Chief Executive Officer of Meliá Hotels International, said Thailand is one of the most important strategic markets in Asia-Pacific.
ALPHAX's APDL Joins Hands with JDB to Expand Funding Options, Backing Over 400 Megawatts of Solar in Laos
Alpha Divisions, or ALPHAX, is pressing ahead with expanding its clean energy business in Laos, as Alpha Power Development (Lao) Sole Co., Ltd., or APDL, together with its subsidiaries in the group, has signed a memorandum of understanding, or MOU, with Joint Development Bank Public, or JDB, to set an initial framework for cooperation in considering credit support for solar power plant projects on a project-by-project basis. Kamphon Thruangburanakun, Chief Executive Officer of Alpha Divisions Public Company Limited, said this cooperation adds funding source options and strengthens financial readiness for future project development. The projects that may be considered under the MOU framework have a combined installed capacity of more than 400 megawatts, which is only part of the feasibility study framework for developing solar energy projects under the Memorandum of Agreement, or MOA, that APDL signed with Electricité du Laos, or EDL, the state power utility of Laos, to study and develop solar energy projects under the specified framework. Under the MOU framework, credit consideration will be carried out on a project-by-project basis, based on various key factors, while financial terms such as interest rates, fees, loan tenors, repayment and collateral will be considered and negotiated as appropriate and in line with market conditions at the time.
AMATA draws Chinese firm Homa to invest 3.1 billion baht in Chonburi refrigerator production base
Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global refrigerator and freezer manufacturer from China, will invest more than 3.1 billion baht to establish a production base in Amata Industrial Estate in Chonburi Province, with production capacity of approximately 1.5 million units per year and expected export value of up to 12 billion baht per year. This production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy requirements. In the first phase, it will create approximately 1,400 jobs and is expected to increase to 3,000 positions within one to two years, while aiming to raise the proportion of locally sourced components to 50 to 60 percent. Vikrom Kromadit, Chief Executive Officer of AMATA, said this investment will strengthen the electrical appliance and electronics industry cluster in the area and open opportunities for Thai operators to connect into the production chains of world-class manufacturers. Michael Yao, President of Homa Appliance (Thailand) Company Limited, said this investment decision marks an important step in Homa's global business development, as the company sees Thailand as having a strong foundation for serving customers across ASEAN and connecting with global markets.
AMATA draws Chinese firm Homa to invest 3.1 billion baht, setting up refrigerator production base to supply Europe
Homa Appliance (Thailand) Co., Ltd., or Homa, a major global manufacturer of refrigerators and freezers from China, has established a production base in Amata Industrial Estate in Chonburi with an investment of over 3.1 billion baht. Production capacity is approximately 1.5 million units per year, and the facility is expected to generate export value of up to 12 billion baht per year. The production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy requirements. Employment will start at around 1,400 positions and is expected to rise to 3,000 within one to two years, with a target of increasing the use of locally sourced components to 50 to 60 percent. Vikrom Kromadit, Chief Executive Officer of Amata Corporation Public Company Limited, or AMATA, said Chinese investors remain continuously interested in investing in Thailand, viewing the country as one of the region's key production bases. Meanwhile, Michael Yao, President of Homa Appliance (Thailand) Co., Ltd., stated that this investment is an important step in Homa's global business development, as Thailand has a strong foundation for serving customers across ASEAN and connecting to global markets.
AMATA draws Chinese investment from Homa with 3.1 billion baht to set up refrigerator production base in Chonburi supplying Europe
Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global refrigerator and freezer manufacturer from China, will invest in establishing a production base in Amata Industrial Estate, Chonburi, with an investment value of over 3.1 billion baht, a production capacity of approximately 1.5 million units per year, and an expected export value of up to 12 billion baht per year. This production base will focus on manufacturing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy requirements, to supply the European and ASEAN markets. In the initial phase, it will create approximately 1,400 jobs, with expectations to increase to 3,000 positions within one to two years, while aiming to raise the proportion of locally sourced components to 50 to 60 percent. Vikrom Kromadit, Chief Executive Officer of AMATA, said that Chinese investors remain continuously interested in investing in Thailand, viewing it as one of the region's key production bases. Meanwhile, Michael Yao, President of Homa Appliance (Thailand) Company Limited, stated that establishing the production base in Amata Industrial Estate, Chonburi, is an important step in Homa's global business development.
