Origin Property Public Company Limited is a Thai real estate developer operating with its subsidiaries. It sells land, houses, and residential condominium units, and also provides real estate services and invests in other companies. Additional services include project consulting, market research, construction management, and sales and marketing management. The company also operates hotels and rents building space. It was incorporated in 2009 and is based in Mueang Samut Prakan, Thailand.
Tris Rating says Bangkok floods deepen property woes as low-rise sales fall 16% in first half
Tris Rating assesses that flooding in Bangkok is adding pressure to an already weak housing market. On 30 September 2026, the Bangkok Metropolitan Administration announced that 21 of its 50 districts are no longer classified as flood-affected areas, after all 50 districts had been declared flood zones since 25 September 2026. However, flooding persists in eastern and low-lying areas such as Lat Krabang, Bang Kapi, Min Buri and Saphan Sung. Data from 21 rated property developers show that net sales of low-rise projects in the first half of 2026 fell 16% year on year to approximately 58 billion baht, reflecting continued weakening demand and likely prolonging the inventory clearance period and constraining cash recognition. Developers with projects concentrated in flood-affected areas and weak liquidity, such as PF, MK and KUN, will be more sensitive than others, while SA, NOBLE, PS, LALIN, SENA, ORI and LPN have moderate sensitivity. The overall credit impact remains manageable, with the main risk coming from slower sales and ownership transfers rather than damage to buildings themselves.
MK.BK · Demand · Negative Named as more sensitive due to projects concentrated in flood-affected areas and weak liquidity amid falling low-rise sales.
Property Perfect Public Company Limited · Demand · Negative Property Perfect (PF) is flagged as more sensitive due to projects concentrated in flood-affected areas and weak liquidity amid the 16% fall in low-rise sales.
LALIN.BK · Demand · Negative Named among developers with moderate sensitivity to the weak low-rise housing market and Bangkok flooding.
LPN.BK · Demand · Negative Named among developers with moderate sensitivity to the weak low-rise housing market and Bangkok flooding.
NOBLE.BK · Demand · Negative Named among developers with moderate sensitivity to the weak low-rise housing market and Bangkok flooding.
KUN.BK · Demand · Negative Low-rise net sales fell 16% YoY in H1 2026, reflecting continued weakening demand and prolonging inventory clearance.
SET September earnings estimates revised up 0.7%, boosted by energy and petrochemicals
September earnings estimates for the SET were revised up a further 0.7% month on month and 15.6% since the start of the year, driven mainly by sectors benefiting from higher energy and commodity prices. Petrochemicals led the way with a 6.2% month-on-month increase, as PTTGC rose 13% and IVL gained 7%. The energy sector rose 1.8%, led by refiners BCP up 26%, TOP up 10% and SPRC up 9%, which lifted the estimate for sector heavyweight PTT by a further 2%. The agricultural sector rose 2.1% on higher rubber prices, with STA's earnings estimate revised up 26%. However, the upward revisions are no longer as broad-based as before: fuel station operators PTG fell 26% and OR dropped 4%, while power plant groups SPP, BGRIM and GPSC slipped 2% and 1% respectively. In real estate, LH fell 1% and ORI dropped 13%, reflecting a growing divergence in earnings estimate trends between sectors and individual companies. Stocks still seeing upward revisions included AWC up 8%, CENTEL up 5%, BJC up 4%, CRC up 3%, AMATA up 8% and GUNKUL up 2%.
Energy Transition & Power Demand › Natural Gas Value Chain ▲Pricing
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PTTGC.BK · Pricing · Positive PTTGC's September earnings estimate was revised up 13% on higher energy and commodity prices, boosting petrochemical margins.
SPRC.BK · Pricing · Positive SPRC's earnings estimate rose 9% as a refiner benefiting from higher energy prices.
STA.BK · Pricing · Positive STA's earnings estimate was revised up 26% on higher rubber prices.
LH.BK · Capital · Negative LH's September earnings estimate was revised down 1%, reflecting divergence in earnings trends.
OR.BK · Capital · Negative OR's earnings estimate was revised down 4% as upward revisions became less broad-based.
