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.
Land and Houses Public Company LimitedTRIS affirms LH's A rating with Stable outlook and assigns A to its new 6 billion baht bond issue, supporting financing.
Quality Houses Public Company Limited
