Land and Houses vs L.P.N. Development: why the prices moved differently

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

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.

L.P.N. Development Public Company Limited (LPN.BK)

Q3 202630 Jul – 9 Oct 2026

▲3▼1

LPN pushes rentals, online sales and new launches to offset weak low-rise demand

Rental demand and yield focus LPN says rental demand is surging as buyers delay purchases. Its rental projects post high occupancy (over 90%) and yields of 6.5-7.5%, giving steady cash flow and supporting earnings while the for-sale market recovers.
Shows a key new demand driver that supports LPN's revenue and offsets weak condo sales.
New projects and online sales push LPN launched an online sales platform and plans three new projects worth over 2.7 billion baht in the second half. It also opened a sales gallery for Lumpini Park Bang Wa and got EIA approval for Lumpini Park on Nineteen, adding future revenue.
Highlights concrete new sales channels and project pipeline that can drive future transfers and bookings.
Presale with guaranteed returns LPN opened presale for Lumpini Park Bang Wa Interchange, offering a 6% return guarantee for six years and discounts. This targets investors and aims to lock in sales for the 862-unit project, supporting future revenue.
A specific sales event that could boost bookings and cash flow, directly affecting LPN's outlook.
Weak low-rise market and floods Tris Rating says Bangkok floods are worsening an already weak housing market. Low-rise sales fell 16% in the first half, which could slow LPN's inventory clearance and cash collection, though LPN's exposure is moderate.
Provides the main counterweight: a real risk that could pressure LPN's sales and transfers.

September 202630 Jul – 9 Oct 2026

▲3▼1

LPN pushes rentals, online sales and new launches to offset weak low-rise demand

Rental demand and yield focus LPN says rental demand is surging as buyers delay purchases. Its rental projects post high occupancy (over 90%) and yields of 6.5-7.5%, giving steady cash flow and supporting earnings while the for-sale market recovers.
Shows a key new demand driver that supports LPN's revenue and offsets weak condo sales.
New projects and online sales push LPN launched an online sales platform and plans three new projects worth over 2.7 billion baht in the second half. It also opened a sales gallery for Lumpini Park Bang Wa and got EIA approval for Lumpini Park on Nineteen, adding future revenue.
Highlights concrete new sales channels and project pipeline that can drive future transfers and bookings.
Presale with guaranteed returns LPN opened presale for Lumpini Park Bang Wa Interchange, offering a 6% return guarantee for six years and discounts. This targets investors and aims to lock in sales for the 862-unit project, supporting future revenue.
A specific sales event that could boost bookings and cash flow, directly affecting LPN's outlook.
Weak low-rise market and floods Tris Rating says Bangkok floods are worsening an already weak housing market. Low-rise sales fell 16% in the first half, which could slow LPN's inventory clearance and cash collection, though LPN's exposure is moderate.
Provides the main counterweight: a real risk that could pressure LPN's sales and transfers.

Latest30 Jul – 9 Oct 2026

▲3▼1

LPN pushes rentals, online sales and new launches to offset weak low-rise demand

Rental demand and yield focus LPN says rental demand is surging as buyers delay purchases. Its rental projects post high occupancy (over 90%) and yields of 6.5-7.5%, giving steady cash flow and supporting earnings while the for-sale market recovers.
Shows a key new demand driver that supports LPN's revenue and offsets weak condo sales.
New projects and online sales push LPN launched an online sales platform and plans three new projects worth over 2.7 billion baht in the second half. It also opened a sales gallery for Lumpini Park Bang Wa and got EIA approval for Lumpini Park on Nineteen, adding future revenue.
Highlights concrete new sales channels and project pipeline that can drive future transfers and bookings.
Presale with guaranteed returns LPN opened presale for Lumpini Park Bang Wa Interchange, offering a 6% return guarantee for six years and discounts. This targets investors and aims to lock in sales for the 862-unit project, supporting future revenue.
A specific sales event that could boost bookings and cash flow, directly affecting LPN's outlook.
Weak low-rise market and floods Tris Rating says Bangkok floods are worsening an already weak housing market. Low-rise sales fell 16% in the first half, which could slow LPN's inventory clearance and cash collection, though LPN's exposure is moderate.
Provides the main counterweight: a real risk that could pressure LPN's sales and transfers.