ORI.BK · Capital · Negative ORI's earnings estimate dropped 13% in real estate, showing sector divergence.
Bualuang raises Thai stock market profit target, highlights 8 standout stocks CRC, AMATA, GUNKUL as energy beneficiaries
Bualuang Securities (BLS) has revised up its earnings estimate for the Thai stock market in September by 0.7% month-on-month and 15.6% since the start of the year. Piriyapon Kongwanich, Director of Investment Analysis for Wealth Management, said the main driver came from groups benefiting from energy and commodity prices amid prolonged wars. The petrochemical group was raised 6.2% month-on-month, led by PTTGC up 13% and IVL up 7%, while the energy group rose 1.8% on refineries BCP up 26%, TOP up 10% and SPRC up 9%, pushing PTT up another 2%. The agricultural group rose 2.1% on higher rubber prices, with STA raised 26%. On the other side, groups whose costs are linked to energy prices were revised down, led by PTG down 26% and OR down 4%, as well as SPP power plants such as BGRIM down 2% and GPSC down 1%. Meanwhile, businesses sensitive to the economy such as property, LH down 1% and ORI down 13%, also faced downgrades. This reflects a clearer divergence in earnings direction between industry groups and individual companies. The strategy therefore focuses on Earnings Leaders with strong profits. CRC is expected to post core profit growth of 25 to 30% year-on-year in the third quarter of 2026 from same-store sales growth of around 2% and revenue growth of about 4% year-on-year. CBG is supported by domestic energy drink sales growing 10% year-on-year. BH and BDMS are entering a seasonal profit recovery period. AOT, AWC and CENTEL benefit from tourism entering the high season, with AOT's winter slots from October 2026 to March 2027 up 4% year-on-year and AWC's RevPAR in July to August up 23% year-on-year, while CENTEL rose 5 to 6% year-on-year. AMATA is supported by data center demand adding clarity to profits, and GUNKUL benefits from a recovery in wind power plants along with investment opportunities in transmission systems.
ORI expects property market to recover late next year, plans three new projects worth 4.2 billion baht
Apisit Soonthornchookiat, Chief Executive Officer of Origin Vertical Corporation, or ORIGIN VERTICAL, under Origin Property, or ORI, disclosed that the real estate and condominium market will begin to recover clearly late next year, depending on economic stimulus measures and government support. Meanwhile, the behaviour of the new generation of consumers is shifting from buying to renting, making the condominium rental market in the Eastern Economic Corridor, or EEC, and around industrial estates expand strongly. In the fourth quarter of 2026, the company plans to launch three new projects in Bangkok, Pattaya and Phuket with a combined value of 4.2 billion baht: The Origin Yaek Kor Por Aor Station worth 1.8 billion baht with 868 units starting at 1.49 million baht, Origin Branded Residence Pattaya worth 1.4 billion baht with 306 units starting at 3.49 million baht, and Origin Wellness Residence Phuket worth 1 billion baht with 238 units starting at 3.79 million baht. It targets presales of 20 billion baht, revenue of 4.5 billion baht and transfers of ownership worth 12 billion baht, covering both projects the company develops itself and joint-venture projects. On marketing strategy, the company is shifting from reliance on offline media to a focus on social media and video content, promoting sales staff as company influencers through TikTok, Facebook and Instagram, which generates sales accounting for as much as 30% of total sales. It is also partnering with Lazada and Shopee to hold livestreaming events and bringing Amy and Bonnie from GMMTV to join an activity on 18 September 2026 from 2:00 to 3:00 p.m. on the Lazada platform. Next year, provincial markets will be the main driver, focusing on Phuket, which benefits from the purchasing power of foreign customers through its dealer network, and Rayong, home to industrial estates with a large workforce base. Meanwhile, the SO Origin Siriraj project responds to the health megatrend with a Wellness concept and cooperates with The Longevist, a specialist in Wellness Longevist integrated health care.
