← AP (Thailand) overview

AP (Thailand) vs Supalai: 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.

Supalai Public Company Limited (SPALI.BK)

Q3 2026
▲3▼1

SPALI beats Q2, expands projects, but presales lag target

  • Q2 profit surge and dividend SPALI's Q2 2026 net profit jumped 49% to 1.65 billion baht, beating expectations by over 80%, driven by strong transfers and joint-venture profits. The company declared an interim dividend of 0.55 baht per share, yielding about 3.5%. This positive earnings surprise and dividend payout support the stock price.

    This is a major positive earnings event that directly boosts investor confidence and the stock price.

  • New project launches and campaigns SPALI launched multiple new housing and condo projects worth billions of baht across Thailand, including in Suphan Buri, Hua Hin, Pattaya, and Chiang Mai. It also started a year-end 'Buffet Parade' campaign with 195 ready-to-move-in projects. These launches expand the sales pipeline and signal confidence in demand.

    New projects and campaigns drive future revenue and show management's growth strategy.

  • Strong Australian pre-sales and debenture success SPALI's Australian business achieved pre-sales of 420 million Australian dollars in the first half, 62% of its full-year target, with a backlog of 489 million Australian dollars. Additionally, a 4 billion baht debenture offering was oversubscribed, reflecting strong investor confidence and solid capital structure.

    These events highlight international growth and financial strength, supporting the stock's valuation.

  • Presales miss target amid weak demand SPALI's 9M26 presales reached only 62% of its full-year target, with Q3 presales down 35% year-on-year due to weak purchasing power and flooding. The company cut its 2026 launch plan. This indicates softer end-customer demand, which could pressure future revenue.

    This is a key negative factor that could limit upside and reflects challenges in the property market.

August 2026
▲3▼1

SPALI beats Q2, expands projects, but presales lag target

  • Q2 profit surge and dividend SPALI's Q2 2026 net profit jumped 49% to 1.65 billion baht, beating expectations by over 80%, driven by strong transfers and joint-venture profits. The company declared an interim dividend of 0.55 baht per share, yielding about 3.5%. This positive earnings surprise and dividend payout support the stock price.

    This is a major positive earnings event that directly boosts investor confidence and the stock price.

  • New project launches and campaigns SPALI launched multiple new housing and condo projects worth billions of baht across Thailand, including in Suphan Buri, Hua Hin, Pattaya, and Chiang Mai. It also started a year-end 'Buffet Parade' campaign with 195 ready-to-move-in projects. These launches expand the sales pipeline and signal confidence in demand.

    New projects and campaigns drive future revenue and show management's growth strategy.

  • Strong Australian pre-sales and debenture success SPALI's Australian business achieved pre-sales of 420 million Australian dollars in the first half, 62% of its full-year target, with a backlog of 489 million Australian dollars. Additionally, a 4 billion baht debenture offering was oversubscribed, reflecting strong investor confidence and solid capital structure.

    These events highlight international growth and financial strength, supporting the stock's valuation.

  • Presales miss target amid weak demand SPALI's 9M26 presales reached only 62% of its full-year target, with Q3 presales down 35% year-on-year due to weak purchasing power and flooding. The company cut its 2026 launch plan. This indicates softer end-customer demand, which could pressure future revenue.

    This is a key negative factor that could limit upside and reflects challenges in the property market.

Latest
▲3▼1

SPALI beats Q2, expands projects, but presales lag target

  • Q2 profit surge and dividend SPALI's Q2 2026 net profit jumped 49% to 1.65 billion baht, beating expectations by over 80%, driven by strong transfers and joint-venture profits. The company declared an interim dividend of 0.55 baht per share, yielding about 3.5%. This positive earnings surprise and dividend payout support the stock price.

    This is a major positive earnings event that directly boosts investor confidence and the stock price.

  • New project launches and campaigns SPALI launched multiple new housing and condo projects worth billions of baht across Thailand, including in Suphan Buri, Hua Hin, Pattaya, and Chiang Mai. It also started a year-end 'Buffet Parade' campaign with 195 ready-to-move-in projects. These launches expand the sales pipeline and signal confidence in demand.

    New projects and campaigns drive future revenue and show management's growth strategy.

  • Strong Australian pre-sales and debenture success SPALI's Australian business achieved pre-sales of 420 million Australian dollars in the first half, 62% of its full-year target, with a backlog of 489 million Australian dollars. Additionally, a 4 billion baht debenture offering was oversubscribed, reflecting strong investor confidence and solid capital structure.

    These events highlight international growth and financial strength, supporting the stock's valuation.

  • Presales miss target amid weak demand SPALI's 9M26 presales reached only 62% of its full-year target, with Q3 presales down 35% year-on-year due to weak purchasing power and flooding. The company cut its 2026 launch plan. This indicates softer end-customer demand, which could pressure future revenue.

    This is a key negative factor that could limit upside and reflects challenges in the property market.