2Q result preview: QoQ earnings recovery; AP growth leader

Research evidence excerpt

2Q result preview: QoQ earnings recovery; AP growth leader

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Property - Thailand

2Q result preview: QoQ earnings recovery;

AP growth leader

Earnings Preview

2Q26: AP should lead presales and earnings growth 23 July 2026

We expect 2Q26 profit of property firms under our coverage to fall 7% YoY but + 32% Equity

QoQ. AP should lead in both presales and core profit, up both YoY and QoQ. We expect ASEAN | Thailand

interim DPS from SPALI, SIRI and LH. Real Estate/Property

AP: Strong presales and profits NarumonResearch AnalystEkasamut ^^^

AP saw strong 2Q presales of Bt12.3bn, a jump of 50% YoY and 10% QoQ (Bt10bn Kiatnakin+66 2 305Phatra9086 Securities

landed property presales, +36% YoY, +17% QoQ; Bt2bn condo presales, +223% YoY). We narumon.ekas@kkpfg.com

estimate core profit at Bt1.07bn, up 6% YoY and 18% QoQ, driven by strong residential

sales revenue (transfers) and lower SG&A (13% YoY improvement in absolute value and

2.5% savings in terms of % to total revenue at 16.2% for 2Q26E). AP should be the only Exhibit 1: Recommendation highlights

developer under our coverage that can sustain residential revenue YoY and QoQ growth Ratings and price objectives of stocks

at Bt9.8bn (flat YoY, +5% QoQ), on strong TH and SDH sales. Gross margin should be Stock BofA Ticker Rating PO (Bt)

under pressure with -0.7% YoY but +0.4% QoQ to 28.5%. JV condo’s profit-sharing is SPALI XPAYF Buy 16.50

expected to be small at Bt40mn, down 54% YoY and 17% QoQ. SIRI XTHSF Buy 1.66

AP XPPKF Buy 10.20

SPALI: Steady presales YoY and better earnings QoQ LH LDHXF U/P 3.40

SPALI’s 2Q presales of Bt5.3bn are up 1% YoY but down 32% QoQ, with strong condo Source: KKPS estimates BofA GLOBAL RESEARCH

presales but weak landed property. We estimate core profit at Bt1.0bn, jump 149% QoQ,