ORI launches SO Origin Siriraj, a 256-unit wellness condo worth 1.3 billion baht
Origin Vertical Corporation, under the condominium business of Origin Property Public Company Limited, or ORI, revealed that the SO Origin Siriraj project, developed under the Wellness Residential Design concept, has been completed 100% and has begun gradually transferring ownership to customers. Chief Executive Officer Apisit Sunthornchookiat said the company places importance on designs that address health and long-term quality of life. The project sits on approximately 1.2 rai of land and is developed as a 19-storey high-rise condominium with 256 units and a project value of about 1.3 billion baht. It comprises two room types: High Ceiling units of 30.10 to 34.90 square metres and Simplex units of 34.70 to 66.11 square metres. The company has partnered with The Longevist, a specialist in wellness longevity, to provide holistic care across five dimensions under the concept Longevity Across all Generations, along with health facilities such as a Private Massage & Spa, yoga and pilates rooms, a swimming pool and the Origin Healthcare Club, as well as Health Secretary services and an Emergency & Resident Care Team around the clock. The project received two international awards at the International Property Awards 2026: Award Winner: Residential High Rise Architecture Thailand and Award Winner: Residential High Rise Development Thailand. Its location at Fai Chai intersection is near Siriraj Hospital and Siriraj Piyamaharajkarun Hospital, just 70 metres from the MRT Blue Line's Fai Chai station. Apisit noted that land prices along main roads and near MRT stations have grown at an average of 5 to 8% over the past five years, while condominium selling prices in the area have risen by about 5.5%.
ORI.BK · Demand · Positive SO Origin Siriraj completed 100% and begun transferring ownership to customers, realizing sales of the 256-unit, 1.3-billion-baht project.
The Longevist · · Neutral Named only as ORI's wellness-longevity partner for the project; no financial or business impact on The Longevist is described.
ORIGIN VERTICAL partners with Lazada to livestream home and condo sales via LazLive, bookings start at 999 baht
Apisit Soonthornchookiat, Chief Executive Officer of Origin Vertical Corporation, or ORIGIN VERTICAL, a condominium developer under Origin Property Public Company Limited, or ORI, has unveiled an aggressive marketing plan built on a Live Commerce strategy, extending the Now or Never campaign by bringing more than 10 condominium projects near rail lines across 3 prime locations, along with Britannia housing projects, to run promotions on LazLive, with bookings for homes and condos starting at just 999 baht. The livestream is set for Friday, September 18, 2026, from 2:00 to 3:00 p.m. on Lazada, with prices starting from 1.39 million to 35 million baht. The event will feature an Exclusive Show from two artists, Emiamily and Beobonny, adding colour and hosting an exclusive chat. The partnership with Lazada also aims to build engagement with Gen Y and Gen Z groups who are familiar with online shopping, as customers can view project information and reviews in real time and immediately book special units. Apisit said the limited-time special promotions during the livestream help spur immediate purchase decisions. Bookers also receive privileges from the #NowOrNever campaign, including discounts of up to 40%, free stay with no instalments for up to 36 months, free full furniture and a full set of electrical appliances, a low interest rate of 1.25% per year, low instalments starting at 1,500 baht per month for 12 months, and free high-speed True Online for a full year.
ORI.BK · Demand · Positive Origin Vertical, under Origin Property, partners with Lazada to livestream over 10 condo projects with bookings from 999 baht to spur home sales.
BRI.BK · Demand · Neutral Britannia housing projects are included in the LazLive livestream promotions, but no specific Britannia development or order is detailed.
