Ornsirin vs Supalai: why the prices moved differently

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

Ornsirin Holding Public (ORN.BK)

Q3 202621 Jul – 1 Oct 2026

▲4

ORN's foreign-buyer demand, recurring income, and strong Q2 profit drive growth

Foreign demand fuels Chiang Mai property growth Foreign buyers, especially from China, Myanmar, and Russia, are driving strong demand for ORN's Chiang Mai projects. This boosts presales and down payments, supporting revenue and profit growth.
This explains the core demand driver behind ORN's recent strong performance and future growth.
Q2 profit surges 139.8% on high down payments ORN's Q2 net profit jumped 139.8% to 60.07 million baht, with revenue up 69.3%. High down payments from foreign buyers reduce mortgage risk and boost cash flow, strengthening the company's financial position.
This is a key new financial result that directly shows ORN's improved profitability and supports its stock price.
Recurring income from school and malls expands Mill Hill International School's enrollment surged to 176 students, and ORN is investing 290 million baht in The Backyard Phuket community mall. These recurring income streams add stability and long-term earnings.
This highlights ORN's strategic shift to recurring income, which can smooth earnings and attract investors.
Strong backlog and new project launches support growth ORN has a backlog of 4.262 billion baht and is launching new projects like The Astra Infinite condo, with presales exceeding 60%. This provides revenue visibility and supports future growth.
This shows ORN's pipeline and demand for its products, which are key drivers for future revenue.

August 202621 Jul – 1 Oct 2026

▲4

ORN's foreign-buyer demand, recurring income, and strong Q2 profit drive growth

Foreign demand fuels Chiang Mai property growth Foreign buyers, especially from China, Myanmar, and Russia, are driving strong demand for ORN's Chiang Mai projects. This boosts presales and down payments, supporting revenue and profit growth.
This explains the core demand driver behind ORN's recent strong performance and future growth.
Q2 profit surges 139.8% on high down payments ORN's Q2 net profit jumped 139.8% to 60.07 million baht, with revenue up 69.3%. High down payments from foreign buyers reduce mortgage risk and boost cash flow, strengthening the company's financial position.
This is a key new financial result that directly shows ORN's improved profitability and supports its stock price.
Recurring income from school and malls expands Mill Hill International School's enrollment surged to 176 students, and ORN is investing 290 million baht in The Backyard Phuket community mall. These recurring income streams add stability and long-term earnings.
This highlights ORN's strategic shift to recurring income, which can smooth earnings and attract investors.
Strong backlog and new project launches support growth ORN has a backlog of 4.262 billion baht and is launching new projects like The Astra Infinite condo, with presales exceeding 60%. This provides revenue visibility and supports future growth.
This shows ORN's pipeline and demand for its products, which are key drivers for future revenue.

Latest21 Jul – 1 Oct 2026

▲4

ORN's foreign-buyer demand, recurring income, and strong Q2 profit drive growth

Foreign demand fuels Chiang Mai property growth Foreign buyers, especially from China, Myanmar, and Russia, are driving strong demand for ORN's Chiang Mai projects. This boosts presales and down payments, supporting revenue and profit growth.
This explains the core demand driver behind ORN's recent strong performance and future growth.
Q2 profit surges 139.8% on high down payments ORN's Q2 net profit jumped 139.8% to 60.07 million baht, with revenue up 69.3%. High down payments from foreign buyers reduce mortgage risk and boost cash flow, strengthening the company's financial position.
This is a key new financial result that directly shows ORN's improved profitability and supports its stock price.
Recurring income from school and malls expands Mill Hill International School's enrollment surged to 176 students, and ORN is investing 290 million baht in The Backyard Phuket community mall. These recurring income streams add stability and long-term earnings.
This highlights ORN's strategic shift to recurring income, which can smooth earnings and attract investors.
Strong backlog and new project launches support growth ORN has a backlog of 4.262 billion baht and is launching new projects like The Astra Infinite condo, with presales exceeding 60%. This provides revenue visibility and supports future growth.
This shows ORN's pipeline and demand for its products, which are key drivers for future revenue.

Supalai Public Company Limited (SPALI.BK)

Q3 202621 Jul – 8 Oct 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 202621 Jul – 8 Oct 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.

Latest21 Jul – 8 Oct 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.