← AP (Thailand) overview

AP (Thailand) vs Land and Houses: why the prices moved differently

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

AP (Thailand) Public Company Limited (AP.BK)

Q3 2026
▲3

AP's profit recovery, strong presales and cheap valuation drive gains

  • Profit recovery confirmed AP's first-half profit rose 5% to 1.97 billion baht, and Q2 profit beat estimates, with gross margin improving to 30.9%. Brokers expect second-half profit to jump 35% as high-value condos start transferring. This directly lifts earnings and supports the share price.

    Shows the core earnings recovery that underpins the stock's rise.

  • Strong presales and new launches AP launched several new projects, including LIFE Sukhumvit-Rama 4 (4.5 billion baht), GOOD DAY More Bangmod, and ASPIRE Sathorn-Taksin Privé. Its July-August presales were the strongest in the sector at 9.2 billion baht, showing healthy demand for its products.

    New launches and top presales signal future revenue growth.

  • Cheap valuation and high dividend yield AP trades at only 5.4-5.7 times 2026 earnings and offers a dividend yield above 6.8%. Multiple brokers maintain Buy ratings with target prices of 9.45-10.60 baht, seeing upside of over 20%. This attracts income and value investors.

    Low valuation and high yield make the stock appealing, supporting demand.

  • Sector headwinds and flood risk The property sector still faces high household debt, loan rejections above 50%, and recent Bangkok floods that could delay transfers. However, AP is seen as resilient due to product and location diversification, and proposed looser lending rules could help.

    Balances the positive drivers with real risks that could cap gains.

August 2026
▲3

AP's profit recovery, strong presales and cheap valuation drive gains

  • Profit recovery confirmed AP's first-half profit rose 5% to 1.97 billion baht, and Q2 profit beat estimates, with gross margin improving to 30.9%. Brokers expect second-half profit to jump 35% as high-value condos start transferring. This directly lifts earnings and supports the share price.

    Shows the core earnings recovery that underpins the stock's rise.

  • Strong presales and new launches AP launched several new projects, including LIFE Sukhumvit-Rama 4 (4.5 billion baht), GOOD DAY More Bangmod, and ASPIRE Sathorn-Taksin Privé. Its July-August presales were the strongest in the sector at 9.2 billion baht, showing healthy demand for its products.

    New launches and top presales signal future revenue growth.

  • Cheap valuation and high dividend yield AP trades at only 5.4-5.7 times 2026 earnings and offers a dividend yield above 6.8%. Multiple brokers maintain Buy ratings with target prices of 9.45-10.60 baht, seeing upside of over 20%. This attracts income and value investors.

    Low valuation and high yield make the stock appealing, supporting demand.

  • Sector headwinds and flood risk The property sector still faces high household debt, loan rejections above 50%, and recent Bangkok floods that could delay transfers. However, AP is seen as resilient due to product and location diversification, and proposed looser lending rules could help.

    Balances the positive drivers with real risks that could cap gains.

Latest
▲3

AP's profit recovery, strong presales and cheap valuation drive gains

  • Profit recovery confirmed AP's first-half profit rose 5% to 1.97 billion baht, and Q2 profit beat estimates, with gross margin improving to 30.9%. Brokers expect second-half profit to jump 35% as high-value condos start transferring. This directly lifts earnings and supports the share price.

    Shows the core earnings recovery that underpins the stock's rise.

  • Strong presales and new launches AP launched several new projects, including LIFE Sukhumvit-Rama 4 (4.5 billion baht), GOOD DAY More Bangmod, and ASPIRE Sathorn-Taksin Privé. Its July-August presales were the strongest in the sector at 9.2 billion baht, showing healthy demand for its products.

    New launches and top presales signal future revenue growth.

  • Cheap valuation and high dividend yield AP trades at only 5.4-5.7 times 2026 earnings and offers a dividend yield above 6.8%. Multiple brokers maintain Buy ratings with target prices of 9.45-10.60 baht, seeing upside of over 20%. This attracts income and value investors.

    Low valuation and high yield make the stock appealing, supporting demand.

  • Sector headwinds and flood risk The property sector still faces high household debt, loan rejections above 50%, and recent Bangkok floods that could delay transfers. However, AP is seen as resilient due to product and location diversification, and proposed looser lending rules could help.

    Balances the positive drivers with real risks that could cap gains.

Land and Houses Public Company Limited (LH.BK)

Q3 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 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.

Latest
▲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.