Land and Houses Securities Public Company Limited said BBIK is conducting financial, legal, and tax due diligence, as well as negotiating terms and price with the seller in an M&A deal that has been underway for more than two years, and expects to close the deal early next year. The deal has annual EBITDA equivalent to BBIK and synergies with its existing business, which will require borrowing or finding joint-venture partners, but the company confirmed it is unlikely to raise capital. Meanwhile, due diligence expenses of about 20 million baht will be recorded in the third quarter of 2026, pressuring short-term profit. Backlog at the end of the second quarter of 2026 rose 35 percent from the previous quarter to 1.341 billion baht, the highest in two years, and the company expects to recognize revenue this year of no less than 642 million baht. It maintains a revenue growth target of 20 percent, with AI revenue growing 53 percent from the previous year and gross margin increasing to 54.7 percent. The company has begun expanding into overseas markets such as Indonesia, Singapore, the United Kingdom, and Vietnam, recognizing revenue of about 2 million baht in the first half. First-half profit was 162 million baht, accounting for 43 percent of the full-year estimate of 381 million baht, and fourth-quarter profit is expected to stand out again. The securities company maintained a buy recommendation, viewing the current valuation as inexpensive at a P/E of 12 times, and said the new M&A deal will help drive growth next year and over the long term.
Bluebik Group PCLM&A deal expected to close early next year, driving growth; buy recommendation and inexpensive valuation.