Asia Plus expects July-August 2026 presales from six property developers to reach 26.6 billion baht, picks AP, SC, SIRI
Asia Plus Securities estimates that presales in July-August 2026 for six property developers, namely AP, SPALI, SIRI, SC, ORI and LH, will come to about 26.6 billion baht, holding steady in the research house's view and close to the average for the first two months of the first quarter and second quarter of 2026, as new project launches during the period remained at a low level, mostly low-rise projects with a combined value of 15.9 billion baht, or only 28% of the 57 billion baht in new launch plans for the third quarter of 2026. Most of the launches came from AP, with a combined value of about 10 billion baht, making AP's presales the strongest in the group, estimated at 9.2 billion baht, while SIRI, ORI and SPALI were at a moderate level of about 4 to 6 billion baht. LH and SC are expected to post presales of about 2 billion baht. The research house expects sales-generating activity to pick up more in September 2026, the month with the highest new launch plans of the third quarter of 2026 at a combined value of about 41 billion baht. AP opened sales for Good Day More Bang Mod, worth 1.3 billion baht, on September 5-6, and is preparing to open presales for the Aspire Sathorn-Taksin project, worth 1.2 billion baht, on September 12-13. SIRI is preparing to launch The Monument Sathorn, worth 4 billion baht, and LH will hold the first viewing of the actual project, Wan Wela Na Chao Phraya, which has been completed and is due for handover in the fourth quarter of 2026. In the final week, September 26-27, Supalai Sense Pattaya, worth 1 billion baht, and SC's Reference BAIE River Bang Pho, worth 11 billion baht, will be launched. With more new launch plans and more aggressive marketing activity, this is expected to help lift September presales for many companies. A preliminary assessment puts presales for the six developers in the third quarter of 2026 as likely to recover from 40.8 billion baht in the second quarter of 2026, but still down from 44.5 billion baht in the third quarter of 2025. The research house maintains a market-weight stance on the residential development sector, amid a housing market that remains challenging, and therefore focuses on Selective Buy investments in stocks with product portfolios covering both low-rise and condominiums, new condo projects ready for handover in the second half of 2026 to help drive earnings, and share prices that still have upside. Its top picks are AP, SC and SIRI.
AP.BK · Demand · Positive AP's presales are estimated strongest in the group at 9.2 billion baht, driven by ~10 billion baht of new launches including Good Day More Bang Mod and Aspire Sathorn-Taksin.
SC.BK · Demand · Positive SC is slated to launch Reference BAIE River Bang Pho worth 11 billion baht in late September, which is expected to lift its presales.
LH.BK · Demand · Neutral LH is expected to post presales of only about 2 billion baht, though it will hold a first viewing of Wan Wela Na Chao Phraya due for Q4 2026 handover.
ORI.BK · Demand · Neutral ORI is grouped at a moderate presales level of about 4 to 6 billion baht with no company-specific launch detail given.
SPALI.BK · Demand · Neutral SPALI is at a moderate presales level of about 4 to 6 billion baht and will launch Supalai Sense Pattaya worth 1 billion baht in late September.
KGI rates SIRI and AP as "Buy" on 4Q69 property high season
KGI Securities (Thailand) has maintained its "Equal Weight" investment rating on the property sector, assigning a "Buy" recommendation to SIRI and AP because they are the number one and number two market leaders in presales respectively, supported by strong core businesses, good dividend payouts, and solid backlogs and ready-to-sell projects. Meanwhile, SPALI, LH and PSH are rated "Hold", while ORI and QH are rated "Sell", with ORI because its recovery path remains challenging and QH because most of its profit comes from share of profit from associates rather than its core property business. Although the property business remains sluggish due to slowing revenue and low gross margin, AP is still growing strongly enough for its 1H69 profit to grow on the back of its core business, while SPALI, QH, SIRI and ORI have share of profit from associates helping to support net profit. PSH performed better than expected thanks to cost control and its steadily growing hospital business, and LH has a hotel business that accounts for about 50% of revenue and remains outstanding. It is expected that 3Q69F profit of AP, SPALI and SIRI will grow year on year in line with construction completion schedules and condominium transfers, while 4Q69 will be the quarter with the highest earnings of the year for AP, LH, ORI and SIRI, driven by the high season and a large number of new condominiums scheduled for ownership transfer. LH is likely to lead the group thanks to transfers of the "One Verandah" condominium worth 1.5 billion baht, which is already 57% sold, plus a large gain from the sale of the Grand Centre Point Surawong hotel worth 3 billion baht and apartments in the United States. The consumer confidence index in August 69 improved to 53.2 from about 50 in 2Q69 and 51.8 in July, while the property sector's aggregate profit in 1H69 accounted for 43% of the current full-year profit forecast of 19.4 billion baht, up 5% year on year, and the 2570F forecast of 20.6 billion baht, up 6.5% year on year.
