Dao Securities holds a slightly negative view on SIRI, citing an expected decline in third-quarter 2026 net presales, which it estimates at around 9.0 billion baht, down 19% year on year and 10% quarter on quarter. That is below SIRI's own target of 9.1 to 9.5 billion baht, due to fewer new condo launches and the impact of flooding in late September. As a result, presales for the first nine months of 2026 are estimated at 30 billion baht, down 7% year on year and equal to 73% of the full-year 2026 target of 41 billion baht, which itself is down 2% year on year. New project launches in the third quarter of 2026 came in slightly below plan, with 9 projects launched worth a combined 16 billion baht, against a plan of 10 projects worth a combined 18 billion baht. Although two projects were delayed from the plan, one additional new project was launched beyond the plan. Dao Securities has cut its 2026 core profit forecast by 3% to 4.0 billion baht, down 3% year on year, reflecting lower transfers amid weaker purchasing power. First-half 2026 core profit accounted for 42% of the full-year figure, and the second half of 2026 is expected to improve from the first half on higher transfers. The broker also expects a special item from earn-out returns related to The Standard in the fourth quarter of 2026. It maintains its Buy recommendation but lowers the target price to 1.60 baht from 1.64 baht, still based on a 2026 core price-to-earnings ratio of 7.2 times. The current valuation looks attractive at just 6.5 times 2026 core earnings, with a high dividend yield of 8.3% per year.
Siri Prime Office Property FdDao cuts SIRI's 2026 core profit forecast 3% to 4.0bn baht and lowers target price to 1.60 baht on weaker Q3 presales.