ALPHAX's APDL Joins Hands with JDB to Open Path for Solar Loans in Laos Exceeding 400 Megawatts
Alpha Divisions Public Company Limited, or ALPHAX, disclosed that Alpha Power Development (Lao) Sole Co., Ltd., or APDL, and its subsidiaries, which develop and invest in renewable energy projects in Laos, have signed a memorandum of understanding, or MOU, with Joint Development Bank Public, or JDB, to set an initial framework for cooperation in considering loan support for solar power plant projects on a project-by-project basis. The projects that may be considered under this MOU framework have a total installed capacity of more than 400 megawatts, which is only part of the feasibility study framework for developing solar energy projects under the Memorandum of Agreement, or MOA, that APDL signed with Electricité du Laos, or EDL, the state electricity enterprise of Laos. This cooperation is seen as adding funding source options and strengthening financial readiness for future project development, with loan consideration to be carried out on a project-by-project basis, while financial terms such as interest rates, fees, loan tenors, repayment and collateral will be considered and negotiated as appropriate and in line with market conditions at the time. Mr. Kamphon Suangburanakul, Chief Executive Officer of Alpha Divisions Public Company Limited, said that the signing of this MOU with JDB is another important step in adding funding source options and strengthening the group's readiness to build on the development of solar energy projects from its existing project base toward opportunities to expand its renewable energy portfolio in the future, alongside supporting energy security and the sustainable growth of clean energy in Laos.
SENA Appoints TPD Property as Exclusive Agent to Drive FLEXI Mega Space Bangna into International Markets
Sena Development Public Company Limited, or SENA, has appointed TPD Property Co., Ltd., led by its founder Mr. Phillips, as Exclusive Agent for the Myanmar, China, Hong Kong, Taiwan, and Singapore markets, in order to expand the international customer base for the FLEXI Mega Space Bangna project. The announcement was made at the SENA Agent Day at FLEXI Mega Space Bangna, with Ms. Thidarat Phatthong, Assistant Chief Executive Officer of Sena X Public Company Limited under Sena Development Public Company Limited, in attendance. The project is developed by SENA Hankyu Hanshin Properties as a ready-to-move-in condominium, 32 storeys tall with a rooftop level, totalling 807 units, under the concept Simplify to Amplify in a Modern Japandi style. Its highlight is 2.9-metre-high ceilings in the units, described as the only such feature in the Bangna zone, along with a location on Bangna–Trad Road near Mega Bangna, with connections to Suvarnabhumi Airport, Sukhumvit, and major roads. It offers a shuttle service to MRT Si Iam and BTS Bangna, as well as extensive common areas, EV chargers, and a solar rooftop. The project also counts as a low-carbon condominium, SENA Low Carbon, reinforcing SENA's role as a Sustainable Living Leader.
ALPHAX Joins Forces with JDB to Support Solar Loans in Laos, Total Generating Capacity Over 400 MW
Alpha Divisions Public Company Limited, or ALPHAX, is pressing ahead with expanding its renewable energy portfolio in Laos after APDL, a subsidiary, signed a memorandum of understanding, or MOU, with Joint Development Bank, or JDB, to set a framework for cooperation in considering loan support for solar power plant projects on a project-by-project basis. Chief Executive Officer Kamphon Thruangburakul is driving this portfolio expansion. Initially, projects under the MOU framework have a total installed generating capacity of more than 400 MW, which falls within the scope of the solar power project study and development that APDL is conducting together with Electricité du Laos, or EDL. The cooperation with JDB will add funding source options and enhance readiness for developing projects in the future. Loan conditions such as interest rates, fees, loan tenor, repayment, and collateral will be considered and negotiated on a project-by-project basis as appropriate and in line with market conditions. Meanwhile, ALPHAX sees opportunities from energy demand and the growth of clean energy in Laos to expand its renewable energy portfolio over the long term.
