SC Asset vs Supalai: 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.

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.