AP.BK · Capital · Positive KGI assigns AP a Buy rating as the No.2 presales market leader with strong core business and 4Q69 high-season earnings growth.
LH.BK · Capital · Positive KGI rates LH Hold but notes it should lead the group on One Verandah transfers and a 3bn baht hotel sale gain.
ORI.BK · Capital · Negative KGI rates ORI a Sell because its recovery path remains challenging.
PSH.BK · Capital · Positive KGI rates PSH Hold, noting it performed better than expected on cost control and its growing hospital business.
QH.BK · Capital · Negative KGI rates QH a Sell because most profit comes from associates rather than its core property business.
SIRI.BK · Capital · Positive KGI assigns a Buy rating to SIRI, citing its position as the number one presales market leader with strong core business, dividends, and backlog.
Origin Agent Club Partners with EM DISTRICT to Create Agent Experience Community
Origin Agent Club has announced a partnership with EM DISTRICT to launch the "BEYOND THE RUNWAY" campaign, aiming to build an Agent Experience Community and expand its network of agents and international clients. The campaign offers exclusive privileges to agents at the Silver to Diamond Tier levels, running from now until December 31, 2026, at EM DISTRICT. Mr. Thanakorn Wuttiphong, Chief Executive Officer of International Business Management at Origin Property Public Company Limited (ORI), stated that this collaboration combines the strengths of two brands with a shared base of international clients. Origin has a network of over 500 agents and focuses on developing residential properties in prime locations, while EM DISTRICT is a global lifestyle hub comprising EMPORIUM, EMQUARTIER, and EMSPHERE. The campaign also includes exclusive Tourist Card Platinum privileges for international clients who purchase and transfer ownership by December 31, 2026, offering discounts of up to 50% on shopping within EM DISTRICT. The goal is to boost sales in the second half of 2026.
ORI Repays 714.7 Million Baht in Bonds on Maturity
Origin Property Public Company Limited (ORI) has fully repaid its bonds worth 714.7 million baht on the maturity date of September 1, 2026. Mr. Peerapong Charoon-ek, Chief Executive Officer, stated that this repayment reflects the company's financial strength and commitment to honoring its obligations to bondholders. He also emphasized prudent liquidity management and long-term financial planning. The company continues to advance its ORIGIN Portfolio Evolution 2026 strategy through five core businesses: condominiums under the ORIGIN VERTICAL brand, detached houses under BRITANIA, real estate-related services under PRIMO, recurring income business under ORIGIN Hotel, and logistics and warehouse business under ALPHA, to achieve sustainable growth.
ORI Repays Matured Bonds Worth 714.7 Million Baht on Schedule
Origin Property Public Company Limited, or ORI, has announced the full repayment of bonds that matured on September 1, 2026, totaling 714.7 million baht, in accordance with the schedule. Mr. Peerapong Charoon-ek, Chief Executive Officer, stated that this repayment reflects the company's financial strength and discipline in liquidity management. He also reiterated the company's commitment to bondholders and its dedication to developing quality projects under the ORIGIN Portfolio Evolution 2026 strategy, which encompasses five core business areas: condominiums under the ORIGIN VERTICAL brand, housing estates under the BRITANIA brand, related services under PRIMO, recurring income business under ORIGIN Hotel, and logistics under ALPHA.
ORI Repays Matured Bonds Worth 714.7 Million Baht on Schedule
Origin Property Public Company Limited, or ORI, announced that it has fully repaid bonds maturing on September 1, 2026, totaling 714.7 million baht, in accordance with the schedule. Mr. Peerapong Charoon-ek, Chief Executive Officer, stated that this repayment reflects the company's financial strength and discipline in liquidity management, while reaffirming its commitment to bondholders and dedication to developing quality projects under the ORIGIN Portfolio Evolution 2026 strategy, which covers five core businesses: condominiums under the ORIGIN VERTICAL brand, housing estates under the BRITANIA brand, related services under PRIMO, recurring income business under ORIGIN Hotel, and logistics and warehousing under ALPHA.
