SC Asset vs AP (Thailand): why the prices moved differently

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

SC Asset Corporation Public Company Limited (SC.BK)

Q3 202621 Jul – 7 Oct 2026

▲4

SC's profit surge, new condo launches and cheap valuation drive the stock

Q2 profit jumped 59% on COBE condo transfers SC's second-quarter profit rose 59% from a year earlier and 455% from the prior quarter, as transfers at the COBE Ratchada-Rama 9 condo began. Higher condo margins lifted gross margin to 29.2%. First-half profit rose 48%, and an interim dividend of 0.06 baht per share was approved.
The earnings jump is the core fundamental event that re-rated the stock this period.
New condo projects sell fast, lifting presales SC's new riverside condo Reference BAIE River Bangpho drew over 2 billion baht in bookings in two days, and COBE Ratchada-Rama 9 transferred over half its units within two months. Third-quarter presales rose 22% from a year earlier to 5.4 billion baht, led by condos.
Strong end-customer demand for new launches is the main forward driver of future revenue and profit.
H2 plan: 22 projects worth 28.3 billion baht SC will launch or relaunch 22 projects worth 28.3 billion baht in the second half, including the 11-billion-baht Reference BAIE River Bangpho and a luxury Rama IV condo. It also plans about 8 billion baht of land purchases, with over three-quarters already secured, and is expanding warehouses and US rental apartments.
The launch pipeline and land investment show management's confidence in future growth, supporting the stock.
Cheap valuation and high dividend draw buyers Brokers kept buy ratings with target prices of 2.30 to 2.96 baht, well above the 1.95 baht price, citing a price-to-earnings ratio of only about 5 times and a dividend yield of 7-8%. SC was named a top pick for its interim dividend and for accumulating before the ex-dividend date.
Low valuation and high yield are the main reasons investors are buying the stock now.

August 202621 Jul – 7 Oct 2026

▲4

SC's profit surge, new condo launches and cheap valuation drive the stock

Q2 profit jumped 59% on COBE condo transfers SC's second-quarter profit rose 59% from a year earlier and 455% from the prior quarter, as transfers at the COBE Ratchada-Rama 9 condo began. Higher condo margins lifted gross margin to 29.2%. First-half profit rose 48%, and an interim dividend of 0.06 baht per share was approved.
The earnings jump is the core fundamental event that re-rated the stock this period.
New condo projects sell fast, lifting presales SC's new riverside condo Reference BAIE River Bangpho drew over 2 billion baht in bookings in two days, and COBE Ratchada-Rama 9 transferred over half its units within two months. Third-quarter presales rose 22% from a year earlier to 5.4 billion baht, led by condos.
Strong end-customer demand for new launches is the main forward driver of future revenue and profit.
H2 plan: 22 projects worth 28.3 billion baht SC will launch or relaunch 22 projects worth 28.3 billion baht in the second half, including the 11-billion-baht Reference BAIE River Bangpho and a luxury Rama IV condo. It also plans about 8 billion baht of land purchases, with over three-quarters already secured, and is expanding warehouses and US rental apartments.
The launch pipeline and land investment show management's confidence in future growth, supporting the stock.
Cheap valuation and high dividend draw buyers Brokers kept buy ratings with target prices of 2.30 to 2.96 baht, well above the 1.95 baht price, citing a price-to-earnings ratio of only about 5 times and a dividend yield of 7-8%. SC was named a top pick for its interim dividend and for accumulating before the ex-dividend date.
Low valuation and high yield are the main reasons investors are buying the stock now.

Latest21 Jul – 7 Oct 2026

▲4

SC's profit surge, new condo launches and cheap valuation drive the stock

Q2 profit jumped 59% on COBE condo transfers SC's second-quarter profit rose 59% from a year earlier and 455% from the prior quarter, as transfers at the COBE Ratchada-Rama 9 condo began. Higher condo margins lifted gross margin to 29.2%. First-half profit rose 48%, and an interim dividend of 0.06 baht per share was approved.
The earnings jump is the core fundamental event that re-rated the stock this period.
New condo projects sell fast, lifting presales SC's new riverside condo Reference BAIE River Bangpho drew over 2 billion baht in bookings in two days, and COBE Ratchada-Rama 9 transferred over half its units within two months. Third-quarter presales rose 22% from a year earlier to 5.4 billion baht, led by condos.
Strong end-customer demand for new launches is the main forward driver of future revenue and profit.
H2 plan: 22 projects worth 28.3 billion baht SC will launch or relaunch 22 projects worth 28.3 billion baht in the second half, including the 11-billion-baht Reference BAIE River Bangpho and a luxury Rama IV condo. It also plans about 8 billion baht of land purchases, with over three-quarters already secured, and is expanding warehouses and US rental apartments.
The launch pipeline and land investment show management's confidence in future growth, supporting the stock.
Cheap valuation and high dividend draw buyers Brokers kept buy ratings with target prices of 2.30 to 2.96 baht, well above the 1.95 baht price, citing a price-to-earnings ratio of only about 5 times and a dividend yield of 7-8%. SC was named a top pick for its interim dividend and for accumulating before the ex-dividend date.
Low valuation and high yield are the main reasons investors are buying the stock now.

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

Q3 202620 Jul – 8 Oct 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 202620 Jul – 8 Oct 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.

Latest20 Jul – 8 Oct 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.