SC Asset vs L.P.N. Development: 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.

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.