Kasikorn Securities forecasts that SC Asset Corporation, or SC, will report a second-quarter 2026 profit of 652 million baht, up 56% from a year earlier and 442% from the previous quarter. The main driver is the start of ownership transfers for the COBE Ratchada–Rama 9 condo project, which has a project value of 7.0 billion baht and is 84% sold. This is coupled with a recovery in low-rise project sales following a major marketing campaign, pushing total revenue up 33% year-on-year and 114% quarter-on-quarter. Condo revenue will account for 50% of total revenue and carry a gross margin above 30%, lifting the overall gross margin by 0.7 percentage points from a year earlier and 1.7 percentage points from the prior quarter. First-half 2026 profit will represent 46% of Kasikorn Securities' full-year estimate. For the second half of 2026, performance will improve thanks to the launch of two large new condo projects: Reference Bay Riverfront Bang Pho, valued at 11 billion baht, and a project in the Rama 4 area valued at 14.5 billion baht, along with the gradual transfer of the condo backlog as planned and the introduction of eight new house models for existing low-rise projects. Kasikorn Securities maintains a buy rating and a mid-2027 target price of 2.44 baht, viewing the stock as still inexpensive with a 2026 price-to-earnings ratio of just 5.1 times and a dividend yield as high as 7.8%.
SC Asset Corporation Public Company LimitedCondo transfers and low-rise sales recovery drive profit surge.