Pie Securities maintains Buy on WHA with 5.6 baht target, sees limited data center pressure
Pie Securities stated that WHA's share price has fallen more than 13-14% from its peak in late July, compared with a market index decline of only 3%. The research team views this as mainly due to the introduction of controls on the emergence of data centers in the country, which could make it harder to secure additional land sales opportunities in the future. WHA's land sales for the data center business during 2024 through the first half of 2026 totaled approximately 2,000 rai out of total sales of about 6,100 rai, accounting for roughly 30%. However, the research team views that the government's move to regulate data center investment, with four key conditions such as electricity and water usage and location controls, combined with WHA's locations being primarily industrial estates in the Eastern Economic Corridor, will help reduce the impact on communities more than setting up in urban areas. Therefore, if the government reaches clear conclusions on data center establishment, WHA has the opportunity to receive additional land orders. Meanwhile, the research team maintains its full-year profit forecast at 5,371 million baht, up 5% from the previous year, and maintains its Buy recommendation with a fair value of 5.6 baht, representing 15 times the PER for 2027.
AMATA draws Homa to invest 3.1 billion baht to set up refrigerator production base in Chonburi
Amata Corporation Public Company Limited, or AMATA, disclosed that Homa, a major global manufacturer of refrigerators and freezers from China, has decided to invest more than 3.1 billion baht to establish a production base in Amata Industrial Estate in Chonburi Province, with a production capacity of approximately 1.5 million units per year, and it is expected to generate export value of up to 12 billion baht per year. Vikrom Kromadit, Chief Executive Officer of AMATA, said that Chinese investors remain interested in continuing to invest in Thailand, viewing the country as a key production base for the region given its infrastructure readiness, strategic location, and supply chain networks. Michael Yao, President of Homa Appliance (Thailand) Company Limited, said that setting up the production base in Chonburi is an important step in Homa's global business development, and that this base will focus on producing high-efficiency refrigerators, smart refrigerators, and high-standard freezers that comply with European Union energy requirements. In the first phase, it will create approximately 1,400 jobs, and this is expected to rise to 3,000 positions within one to two years, with a goal of increasing the proportion of locally sourced components to 50 to 60 percent.
Supalai Launches Buffet Parade Campaign to Boost Year-End Sales
Supalai is rolling out its "Buffet Parade" sales promotion under the concept "Final Call! Last Round, The More You Choose, The More You Save" to spur home-buying decisions in the final stretch of the year. Tritecha Tangmatitham, Managing Director of Supalai Public Company Limited, or SPALI, said the company is highlighting 195 Ready to Move projects in prime locations nationwide as one of its key strategies alongside the campaign. The campaign offers packages worth up to 12 million baht, covering detached houses, semi-detached houses, townhomes, and ready-to-move-in condominiums nationwide, with offers divided into five lifestyle categories: home decoration, shopping, travel, tourism, and Wellness & Lifestyle. It also provides additional benefits such as free transfer fees, electrical and water meter fees, and first-year common area fees. The campaign runs from September 16 to December 15, 2026, at Supalai sales offices nationwide, subject to the company's conditions. SPALI views competition in the housing market as not limited to discounts alone, but as creating offers that meet customer needs and make customers feel they are getting good value suited to their own lifestyle.
CoStar Names Felix Kusch President of Homes.com After Unit's First Profitable Quarter
CoStar Group has named portal veteran Felix Kusch president of Homes.com after the unit delivered its first profitable quarter and 66% year-over-year revenue growth. The leadership change comes as CoStar Group's shares have fallen 52% year to date and its one-year total shareholder return is down 64%, even as the 7-day share price return shows a gain of 4.0%. Analysts following the company see a fair value of $37.30 against a last close of $31.56, framing the slide as a possible pricing gap. CoStar Group's price-to-sales ratio of 3.6x stands above the US real estate industry at 2.7x and a peer average of 1.3x. The bull case rests on continued digitalization and demand for data-driven real estate platforms, while the narrative weakens if Homes.com struggles to scale or competition in residential listings and Apartments.com forces heavier spending and weaker pricing power.
