First Read: Land and Houses "Q126: In line but resi GPM facing new low" (Sell)

研报英文原文证据摘录

First Read: Land and Houses "Q126: In line but resi GPM facing new low" (Sell)

Global Research

14 May 2026ab

First Read

EquitiesLand and Houses

Q126: In line but resi GPM facing new low Thailand

Real Estate

12-month rating Sell

How did the results compare vs expectations?

Land and Houses reported Q126 pre-ex net profit of Bt644m, down 8% YoY. Results 12m price target Bt3.30

were in line with our expectations and consensus, with Q1 accounting for 18% and

15% of our and consensus full-year forecasts, respectively. Nevertheless, this marks

Price (14 May 2026) Bt3.66

another weak set of earnings, underscoring continued strain in the residential segment.

Reported profit was supported by Bt811m in share of profit from associates, implying a RIC: LH.BK BBG: LH TB

core net loss of Bt167m, widening 19% YoY. Residential gross margin halved YoY to Trading data and key metrics

13.3%, highlighting intensifying competition in the landed housing market and

52-wk range Bt4.48-3.28

ongoing pressure on pricing power.

Market cap. Bt43.7b/US$1.35b

Shares o/s 11,950m (ORD)

What were the most noteworthy areas in the results?

Free float 65%

Total revenue declined 3.1% YoY, as a 21% contraction in housing sales more than

Avg. daily volume ('000) 32,800

offset a robust 20% increase in rental and services income. The principal drag remained

the housing segment, where both volumes and margins came under pressure. Despite a Avg. daily value (m) Bt127.9

higher contribution from high-rise transfers—typically higher margin—property sales Common s/h equity (12/26E) Bt57.0b

GPM fell sharply to 13.3% from 26.0% in Q1 25. This reflects weaker pricing power and P/BV (12/26E) 0.8x

an unfavourable product mix, and suggests a more aggressive push towards inventory Net debt to EBITDA (12/26E) 18.2x