Siri Prime Office Property FdSIRI
▲ PositiveCapitalrelevance
Dao Securities maintains buy rating with target price 1.64 baht, citing attractive valuation and dividend estimate.
Impact on stocks 1
Real Estate
Siri Prime Office Property FdDao Securities estimates SIRI's net profit for the second quarter of 2026 at 958 million baht, down 21 percent from a year earlier but up 11 percent from the previous quarter. Excluding an extraordinary gain from land sales, core profit would be 918 million baht, down 24 percent year-on-year but up 19 percent quarter-on-quarter. The decline in core profit from a year ago is because property business revenue is expected to fall 17 percent, due to slower transfers of low-rise projects and a drop in the property business gross margin to 28.0 percent from the use of promotions to stimulate sales. Meanwhile, core profit rose from the previous quarter off a low base in the first quarter, as transfers recovered 13 percent quarter-on-quarter and the gross margin improved thanks to more transfers of new condominiums. The firm maintains its 2026 core profit forecast at 4.2 billion baht, up 3 percent from a year earlier, with first-half core profit accounting for 40 percent of the full year. The second-half trend should improve from both a year earlier and the first half, driven by higher transfers from new condominium projects and low-rise projects as new launches ramp up. Dao Securities keeps a buy rating with a target price of 1.64 baht, based on a 2026 price-to-earnings ratio of 6.8 times, which is 0.25 standard deviations below the five-year average. The current valuation is attractive, trading at a 2026 price-to-earnings ratio of just 6.4 times, or 0.5 standard deviations below the average, and the firm estimates a first-half dividend similar to last year at 0.05 baht per share.
Siri Prime Office Property FdDao Securities maintains buy rating with target price 1.64 baht, citing attractive valuation and dividend estimate.