Supalai, or SPALI, has launched its year-end "Buffet Parade" campaign, bringing 195 ready-to-move-in residential projects in prime locations nationwide to meet the needs of customers who want to see the actual product before deciding. Tritecha Tangmatitham, Managing Director of Supalai Public Company Limited, revealed that the end of the year is a period when consumers accelerate their home-buying decisions, while operators push ahead intensively with promotional activities, giving customers more choices. The campaign offers special privileges worth up to 12 million baht, covering detached houses, semi-detached houses, townhomes, and ready-to-move-in condominiums nationwide, with offers divided into five lifestyle categories: home decoration, shopping, travel, tourism, and Wellness & Lifestyle. It also includes free transfer fees, free electricity and water meter fees, and free first-year common area fees under the conditions set by the company. The campaign runs from September 16 to December 15, 2026, and customers can visit the projects and ask for details at Supalai sales offices nationwide.
Finansia Syrus Maintains Buy on CPN with 80 Baht Target, Expects Continued Record Profits
Finansia Syrus Securities Public Company Limited, or FSS, stated in an analysis of Central Pattana Public Company Limited, or CPN, that a plan to add approximately 500,000 square meters of net leasable area will increase the company's total leasable area to approximately 2.8 million square meters by 2030 and will support business growth at a high single-digit level. FSS expects CPN's normalized profit to set new records continuously during 2026-2028, driven by leasable area expansion and growth of its core businesses, while a strong financial position will help limit risks from a rising interest rate environment. On valuation, CPN currently trades at a P/E of approximately 15 times. If only the shopping mall business is valued at a P/E of 15 times, that implies a value of approximately 287 billion baht, close to the current market capitalization, reflecting that the market price almost entirely reflects the value of the shopping mall business, while the hotel and residential businesses remain incremental to value. FSS therefore maintains a buy recommendation on CPN with a target price of 80 baht.
Phillip Securities highlights AMATA as top industrial estate pick on BOI digital investment push
Phillip Securities (Thailand) Public Company Limited said the Board of Investment is pressing ahead with adjustments to its investment promotion policy to draw money into the technology and digital industries, after the value of investment promotion applications in the first six months of 2026 reached 1.47 trillion baht, up 37% from the same period a year earlier. Digital businesses accounted for the largest share, at 76% of total applications in the first half and 53% in the second quarter of 2026, when applications in target industries were worth 456 billion baht. The BOI also approved three large projects with combined investment of 9.64 billion baht, covering advanced electronic circuit board manufacturers and clean energy. Meanwhile, the Thailand Fast Pass programme has 42 projects with combined investment of 344 billion baht. The automotive industry is preparing to restructure excise tax into three tiers to encourage carmakers to set up production bases in Thailand instead of importing. The research team continues to favour industrial estate stocks over the broader market, choosing AMATA as its top pick because it trades at a price-to-earnings ratio of only 7.3 times, below its five-year average of 11.7 times. It expects 2026 profit to grow strongly to 5.551 billion baht, or 76% from a year earlier. WHA is rated a buy with a target of 5.40 baht per share. For first-half results, overall profit for the industrial estate group rose 143% from a year earlier on transfers of accumulated backlog, with AMATA and ROJNA posting standout profits.
