Sena Development vs Land and Houses: why the prices moved differently

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

Sena Development Public Company Limited (SENA.BK)

Q3 202618 Aug – 2 Oct 2026

▲3▼1

Sena pushes rent-to-own and green units as weak housing demand drags

Rent-to-own and rental push opens new buyers Sena is betting on rent-to-own LivNex and RentNex Invest (buy-to-let with tenants and a 3-year rent guarantee) plus a 40-project expo booth, aiming at people who cannot yet get a mortgage. If it works, it adds sales the old model could not reach.
This is the period's main new strategy to create demand despite weak purchasing power.
Cheap funding and partner deals keep projects moving Sena's joint venture with Hankyu Hanshin secured a 1,677 million baht SMBC loan for three low-carbon COZI condos, and Sena tied up with KTC and Krungthai Bank for 0% installments and special mortgage rates on 11 projects. Cheaper money and easier payments support sales and construction.
Shows outside lenders still fund Sena and buyers get cost relief, both supporting revenue.
New launches and backlog point to a stronger fourth quarter Sena launched SENA KITH Samrong Interchange (490 units from 1.39 million baht) and hired TPD Property to sell FLEXI Mega Space Bangna abroad. Management expects a better fourth quarter on a roughly 10-billion-baht backlog and eight planned launches, with EV sales up 455% and solar up 63%.
Concrete new supply plus a large backlog are the clearest supports for future revenue.
Weak housing demand and floods slow transfers Tris Rating says Bangkok flooding adds to an already weak market, with low-rise net sales down 16% in the first half. Sena is rated only moderately sensitive, but slower sales and transfers stretch out inventory clearance and delay cash coming in.
This is the real counterweight: the industry backdrop that can offset Sena's own efforts.

September 202618 Aug – 2 Oct 2026

▲3▼1

Sena pushes rent-to-own and green units as weak housing demand drags

Rent-to-own and rental push opens new buyers Sena is betting on rent-to-own LivNex and RentNex Invest (buy-to-let with tenants and a 3-year rent guarantee) plus a 40-project expo booth, aiming at people who cannot yet get a mortgage. If it works, it adds sales the old model could not reach.
This is the period's main new strategy to create demand despite weak purchasing power.
Cheap funding and partner deals keep projects moving Sena's joint venture with Hankyu Hanshin secured a 1,677 million baht SMBC loan for three low-carbon COZI condos, and Sena tied up with KTC and Krungthai Bank for 0% installments and special mortgage rates on 11 projects. Cheaper money and easier payments support sales and construction.
Shows outside lenders still fund Sena and buyers get cost relief, both supporting revenue.
New launches and backlog point to a stronger fourth quarter Sena launched SENA KITH Samrong Interchange (490 units from 1.39 million baht) and hired TPD Property to sell FLEXI Mega Space Bangna abroad. Management expects a better fourth quarter on a roughly 10-billion-baht backlog and eight planned launches, with EV sales up 455% and solar up 63%.
Concrete new supply plus a large backlog are the clearest supports for future revenue.
Weak housing demand and floods slow transfers Tris Rating says Bangkok flooding adds to an already weak market, with low-rise net sales down 16% in the first half. Sena is rated only moderately sensitive, but slower sales and transfers stretch out inventory clearance and delay cash coming in.
This is the real counterweight: the industry backdrop that can offset Sena's own efforts.

Latest18 Aug – 2 Oct 2026

▲3▼1

Sena pushes rent-to-own and green units as weak housing demand drags

Rent-to-own and rental push opens new buyers Sena is betting on rent-to-own LivNex and RentNex Invest (buy-to-let with tenants and a 3-year rent guarantee) plus a 40-project expo booth, aiming at people who cannot yet get a mortgage. If it works, it adds sales the old model could not reach.
This is the period's main new strategy to create demand despite weak purchasing power.
Cheap funding and partner deals keep projects moving Sena's joint venture with Hankyu Hanshin secured a 1,677 million baht SMBC loan for three low-carbon COZI condos, and Sena tied up with KTC and Krungthai Bank for 0% installments and special mortgage rates on 11 projects. Cheaper money and easier payments support sales and construction.
Shows outside lenders still fund Sena and buyers get cost relief, both supporting revenue.
New launches and backlog point to a stronger fourth quarter Sena launched SENA KITH Samrong Interchange (490 units from 1.39 million baht) and hired TPD Property to sell FLEXI Mega Space Bangna abroad. Management expects a better fourth quarter on a roughly 10-billion-baht backlog and eight planned launches, with EV sales up 455% and solar up 63%.
Concrete new supply plus a large backlog are the clearest supports for future revenue.
Weak housing demand and floods slow transfers Tris Rating says Bangkok flooding adds to an already weak market, with low-rise net sales down 16% in the first half. Sena is rated only moderately sensitive, but slower sales and transfers stretch out inventory clearance and delay cash coming in.
This is the real counterweight: the industry backdrop that can offset Sena's own efforts.

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.