AP (Thailand) Public Company Limited

Bangkok Bank Public Company Limited, or BBL, announced that it has provided a green loan for sustainability to AP (Thailand) Public Company Limited, or AP, for the development of residential projects under the Thailand Taxonomy, the classification standard for environmentally friendly economic activities. This collaboration covers three Apitown projects: Apitown Chachoengsao 2, Apitown Chanthaburi, and Apitown Buriram. Niramarn Laisathit, Senior Executive Vice President, together with Phannda Vilayalai, Senior Vice President of Bangkok Bank, stated that the projects aim to build energy-saving homes through designs that align with wind direction and natural light, and by selecting materials that help reduce heat inside the home, as well as preparing infrastructure to support clean energy technologies such as electric vehicle charging points, in order to reduce energy use and expenses while creating an environment conducive to the long-term well-being of residents.

AP Thailand has launched its new condominium, ASPIRE Sathorn–Taksin Privé, a 22-storey high-rise with 381 units, priced from 75,000 baht per square metre and located just 450 metres from BTS Wutthakat station. Niyamaporn Tosanguan, Executive Vice President of the condominium business line at AP Thailand, said the launch continues the company's drive in the transit-oriented condo market under the AP CODE – The Code of Living Quality standard, after the company won Best Condo Developer of the Year 2026 at the PropertyGuru Thailand Property Awards 2026. The project offers units ranging from a 32-square-metre one-bedroom layout to a 45-square-metre two-bedroom layout. The highlight is the 35-square-metre one-bedroom plus model, starting at just 2.49 million baht, marking its first launch for the ASPIRE brand. The project also features more than 3,000 square metres of common area, a 24-hour fitness centre, and is the only pet-friendly condominium in the Wutthakat zone through its The Paw Yard space. The company will hold an Exclusive Premiere on 26–27 September and is offering benefits worth up to 200,000 baht for those who register in advance.

InnovestX Securities Company Limited expects the Thai stock market to remain volatile and has unveiled four standout stock themes to navigate the SET Index falling below 1,600 points. It estimates support at 1,580 and 1,575 points, with resistance at 1,605 and 1,610 points, and recommends a Selective Buy strategy focused on accumulating shares as prices decline. The first theme covers defensive stocks and high-dividend stocks expected to deliver consistent dividend yields above 5% per year, namely BBL, KTB, HMPRO, AP, SCCC and PTT. The second theme covers stocks benefiting from global economic factors and high bond yields. In the energy group it picks PTTEP, BCP, TOP and SPRC, while in shipping it selects PSL and TTA. High bond yields are a positive factor for banks, namely KTB, BBL and KBANK, as well as life insurers BLA and TLI, after the yield on 10-year US Treasury bonds rose to 5% for the first time in nearly three years. The third theme covers stocks benefiting from government policy, namely GULF, GUNKUL, AMATA and WHA, on progress with the draft PDP2026 plan and policies supporting rooftop solar, while STECON, CK and SCCC fall in the construction and construction materials group. As for economic stimulus measures, CPALL, CPAXT and BJC are seen benefiting from the extension of the Thai Chai Thai Plus program, while CPALL, CRC, ERW, CENTEL and AOT are supported by the Thai Tiew Thai Plus program. DELTA, HANA and KCE fall under the theme of promoting investment in data centers and artificial intelligence. The final theme covers laggard stocks, namely AP, PR9, SAWAD, HMPRO, BDMS, TU, BCH, MTC and TIDLOR, whose second-half 2026 earnings are expected to grow both year on year and compared with the first half of the year.

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.

Bualuang Securities said AP's overall third-quarter 2026 earnings picture looks flat in profit terms, but underlying fundamentals are improving. It expects core profit of 1.16 billion baht, flat year on year and up 9% quarter on quarter, even though residential revenue rose 6% year on year to 9.4 billion baht, as share of profit from joint ventures fell 30% year on year. New joint-venture projects that began transfers in the third quarter of 2026 will recognize revenue of only about 10% of project value before真正 ramping up in the fourth quarter of 2026. Sales remain strong, with July and August at 4.5 and 4.9 billion baht respectively, totaling 9.4 billion baht over the two months. The highlight is margin recovery, with the residential gross margin expected at 31.1% in the third quarter of 2026, up 65 basis points year on year and 174 basis points quarter on quarter, and the overall gross margin at 32.0%, up 57 basis points year on year and 172 basis points quarter on quarter. SG&A expenses as a proportion of revenue held steady at about 19.4%, so the recovery is driven by margins rather than cost cuts. In addition, Rhythm Charoennakhon Iconic, which is 85% sold, has seen its average selling price rise from about 170,000 baht per square meter at launch to 180,000 baht per square meter currently, though most transfers will occur in the fourth quarter of 2026. It expects 2026 profit of 4.7 billion baht, up 9% year on year, with results weighted toward the second half, and the fourth quarter of 2026 likely to be the year's best quarter on accelerating condo transfers and better margins. It maintains a Buy rating with a 10 baht target price based on a 2026 PER of 7 times, while the stock trades at a PER of about 5.4 times and a dividend yield of about 7%, with the main drivers being accelerating transfers and margins.