AWC partners with Meliá to expand luxury hotel portfolio to 3,000 rooms by 2036
Asset World Corp Public Company Limited, or AWC, has announced a long-term strategic expansion of its partnership with Meliá Hotels International to jointly develop luxury and lifestyle hotels and resorts in key destinations across Thailand, under a long-term development plan running through 2036 with a combined room portfolio of more than 3,000 rooms, spanning the Meliá Hotels & Resorts, ME by Meliá, Paradisus Jomtien Hotel by Meliá, INNSiDE by Meliá and Gran Meliá Hotels & Resorts brands. Wallapa Traisorat, Chief Executive Officer and President of AWC, said one of the projects to watch is Paradisus Jomtien Resort, which will bring the brand to Thailand for the first time, scheduled to open in 2031 on Jomtien Beach in Pattaya as an all-inclusive luxury resort. AWC currently has approximately 1,900 rooms from hotels already in operation and projects under development, making it the largest owner of Meliá-branded hotels in Thailand. It also plans to bring two more Meliá hotels to Sukhumvit 24 and 26, scheduled to open in the fourth quarter of 2026 under transitional brand names before being rebranded as ME by Meliá and Meliá Hotels & Resorts in the fourth quarter of 2027. Gabriel Escarrer, Executive Chairman and Chief Executive Officer of Meliá Hotels International, said Thailand is one of the company's key strategic markets in the Asia-Pacific region. Meliá Hotels International was founded in 1956 and currently has more than 400 hotels in its portfolio across more than 40 countries worldwide.
QH closes share buyback programme, repurchases 108.19 million shares worth 150.79 million baht
Quality Houses Public Company Limited, or QH, informed the Stock Exchange of Thailand that its second share buyback programme for financial management ended on 15 September 2026, with a total of 108,190,500 shares repurchased, representing 14.43 percent of the approved share limit, with a total value of 150,790,962 baht. Miss Apinya Jarutrakulchai, Deputy Managing Director, stated that the company was unable to repurchase the full approved number of shares and value because it took into account the share price level, trading volume and market conditions in order to maximise benefits for the company and shareholders. The company's board meeting No. 1/2026 on 24 February 2026 approved a share buyback programme of not more than 750 million shares, with a maximum value of not more than 1,200 million baht, between 16 March 2026 and 15 September 2026. The company will be able to sell the repurchased shares after a period of 3 months from the end date of the programme, but not exceeding 3 years, and will present the timing and method for selling the repurchased shares to the company's board meeting for further consideration.
CPI Property Group Reports EUR1.6 Billion Liquidity, EUR542 Million Disposals in H1 2026
CPI Property Group SA reported a strong liquidity position of EUR1.6 billion in its H1 2026 earnings call, covering all debt maturities until Q1 2028 and unsecured bond maturities until Q3 2030. The company reduced gross debt by EUR159 million in the first half and upsized its undrawn revolving credit facility to EUR500 million, extended to March 2030 with nine banks. Its disposal program is ahead of schedule, with EUR542 million signed or closed at 5% above book value and a pipeline exceeding EUR2 billion, targeting the upper end of the EUR500-750 million target for the year. Net rental income declined 5% to EUR375 million and FFO fell to EUR145 million, while consolidated leverage remained high at 49.3% and net ICR low at 2.2 times, both unchanged from year-end. CEO David Greenbaum said the company will not return to the bond market anytime soon, and CFO Pavel Mechura said meaningful credit metric improvement is expected to begin in 2027 as development assets are completed and sold.
SENA launches FLEXI Mega Space Bangna, appoints TPD Property as Exclusive Agent to target international buyers
Sena Development Public Company Limited, or SENA, is pressing ahead with FLEXI Mega Space Bangna, a ready-to-move-in condominium in the Bangna area, which is emerging as a new CBD and a new economic hub on the eastern side of Bangkok. The project is developed by SENA Hankyu Hanshin Properties as a 32-storey condominium with a rooftop level, totalling 807 units, under the concept Simplify to Amplify in a Modern Japandi style. Most recently, it held the SENA Agent Day at FLEXI Mega Space Bangna, where Ms. Thidarat Phatthong, Assistant Chief Executive Officer of Sena X Public Company Limited under Sena Development Public Company Limited, appointed TPD Property Co., Ltd., led by its founder Mr. Phillips, as Exclusive Agent covering the Myanmar, China, Hong Kong, Taiwan and Singapore markets, in order to expand the project's opportunities into overseas markets and reach buyers looking for condominiums both to live in and to rent out. The project also counts as a low-carbon condominium, SENA Low Carbon, reinforcing SENA's role as a Sustainable Living Leader.
