Property - Thailand: 2Q26 presales recovery boosted by condos

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Property - Thailand: 2Q26 presales recovery boosted by condos

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Property - Thailand

2Q26 presales recovery boosted by condos

Industry Overview

AP and SIRI lead on presales growth 10 July 2026

We expect 2Q26 presales for the top 10 listed developers to recover YoY, supported by a Equity

low base in 2Q25 on negative impact of the earthquake, while improving modestly QoQ. ASEAN | Thailand

Developers have stepped up promotional campaigns to stimulate both presales and Real Estate/Property

property transfers in 2Q26, as we expect profit margins to remain under pressure. Narumon Ekasamut ^^^

Looking ahead, the 3Q26 presales outlook is likely to remain challenging. Research Analyst

Kiatnakin Phatra Securities

New launches improving but still low +66narumon.ekas@kkpfg.com2 305 9086

The top 10 listed developers’ 2Q26 aggregate launch value is expected at Bt39bn (65%

landed property, 35% condos), up 16% YoY and 34% QoQ. New landed property launches

should decline 21% YoY but jump 93% QoQ, while new condos should jump YoY from Exhibit 1: Recommendation highlights

the deeply low base from the earthquake (Bt1bn in 2Q25 to Bt13bn in 2Q26). In 2Q26, Ratings and Price Objective of stocks

only three developers started new projects: AP (Bt17bn, +100% YoY), SIRI (Bt15bn, BofA

+220% YoY) and SPALI (Bt6.4bn, +130% YoY). Stock ticker Recomm PO (Bt)

AP XPPKF Neutral 8.10

Overall presales recovery forecast LH LDHXF U/P 3.40

SPALI XPAYF Buy 16.50

We estimate the top 10 listed developers’ property presales at Bt49bn for 2Q26, up 11% SIRI XTHSF Buy 1.66

YoY from the low base in 2Q25 and the first quarter of YoY growth against YoY declines Source: BofA Global Research estimates

for nine consecutive quarters (1Q24-1Q26), while QoQ growth should be up by 4%. BofA GLOBAL RESEARCH