Asia Plus Securities estimates that presales in July-August 2026 for six property developers, namely AP, SPALI, SIRI, SC, ORI and LH, will come to about 26.6 billion baht, holding steady in the research house's view and close to the average for the first two months of the first quarter and second quarter of 2026, as new project launches during the period remained at a low level, mostly low-rise projects with a combined value of 15.9 billion baht, or only 28% of the 57 billion baht in new launch plans for the third quarter of 2026. Most of the launches came from AP, with a combined value of about 10 billion baht, making AP's presales the strongest in the group, estimated at 9.2 billion baht, while SIRI, ORI and SPALI were at a moderate level of about 4 to 6 billion baht. LH and SC are expected to post presales of about 2 billion baht. The research house expects sales-generating activity to pick up more in September 2026, the month with the highest new launch plans of the third quarter of 2026 at a combined value of about 41 billion baht. AP opened sales for Good Day More Bang Mod, worth 1.3 billion baht, on September 5-6, and is preparing to open presales for the Aspire Sathorn-Taksin project, worth 1.2 billion baht, on September 12-13. SIRI is preparing to launch The Monument Sathorn, worth 4 billion baht, and LH will hold the first viewing of the actual project, Wan Wela Na Chao Phraya, which has been completed and is due for handover in the fourth quarter of 2026. In the final week, September 26-27, Supalai Sense Pattaya, worth 1 billion baht, and SC's Reference BAIE River Bang Pho, worth 11 billion baht, will be launched. With more new launch plans and more aggressive marketing activity, this is expected to help lift September presales for many companies. A preliminary assessment puts presales for the six developers in the third quarter of 2026 as likely to recover from 40.8 billion baht in the second quarter of 2026, but still down from 44.5 billion baht in the third quarter of 2025. The research house maintains a market-weight stance on the residential development sector, amid a housing market that remains challenging, and therefore focuses on Selective Buy investments in stocks with product portfolios covering both low-rise and condominiums, new condo projects ready for handover in the second half of 2026 to help drive earnings, and share prices that still have upside. Its top picks are AP, SC and SIRI.

KGI Securities (Thailand) has maintained its "Equal Weight" investment rating on the property sector, assigning a "Buy" recommendation to SIRI and AP because they are the number one and number two market leaders in presales respectively, supported by strong core businesses, good dividend payouts, and solid backlogs and ready-to-sell projects. Meanwhile, SPALI, LH and PSH are rated "Hold", while ORI and QH are rated "Sell", with ORI because its recovery path remains challenging and QH because most of its profit comes from share of profit from associates rather than its core property business. Although the property business remains sluggish due to slowing revenue and low gross margin, AP is still growing strongly enough for its 1H69 profit to grow on the back of its core business, while SPALI, QH, SIRI and ORI have share of profit from associates helping to support net profit. PSH performed better than expected thanks to cost control and its steadily growing hospital business, and LH has a hotel business that accounts for about 50% of revenue and remains outstanding. It is expected that 3Q69F profit of AP, SPALI and SIRI will grow year on year in line with construction completion schedules and condominium transfers, while 4Q69 will be the quarter with the highest earnings of the year for AP, LH, ORI and SIRI, driven by the high season and a large number of new condominiums scheduled for ownership transfer. LH is likely to lead the group thanks to transfers of the "One Verandah" condominium worth 1.5 billion baht, which is already 57% sold, plus a large gain from the sale of the Grand Centre Point Surawong hotel worth 3 billion baht and apartments in the United States. The consumer confidence index in August 69 improved to 53.2 from about 50 in 2Q69 and 51.8 in July, while the property sector's aggregate profit in 1H69 accounted for 43% of the current full-year profit forecast of 19.4 billion baht, up 5% year on year, and the 2570F forecast of 20.6 billion baht, up 6.5% year on year.

