SC Asset vs Land and Houses: 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.

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.