First Read: Supalai "Q126: Slight beat in a weak quarter" (Neutral) Friestad

Research evidence excerpt

First Read: Supalai "Q126: Slight beat in a weak quarter" (Neutral) Friestad

Global Research

12 May 2026ab

First Read

EquitiesSupalai

Q126: Slight beat in a weak quarter Thailand

Real Estate

12-month rating Neutral

How did the results compare vs expectations?

Supalai reported a Q126 net profit of Bt402m, down 1% YoY. The result was a slight 12m price target Bt16.30

beat versus our and consensus estimates of 10%/8%, respectively, with 3M26 earnings

accounting for c.9% of our and consensus full-year forecasts. The upside surprise was

Price (12 May 2026) Bt15.20

primarily driven by stronger-than-expected SG&A control. This offset weaker-than-

expected residential GPM, which declined 8.6ppt YoY, reflecting a less favourable RIC: SPALI.BK BBG: SPALI TB

transfer mix and intensifying competition in the landed housing segment. Visibility of a Trading data and key metrics

sustainable cost savings remains uncertain, with management attributing the

52-wk range Bt18.80-13.50

improvement to “effective cost management” without detailing specific drivers.

Market cap. Bt29.7b/US$0.92b

Shares o/s 1,953m (ORD)

What were the most noteworthy areas in the results?

Free float 54%

Top-line performance remained resilient, with revenue rising 4% YoY, underpinned by

Avg. daily volume ('000) 5,252

stronger low-rise transfers. Detached houses and townhouses accounted for 84% of

revenue (up from 66% in the prior period), while condominiums contributed 16%. This Avg. daily value (m) Bt89.2

shift in mix, however, diluted margins, as low-rise products carry structurally lower Common s/h equity (12/26E) Bt55.6b

profitability than condominium units. SG&A fell 14% YoY, with the SG&A-to-sales P/BV (12/26E) 0.5x

narrowing to 18.9% from 23.5%, reflecting tighter expense control.