Tisco points to Q2 property sector profit recovery of 10.8% from Q1

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Summary · why it matters

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.

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