Phillip Securities assesses the property sector, noting that in the first half, the market is adjusting. The value of new project launches is less than sales for both low-rise and high-rise segments among the top 11 companies, leading to lower inventory and a trend of easing supply in the second half. This should improve gross margins due to a better product mix, and price competition may soften next year. In 2Q69, total sales reached 52 billion baht, up 9.2% year-on-year, supported by high-rise sales which had a low base due to the earthquake, while low-rise sales weakened due to reduced demand and new supply. Higher energy costs have pushed construction costs up by about 10%, impacting total costs by around 2.5%, but developers are managing. For 3Q69, the top pick is AP, given two additional condominium projects ready for transfer and a strong low-rise backlog. ASW is a pick for dividends, with the highest expected dividend yield in the group at 10.4%.

AP Thailand, together with Mitsubishi Estate, announced the successful delivery of the RHYTHM Charoen Nakhon Iconic luxury condominium project worth 5 billion baht, which has been 100% completed and is ready for ownership transfer and occupancy. This project is the 23rd flagship joint venture out of a total of 32 projects that the two companies have jointly invested in over 13 years, with a combined value exceeding 140 billion baht as of July 31, 2026. The project is located opposite Iconsiam, just 100 meters from the BTS Charoen Nakhon station, with only 577 units, and marks the return of the RHYTHM brand after 4 years.

An analyst at Asia Plus Securities said 14 residential developers posted second-quarter 2026 normalised profit of 5.88 billion baht, recovering 75 percent from the previous quarter and rising 16 percent from the same period last year. This marks the first return to year-on-year growth in 12 quarters. Seven companies, namely SPALI, QH, LPN, SC, SIRI, PSH and LALIN, announced interim dividend payments for the first half of 2026, offering average yields of more than 2 to 3 percent, except PSH and QH, which average more than 1 percent. They will go ex-dividend this week between 25 and 28 August 2026. The analyst recommends a market-weight stance, selecting SC and SIRI as top picks to accumulate before the XD dates to capture dividends of around 3 percent, and expects second-half 2026 profit to be better than the first half, when normalised profit was 9.25 billion baht, up 9 percent from the same period last year. Meanwhile, AP pays dividends only once a year but offers a yield above 6 percent per year, and its profit is expected to stand out more in the second half of 2026.

E-Finance Thai News reports the second-quarter 2026 results of 10 property companies, comparing net profit and growth rates with the same period last year. Companies with standout profit growth included Sansiri, AP Thailand, and Supalai, while those with significant profit declines included Pruksa Holding and Land & Houses. Overall, the property sector continues to face pressure from high household debt and loan rejections by financial institutions, causing transfer volumes to slow further.

Krungsri Securities Public Company Limited maintains a buy recommendation on AP Thailand Public Company Limited with a 2026 target price of 10.10 baht, after the company reported second-quarter 2026 net profit of 1.06 billion baht, up 6% from the same period last year and up 18% from the previous quarter. The results were close to the research team's and market estimates. Profit growth was supported by higher revenue both year-on-year and quarter-on-quarter, as well as an improved gross margin to 30.9% from 30.7% a year earlier and 29.6% in the first quarter, thanks to a higher proportion of transfers of new high-margin projects. Ownership transfers in the second quarter of 2026 rose 8% from a year earlier and 13% from the previous quarter despite a high base, with growth in both low-rise projects and condominiums, in line with high presales during the same period. The rising share of new projects helped lift the gross margin. First-half 2026 net profit was 1.97 billion baht, up 5% from a year earlier, accounting for 43% of the full-year 2026 profit estimate of 4.5 billion baht. The research team maintains its estimate and expects full-year profit to grow 5% from a year earlier on higher ownership transfers. For the third quarter of 2026, the research team expects net profit to be stable year-on-year but higher quarter-on-quarter, supported by the start of transfers of new condominiums and additional launches of new low-rise projects, which will support revenue and profit in the second half of the year. Krungsri also expects AP to maintain a 2026 gross margin of around 31.0%, above the property sector average, reflecting better pricing competitiveness than peers. The firm also sees advantages from economies of scale given the company's large business size. Although construction costs remain a short-term pressure, the research team believes AP still has above-sector growth potential over the medium to long term from maintaining a high and steadily rising market share, and expects the company to remain the market leader. On valuation, Krungsri views the stock as not expensive, trading at a 2026 price-to-earnings ratio of only 5.7 times, making it still attractive for investment, and keeps AP as one of its top picks in the property sector.

