Ananda Development vs Land and Houses: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Ananda Development Public Company Limited (ANAN.BK)

Q3 202627 Jul – 6 Oct 2026

▲3

Ananda raises cash, buys back JV stakes, and discounts to clear inventory

Bond issues raise cash but at high cost Ananda is issuing secured bonds at 6.70–7.20% interest, backed by Phuket land, to fund short-term working capital. This brings in needed cash but the high interest rate adds a financial burden, so the effect on the stock is mixed.
Bond issuance is a major financing event that affects Ananda's cash position and debt costs.
Buying JV stakes gives more control Ananda spent 360 million baht to buy an extra 44.60% of ADC-JV 21, turning it into a subsidiary. This gives Ananda more control over the project and should make asset management more efficient, which is a positive for the stock.
This acquisition increases Ananda's control over a joint venture, which can improve project management and returns.
Quick resale of JV stake raises cash without new debt Ananda bought 46.3% of ADC-JV23 for 602 million baht and resold it the same day for 626 million baht. This raised funds to replace a co-investor without borrowing more, reducing pressure on working capital.
This transaction shows Ananda can raise cash without adding debt, which supports its financial flexibility.
Big year-end discounts aim to boost sales Ananda launched a campaign across 20 ready-to-move-in projects with discounts up to 18 million baht and free furniture. This should help clear inventory and bring in cash, but deep discounts may squeeze profit margins.
The campaign directly targets sales and cash flow, which are key for a property developer.

August 202627 Jul – 6 Oct 2026

▲3

Ananda raises cash, buys back JV stakes, and discounts to clear inventory

Bond issues raise cash but at high cost Ananda is issuing secured bonds at 6.70–7.20% interest, backed by Phuket land, to fund short-term working capital. This brings in needed cash but the high interest rate adds a financial burden, so the effect on the stock is mixed.
Bond issuance is a major financing event that affects Ananda's cash position and debt costs.
Buying JV stakes gives more control Ananda spent 360 million baht to buy an extra 44.60% of ADC-JV 21, turning it into a subsidiary. This gives Ananda more control over the project and should make asset management more efficient, which is a positive for the stock.
This acquisition increases Ananda's control over a joint venture, which can improve project management and returns.
Quick resale of JV stake raises cash without new debt Ananda bought 46.3% of ADC-JV23 for 602 million baht and resold it the same day for 626 million baht. This raised funds to replace a co-investor without borrowing more, reducing pressure on working capital.
This transaction shows Ananda can raise cash without adding debt, which supports its financial flexibility.
Big year-end discounts aim to boost sales Ananda launched a campaign across 20 ready-to-move-in projects with discounts up to 18 million baht and free furniture. This should help clear inventory and bring in cash, but deep discounts may squeeze profit margins.
The campaign directly targets sales and cash flow, which are key for a property developer.

Latest27 Jul – 6 Oct 2026

▲3

Ananda raises cash, buys back JV stakes, and discounts to clear inventory

Bond issues raise cash but at high cost Ananda is issuing secured bonds at 6.70–7.20% interest, backed by Phuket land, to fund short-term working capital. This brings in needed cash but the high interest rate adds a financial burden, so the effect on the stock is mixed.
Bond issuance is a major financing event that affects Ananda's cash position and debt costs.
Buying JV stakes gives more control Ananda spent 360 million baht to buy an extra 44.60% of ADC-JV 21, turning it into a subsidiary. This gives Ananda more control over the project and should make asset management more efficient, which is a positive for the stock.
This acquisition increases Ananda's control over a joint venture, which can improve project management and returns.
Quick resale of JV stake raises cash without new debt Ananda bought 46.3% of ADC-JV23 for 602 million baht and resold it the same day for 626 million baht. This raised funds to replace a co-investor without borrowing more, reducing pressure on working capital.
This transaction shows Ananda can raise cash without adding debt, which supports its financial flexibility.
Big year-end discounts aim to boost sales Ananda launched a campaign across 20 ready-to-move-in projects with discounts up to 18 million baht and free furniture. This should help clear inventory and bring in cash, but deep discounts may squeeze profit margins.
The campaign directly targets sales and cash flow, which are key for a property developer.

Land and Houses Public Company Limited (LH.BK)

Q3 202623 Jul – 7 Oct 2026

▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.
It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.
New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.
It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.
TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.
It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.
Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.
These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.

August 202623 Jul – 7 Oct 2026

▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.
It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.
New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.
It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.
TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.
It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.
Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.
These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.

Latest23 Jul – 7 Oct 2026

▲2▼2

LH's weak core housing drags profit to 20-year low, but asset sales and new CEO offer recovery

Q2 profit collapses on weak housing demand LH's Q2 2026 net profit fell 61.8% to 525.67 million baht, the lowest in almost 20 years, as sales revenue dropped 41.1% on weak housing demand and high household debt. This weak core business is the main reason the share price has fallen to around 3.70 baht from 9.90 baht in 2022.
It is the single biggest negative force on LH's price and explains why the stock is near multi-year lows.
New CEO and asset sales point to recovery LH appointed Archawin Assavabhokhin as CEO from January 2027, which analysts see as positive for strategy and management. Recovery is expected from Q4 2026, driven by transfers of the One Bangkok Chao Phraya condominium (57% sold), the Grand Centre Point hotel opening, and asset sales in Thailand and the US.
It is the main positive catalyst that could reverse the earnings slump and support a share price re-rating.
TRIS affirms A rating and new 6bn baht bonds TRIS Rating affirmed LH at A with a Stable outlook and rated its new 6 billion baht bond issue at A. The proceeds will repay debt and fund working capital. TRIS expects revenue to recover to 23-26 billion baht per year and debt-to-equity to fall to 50-55%, easing financial risk.
It shows LH can still raise money cheaply and reduce debt, a key support for the share price while earnings are weak.
Index removals and earnings downgrades weigh on the stock LH is expected to be removed from the SET50 index with 99.99% confidence and from the FTSE Mid Cap group, which can force index-tracking funds to sell. Analysts also cut LH's September earnings estimate by 1%, reflecting the property sector's divergence from energy-led market gains.
These events create selling pressure and weaker sentiment, directly pushing the share price down in the near term.