Yuanta Securities issued a research note maintaining its Buy recommendation on AP (Thailand) Public Company Limited, or AP, with a fair value of 9.45 baht per share, based on a PER of 6.4 times, representing an upside gain of 21.2% from the current price, and expects a 2026 dividend of 0.56 baht per share, representing a dividend yield of 7.18%. It expects normal profit in the second half of 2026 at 2,659 million baht, growing 35.2% compared with the first half and 8.7% compared with the same period last year, supported by a backlog of low-rise projects at an all-time high and the start of transfers at high-value condominium projects, namely Rhythm Charoennakhon Iconic, which is 85% sold, and Life Sathorn-Narathiwas 22, which is 35% sold, a joint venture project with a combined value of 6,800 million baht, as well as Life Charoennakhon-Sathorn, which is 68% sold with a value of 2,500 million baht. Second-half 2026 presales are expected at approximately 27,000 to 28,000 million baht, growing both half-on-half and year-on-year, driven by a plan to launch new projects worth a combined 33,820 million baht, up 47% half-on-half, comprising 31 new projects in total: 27 low-rise projects worth 28,820 million baht and 4 high-rise projects worth 4,500 million baht. Meanwhile, the impact from flooding is expected to be limited, with 22 of 246 low-rise projects affected and only 7 projects currently on sale, representing 3.5% of all 199 projects on sale. No condominium projects were affected.
AP (Thailand) Public Company LimitedYuanta maintains Buy on AP with 9.45 baht fair value, citing expected 35% H2 profit growth and 7.18% dividend yield.