Origin Property Repays 714.7 Million Baht in Matured Bonds
Origin Property has announced the full repayment of bonds worth 714.7 million baht, which matured on September 1, 2026. Mr. Peerapong Charoon-ek, Chief Executive Officer, stated that this repayment reflects the company's financial strength and disciplined liquidity management. The company continues to execute its ORIGIN Portfolio Evolution 2026 strategy, covering five core businesses: condominiums under the ORIGIN VERTICAL brand, housing estates under BRITANIA, services under PRIMO, recurring income business under ORIGIN Hotel, and logistics under ALPHA, while maintaining strict financial discipline to achieve sustainable growth.
Frontline Engineering Public Company Limited, or FLE, will begin trading its securities for the first time on the Market for Alternative Investment (mai) on September 1. The company operates in the sourcing, distribution, and rental of water pumps, as well as comprehensive water management, under the industrial products group. CEO Mr. Panu Chokapirat stated that the funds raised will be used to purchase machinery and equipment, expand production capacity, repay debt, and serve as working capital. Meanwhile, Origin Property Public Company Limited, or ORI, announced the successful sale of its 3/2569 debentures, both tranches, totaling 800 million baht, offered from August 25-27, which were fully subscribed as expected. Jubilee Enterprise Public Company Limited, or Jubilee, reported a 26.2% increase in net profit for the first half of the year compared to the same period last year. Additionally, Energy Absolute Public Company Limited, or EA, received the Outstanding Industry Award for the year 2568 in the category of Future Industry and Services. North East Rubber Public Company Limited, or NER, received the ESG100 Company certificate for the year 2569 from the Thai Institute of Directors. Thai Coconut Public Company Limited, or COCOCO, posted a first-half profit of 205.16 million baht, up 44.24%, driven by strong growth in coconut milk and pet food products in America and Europe, and is proceeding with investment through its subsidiary NOVOCOCONUT INC. in the Philippines.
COCOCO.BK · Demand · Positive First-half profit up 44.24% driven by strong growth in coconut milk and pet food products in America and Europe.
JUBILE.BK · Capital · Positive Reported a 26.2% increase in net profit for the first half compared to the same period last year.
ORI.BK · Capital · Positive Successfully sold its 3/2569 debentures, both tranches totaling 800 million baht, fully subscribed as expected.
Frontline Engineering · Capital · Positive FLE begins trading on mai on Sept 1, with IPO proceeds to fund machinery, capacity expansion, debt repayment, and working capital.
EA.BK · Regulation · Positive Received the Outstanding Industry Award for 2568 in the Future Industry and Services category.
NER.BK · Regulation · Positive Received the ESG100 Company certificate for 2569 from the Thai Institute of Directors.
ORI expected to recover in second half; broker raises target to 1.98 baht
Asia Plus Securities has upgraded its recommendation on ORI to Trading, with a new fair value of 1.98 baht based on a 7 times price-to-earnings ratio. It expects normalized profit in the second half of 2026 to recover from the first half, when normalized profit was 203 million baht, or 41 percent of the full-year target of 492 million baht. This is due to plans to deliver two new high-margin projects in Phuket, and the company targets net cash flow of 1.5 to 1.8 billion baht from selling at least two to three hotels, four to five land plots, and warehouses into a REIT in the second half of this year. Meanwhile, normalized profit for 2027 has been raised to 694 million baht, growing 41 percent year on year, driven by transfers of nine new condominium projects worth 20 billion baht. The highlight is the Thonglor project with four buildings worth 12 billion baht, which carries a high margin of 35 to 40 percent.
