Asia Plus Securities issued an analysis recommending a buy on SC, or SC Asset Corporation, with a 2027 target price of 2.96 baht based on a PER of 7 times. It assesses that the low-rise housing market has passed its bottom and expects the fourth quarter of 2026 to be the peak of the year, driven by new project launches and aggressive marketing that will introduce 8 new home series across 19 locations covering 5 brands: Grand Bangkok Boulevard, Bangkok Boulevard Signature, Bangkok Boulevard, Venue ID, and The Pavilion, under the Live and Learn Home concept. The company aims to close sales on 19 detached house and townhome projects within this year, with remaining inventory currently no more than 1 billion baht, averaging 1-2 units per project, and has already closed sales on 4 projects, while the other 15 are in the process of being closed out. For first-half 2026 results, sales of low-rise products, the main offering, weakened 37% year-on-year to 4.87 billion baht, pulling total sales down 22% year-on-year to 7.53 billion baht, in contrast to condominiums, which recorded sales of 2.67 billion baht, up 39% year-on-year. In the second half, the company plans to launch 3 new low-rise projects worth a combined 2.85 billion baht, along with 2 new condominium projects totaling 25.5 billion baht, including Reference BAIE River Bang Pho, set to open on September 26-27, and an Ultra Luxury project on Rama IV at the end of the year. The research team expects full-year normalized profit of 1.68 billion baht, up 30% year-on-year, with the first half accounting for 47% of the full-year target. Valuation remains attractive with a PER of just 5 times and a dividend yield as high as 7-8% per year.
SC Asset Corporation Public Company LimitedAsia Plus issues a buy rating with a 2.96 baht target price and cites attractive 5x PER and 7-8% dividend yield
Asia Plus Group Holdings PCL