EURO partners with SC to furnish luxury villas at The Gentry Cultivar Rama 9, priced at 30-50 million baht
Euro Creations Public Company Limited, or EURO, has announced a partnership with SC Asset Corporation Public Company Limited, or SC, to furnish "The Gentry Cultivar Rama 9," a luxury villa project, under the campaign "THE CULTIVAR ATELIER – The Art of Personal Curation." Kevin Gambir, Chief Executive Officer and Executive Director of EURO, said the collaboration reflects the company's approach of bringing global brands to create living experiences for high-purchasing-power customers. EURO has curated furniture and decor from several global brands, including Cassina, Molteni&C, Rolf Benz, Calligaris and Giorgetti, as well as fitness equipment from Technogym. The project consists of three-storey luxury villas with only 15 units on an area of more than 5 rai 1 ngan 93.8 square wah. There are three home designs to choose from: Hideaway with 550 square metres of usable space, Haven with 440 square metres, and Hyde with 362 square metres. Prices start at 30-50 million baht.
KC pays first installment of XPG debt, 10 million baht, releasing 5 land plots as collateral on 18 September
K.C. Property Public Company Limited, or KC, informed the Stock Exchange of Thailand that the company has paid the first installment of the third tranche under its new debt restructuring agreement with XSpring Capital Public Company Limited, or XSpring, totaling 10 million baht, and has proceeded to redeem and release five land plots pledged as collateral. This first payment is part of the total third tranche of 30 million baht, which KC must pay within five months from the signing date of 1 July 2026, and which may be split into no more than two installments of not less than 10 million baht each, subject to XSpring's consent. The first 10 million baht payment consists of 6.44 million baht in principal, being the remainder of the 16.71 million baht that XSpring received from the Bangkok Metropolitan Legal Execution Office, Area 1, on 11 August 2026 from the auction sale of assets in case number My 191/2561, after deducting expenses, fees, and default interest under the agreed conditions. The remaining 3.56 million baht was paid by KC by cheque payable to XSpring on 11 September 2026, and the funds were credited to XSpring's account on 14 September 2026. After the full 10 million baht was paid, KC submitted a request to redeem the mortgage on five land plots located in the Garden Home Min Buri project. On 15 September 2026, XSpring carried out the relevant steps to release the collateral to the company, and the mortgage redemption is scheduled to be registered at the Land Office on 18 September 2026. KC stated that it will complete the mortgage redemption procedures on schedule, will continue to monitor compliance with the debt restructuring agreement, and will further notify shareholders, investors, and the Stock Exchange of Thailand of any significant progress.
ORIGIN VERTICAL partners with Lazada to livestream home and condo sales via LazLive, bookings start at 999 baht
Apisit Soonthornchookiat, Chief Executive Officer of Origin Vertical Corporation, or ORIGIN VERTICAL, a condominium developer under Origin Property Public Company Limited, or ORI, has unveiled an aggressive marketing plan built on a Live Commerce strategy, extending the Now or Never campaign by bringing more than 10 condominium projects near rail lines across 3 prime locations, along with Britannia housing projects, to run promotions on LazLive, with bookings for homes and condos starting at just 999 baht. The livestream is set for Friday, September 18, 2026, from 2:00 to 3:00 p.m. on Lazada, with prices starting from 1.39 million to 35 million baht. The event will feature an Exclusive Show from two artists, Emiamily and Beobonny, adding colour and hosting an exclusive chat. The partnership with Lazada also aims to build engagement with Gen Y and Gen Z groups who are familiar with online shopping, as customers can view project information and reviews in real time and immediately book special units. Apisit said the limited-time special promotions during the livestream help spur immediate purchase decisions. Bookers also receive privileges from the #NowOrNever campaign, including discounts of up to 40%, free stay with no instalments for up to 36 months, free full furniture and a full set of electrical appliances, a low interest rate of 1.25% per year, low instalments starting at 1,500 baht per month for 12 months, and free high-speed True Online for a full year.