AP Thailand Public Company Limited reported first-half 2026 results with total revenue of 22.431 billion baht, up 7.1 percent from the same period last year, and net profit of 1.967 billion baht, an increase of 5.2 percent, while maintaining a net debt-to-equity ratio of 0.66 times. Net sales in the first seven months stood at 27.974 billion baht, representing 57 percent of the full-year target of 49 billion baht, comprising 22.747 billion baht from low-rise projects, up 7.6 percent, and 5.227 billion baht from condominiums, growing 59.6 percent. The company has raised its new project launch plan for this year to 46 projects worth a combined 56 billion baht, an increase of 4 projects worth 1 billion baht from the original plan. In the second half, it will launch 31 projects worth 33.32 billion baht, consisting of 17 projects worth 17.9 billion baht in the third quarter and 14 projects worth 15.42 billion baht in the fourth quarter.

Krungsri Securities forecasts Thai stock market profits for the second quarter of 2026 at 250 to 280 billion baht, down 15 to 24 percent from a year earlier and down 19 to 26 percent from the previous quarter. The refinery group saw volatile earnings on the downside, while the industrial goods, ICT, and power sectors are expected to post profit growth. The research team recommends a speculative strategy on stocks whose results will stand out or have passed their trough. Stocks expected to show Q2 profit growth both year-on-year and quarter-on-quarter include PTTEP, SCC, SCGP, ADVANC, TRUE, BH, IVL, THANI, TNP, MOSHI, BA, AP, INSET, and ADVICE. Stocks for which Q2 is likely the year's low point and earnings will accelerate in the second half of 2026 include KTB, KBANK, AOT, BDMS, EGCO, ICHI, THAI, and TFG. The top picks are ADVANC, SCC, IVL, BH, KBANK, AOT, and ICHI.

Kingsford Securities expects the SET index to trade sideways today within a support level of 1,600 points and resistance at 1,620 to 1,630 points, awaiting the outcome of negotiations to open the Strait of Hormuz and supported by strong earnings from large listed companies. The brokerage recommends gradually accumulating Value and Defensive Play stocks, naming 10 securities: KBANK, KTB, GULF, GPSC, ADVANC, TRUE, CPALL, BH, BDMS, and BEM. For ADVICE, it recommends speculative buying with an IAA Consensus target price of 7.80 baht, expecting second-quarter 2026 profit to rise both quarter-on-quarter and year-on-year, driven by improving gross margins as IT product prices gradually increase, while robust sales of smartphones and other goods help offset the shortage of iPhones. The market forecasts 2026–2027 profit at 401 million baht, up 50% from the previous year, and 413 million baht, up 3% from the previous year. For AP, it recommends buying with an IAA Consensus target price of 9.74 baht, benefiting from the reduction of transfer and mortgage fees to 0.01% for residential properties priced up to 7 million baht, extended until 30 June 2027. It expects second-quarter 2026 pre-sales to grow both year-on-year and quarter-on-quarter, supported by low-rise projects and a low base last year due to the earthquake. The market forecasts 2026 net profit at 4.62 billion baht, up 7% from the previous year, and 2027 net profit at 4.92 billion baht, up 6% from the previous year, with a forward PE of 5.6 times, PBV of 0.5 times, and dividend yield of 6.5%.

The research division of Tisco Securities estimates that the combined net profit of seven property developers in the second quarter of 2026 will be around 3.8 billion baht, up 10.8 percent from the first quarter of 2026 but down 25.8 percent from the same period last year. It views the second quarter of 2026 as the trough of the property sector profit cycle, after most operators began to recover from a low base in the first quarter. The recovery is driven more by accelerated ownership transfers than by a genuine recovery in demand. AP and PSH are expected to grow both quarter-on-quarter and year-on-year, while SPALI, SIRI, and most other operators in the sector are expected to recover only from the previous quarter. The research team continues to favour AP and SIRI as top picks in the property sector, recommending a buy on AP with a fair value of 10.60 baht and on SIRI at 1.80 baht.

AP has announced its readiness to hand over the LIFE Sathorn–Narathiwat 22 condominium, a joint venture project with Mitsubishi Estate valued at 1.8 billion baht, following the completion of construction. This low-rise condo in the heart of the CBD comprises two eight-storey residential buildings and a two-storey facilities building, totalling 416 units. It marks the 25th joint venture project between AP and Mitsubishi Estate. The company expects that opening the project for customer visits will boost confidence and stimulate ownership transfers in the second half of the year.

