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.
AP (Thailand) Public Company LimitedBroker maintains buy rating with target price, though lowered forecast and target.