LSL Property Services H1 Revenue Rises 3% to £92.3 Million, Launches £12 Million Buyback
LSL Property Services reported higher first-half revenue, profit and margins, with revenue up 3% to £92.3 million and underlying operating profit up 11% to £15.9 million, as underlying operating margin rose 130 basis points to just over 17%, the group's highest first-half margin in more than 15 years. Adjusted diluted earnings per share increased 14% to £0.117, return on capital employed rose to a record 36% from 31%, and operating cash conversion over the past 12 months was 91%. Performance was led by surveying and valuation, where revenue grew 6% and underlying operating profit grew 11% at margins of approximately 23%, and by asset management, where revenue rose about 44% to £3.7 million at an operating margin above 50%, while financial-services revenue declined 3% and underlying operating profit fell £0.9 million on investment in a new customer relationship management platform and lower adviser numbers. Estate agency franchising revenue rose 2% to £13.2 million and underlying operating profit rose 24%, lifting the division's margin about six percentage points to a record first-half level of 30%. Management maintained its 2026 outlook for higher revenue and another year of profit growth, supported by a groupwide transformation program expected to deliver at least £5 million in annualized benefits progressively through 2027, and the company maintained its interim dividend at £0.04 per share while beginning a new share buyback of up to £12 million, expected to complete by January 2027, after ending the period with net cash of £22 million.
AP Thailand launches GOOD DAY More Bangmod condo with 731 units, starting at 1.69 million baht
AP (Thailand) Public Company Limited has launched the GOOD DAY More Bangmod condominium project, the second project under the GOOD DAY brand, located in the Bangmod–Pracha Uthit area under the concept MORE GOOD DAYS, EVERY DAY. The project comprises three low-rise residential buildings, eight storeys high, totalling 731 units on approximately 6 rai 3 ngan 19 square wah of land. Unit sizes range from 26 to 38 square metres, in 1 Bedroom, 1 Bedroom Plus, and 1 Bedroom Corner layouts. The smallest units, starting at 26 square metres, come with 20 pieces of furniture from Index, at a starting price of 1.69 million baht. Miss Niyamaporn Tosanguanphan, Executive Vice President of the Condominium Business Line at AP Thailand, said the project aims to deliver more by turning real living insights into space, function, common areas, and value. The project is only 900 metres from King Mongkut's University of Technology Thonburi and 450 metres from Suan Thonburi Rom and Market Place Pracha Uthit. It features common areas supporting more than 27 activities, including 2,300 square metres of green space, a large fitness centre, and a Tutor Hub with two large co-working zones. The co-working space and fitness centre are open 24 hours. A survey found that new condominiums in the area command rents of around 12,000 to 18,000 baht per month, with an occupancy rate of about 90%. The project will hold its first VVIP opening on 19–20 September at the project sales office, with an offer of a special discount of up to 300,000 baht for those who register.
EURO partners with SC to launch 15 luxury villas at The Gentry Cultivar Rama 9
Euro Creations Public Company Limited, or EURO, has announced a partnership with SC Asset Corporation Public Company Limited, or SC, to furnish the interiors of luxury villas at The Gentry Cultivar Rama 9 with furniture and décor from global brands, under the campaign THE CULTIVAR ATELIER - The Art of Personal Curation. Kevin Gambir, Chief Executive Officer and Executive Director of EURO, said the collaboration aims to serve high-purchasing-power customers through a concept built on the relationship between people, space, function and design. EURO has curated furniture from several global brands, including Cassina, Molteni&C, Rolf Benz, Calligaris and Giorgetti, as well as fitness equipment from Technogym. Cassina, a high-end Italian brand, is the highlight, with its iconic design pieces used from the living room, dining room and bedroom to the music room and workspace, while the fitness area features Technogym products. The Gentry Cultivar Rama 9 is a three-storey luxury villa project with only 15 units on more than 5 rai 1 ngan 93.8 square wah of land. Buyers can choose from three models: Hideaway with 550 square metres of usable space, Haven with 440 square metres, and Hyde with 362 square metres, with prices starting from 30 to 50 million baht.