Yuanta Securities stated that AP Thailand, or AP, is likely to see profit and presales growth in the second half of 2026 continuing from the first half. Normal profit in the second quarter of 2026 is expected at 1.022 billion baht, up 13.2 percent from the previous quarter and 1.6 percent from a year earlier, driven by gradual transfers of newly launched low-rise projects and ongoing transfers of the Good Day Sukhumvit 93 and Aspire Itsaraphap Station condominiums. The overall gross margin is expected at 30.6 percent, up 100 basis points from the previous quarter but still below the normal level of over 30 percent due to high competition in the low-rise market. Presales in the second quarter of 2026 are expected at 12.305 billion baht, up 9.7 percent from the previous quarter and 50.2 percent from a year earlier, following the launch of 12 new projects, comprising 11 low-rise projects worth 12.65 billion baht and one high-rise project worth 4.5 billion baht. For the second half of 2026, the company plans to launch a total of 27 new projects, consisting of 22 low-rise projects worth 24.82 billion baht and five condominium projects worth 7.5 billion baht. It will begin transferring new condominiums, including Rhythm Charoennakhon Iconic and Life Sathorn – Narathiwas 22, a joint venture project worth 6.8 billion baht, and Life Charoennakhon – Sathorn worth 2.5 billion baht. Yuanta Securities revised down its 2026 profit forecast to 4.626 billion baht from 5.078 billion baht and lowered the year-end 2026 target price to 9.45 baht, based on a PER of 6.43 times. It maintained a buy rating but noted that SC is more attractive this quarter due to a lower PER and an interim dividend.

Kasikorn Securities expects AP Thailand's net profit in the second quarter of 2026 to grow 3% year-on-year and 15% quarter-on-quarter, reaching 1.04 billion baht. Revenue from sales is projected to rise 4% year-on-year and 9% quarter-on-quarter to 10.1 billion baht, supported by 194 existing projects with a ready-to-sell value of 104.8 billion baht, a sales backlog awaiting transfer of 36.8 billion baht, and take-up rates of 14 to 52 percent for new low-rise projects worth 14.6 billion baht launched in the first half of 2026. Meanwhile, gross margin is expected to recover by 1.2 percentage points quarter-on-quarter, returning to the same level as the second quarter of 2025. In the second half of 2026, three condominium projects with a combined value of 9.3 billion baht are scheduled for completion, which will continue to support earnings. Kasikorn maintains a buy recommendation and a mid-2027 target price of 8.75 baht. AP trades at a 2026 price-to-earnings ratio of just 5.5 times and offers a dividend yield of more than 6.8 percent.

Analysts at TTB Wealth Securities have an OVERWEIGHT call on the property sector, expecting the market downcycle to trough in 2026, with current share prices already pricing in most negatives. Housing demand is still about 40% below its long-term normal level, but is seen gradually recovering from 2027 onwards alongside the economic recovery, with market share concentrating further among large developers. Preferred stocks are AP, SIRI and SPALI. Meanwhile, the Agency for Real Estate Affairs notes the housing market is moving towards a better demand-supply balance, with new project launches up 12% in the first half of 2026 while sales rose 15%, led by condominiums where new launches jumped 41% and sales rose 27%. Townhouse sales increased 9% even as new launches were flat, while single-detached and semi-detached house launches fell 24% but sales dipped only 3%, causing unsold inventory to start normalising. The number of unsold remaining units fell to 210,000 from 234,000 at end-2024, with unsold condominiums down 22% to 62,000 units, townhouses down 10% to 69,000 units, while unsold single-detached and semi-detached houses were steady at around 77,000 units as the adjustment has only just begun.

AP Thailand has launched a new condominium project, LIFE Sukhumvit–Rama 4, valued at 4.5 billion baht. It is the 29th joint venture with Mitsubishi Estate, located on Rama 4 Road, 550 metres from BTS Phra Khanong. The 46-storey tower, under the concept EVERYDAY EXTRAORDINARY, features four sky common area floors spanning over 5,800 square metres. Units range from one large bedroom and one bedroom plus to two bedrooms with two bathrooms, with prices starting at 2.99 million baht. AP targets presales of no less than 70 percent of the units launched for sale. This project is part of AP's Rama 4 condominium portfolio, which has a combined value of over 15.6 billion baht, including LIFE Rama 4–Asoke, which is 83 percent sold, and ASPIRE Sukhumvit–Rama 4, which is 72 percent sold.