Pruksa Holding Public Company Limited

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.

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.

Pruksa Holding Public Company Limited reported strong first-half 2026 performance across the group, with total revenue of 7.549 billion baht, up 9% from the same period last year, and net profit of 197 million baht, up 120%, reflecting success in managing its business portfolio and costs efficiently, alongside progress in reshaping its portfolio and unlocking asset potential to increase the proportion of recurring income. The real estate business posted revenue of 5.942 billion baht, up 15%, while the healthcare business grew revenue by 10% and increased EBITDA by 47% from the same period last year. Ms. Pattama Piyamaniporn, Deputy Chief Executive Officer of the PSH group, said the group continues to maintain financial strength, with a net debt-to-equity ratio of only 0.23 times, down from 0.28 times at the end of 2025, and an average borrowing cost of 2.5%, along with total credit facilities of 17.2 billion baht to support investment and expansion of businesses that generate recurring income in the future. The company also announced a dividend payment for first-half performance of 0.05 baht per share, scheduled for payment on 11 September. Under its Lifetime Well-Living strategy, Pruksa is advancing new businesses, including OMEGA Smart Warehouse in Bangna, which is planned to open in the fourth quarter of 2026 under a 20-year long-term service contract, and iPlern, the first rental apartment brand in the market, with plans to develop a total of 60 buildings and 4,300 rooms across six strategic locations. Currently, six buildings are in operation with 100% occupancy, and the company is preparing to open an additional 34 buildings in the second half of 2026 and another 20 buildings in 2027, expecting a net yield of approximately 7 to 8% and beginning to generate rental income within four months.