Origin Property Public Company Limited, or ORI, unveiled a three-year strategic plan under the JUMP+ programme, targeting net profit of approximately 1.432 billion baht in 2028, up 42.6 percent from the previous year. For 2026, net profit is projected at about 808 million baht, an increase of 12.2 percent, and for 2027 at about 1.004 billion baht, an increase of 24.3 percent. The core strategy is a Build-Operate-Exit-Reinvest model, focusing on developing hotels and warehouses to enhance value before selling them into REITs or to other investors, then reinvesting the proceeds. The company plans to launch new projects worth 6.05 billion baht in 2026, 7.3 billion baht in 2027, and 8.6 billion baht in 2028. On the financial side, the company expects to recognise revenue from asset and land sales in the second half of 2026 of about 1.5 to 1.8 billion baht, from placing warehouses of three joint-venture projects with a combined area of 175,107 square metres into the ALPHART trust and selling land in Si Racha, Bangkok, and Phuket. It also aims to reduce its net interest-bearing debt-to-equity ratio from 1.38 times at the end of the second quarter of 2026 to about 1.2 times in 2028.
ORI plans to recognise revenue of 33 billion baht over four years
Origin Property Public Company Limited, or ORI, plans to recognise revenue from various projects totalling approximately 33 billion baht over the next four years. In the second half of 2026, revenue recognition is expected to be around 9 billion baht, with a trend towards nearly 10 billion baht in the following year. The company is preparing to launch new projects worth more than 12.9 billion baht, covering residential, hotel, and warehouse businesses. This includes residential projects for sale worth about 6 billion baht, hotel projects worth about 6.15 billion baht, and plans to develop logistics warehouses with an area of approximately 15,000 square metres. Ownership transfers in the first and second quarters of 2026 are proceeding according to plan, while the second half of the year will see the gradual transfer of additional new projects. These include the SO Origin Bangtao Beach condominium worth more than 3 billion baht, which already has a backlog of over 2 billion baht, as well as three newly completed housing estate projects with a combined value of more than 2.65 billion baht. ORI is moving forward with its Build Operate Exit Reinvest strategy by gradually selling assets in its warehouse and hotel portfolio to increase liquidity and reduce debt. As a result, the interest-bearing debt to equity ratio, or IBD/E, has fallen from 1.5 to 1.6 times at the end of last year to 1.38 times at present. The company aims to reduce IBD/E further to 1.3 times and 1.2 times in the future through debt management, bond issuance, and planned asset sales.
Origin allocates new budget of 11.65 billion baht, pushing Phuket portfolio to 30 billion baht in three years
Origin Property Public Company Limited, or ORI, has announced a new investment plan of 11.65 billion baht in Phuket from 2026 to 2028, aiming to boost its total investment portfolio value in the province to 30 billion baht, up from 18.35 billion baht at the end of the second quarter of 2026. The plan covers nine new condominium projects worth a combined 11.65 billion baht and two hotels valued at 1.88 billion baht. Revenue recognition will begin in the fourth quarter of 2026 from the handover of completed projects, along with the phased opening of three hotels under the Hilton and Marriott brands, totaling 601 rooms and worth 2.7 billion baht. The current portfolio's foreign customer base is led by Russians at 46.6 percent, Poles at 15.9 percent, and Chinese at 6.4 percent.
Bluebell launches bond offerings for 9 companies with coupons of 3.70–7.40% per annum
Bluebell Securities is offering newly issued bonds from nine companies, totaling 13 tranches, between August and September 2026. Coupons range from 3.70% to 7.40% per annum, with tenors from one year and six months to five years. Villa Kunalai bonds, with a tenor of two years and three months, carry a coupon of 7.40% per annum, are secured at 1.50 times, and have a credit rating of B plus. They will be offered to institutional and high-net-worth investors on August 20 to 21 and 24. Sak Siam Leasing bonds, with a three-year tenor and a coupon of 5.60% per annum, are rated triple B and will be offered to the general public on August 24 to 27. Aurora Design has two tranches: a one-year-six-month bond with a coupon of 4.80 to 4.90% per annum, rated triple B minus, and a two-year-six-month bond with a coupon of 4.60 to 4.70% per annum, rated triple B, both secured at 1.00 times. They will be offered to institutional and high-net-worth investors on August 25 to 27. Origin Property has two tranches: a one-year-eleven-month bond with a coupon of 5.50% per annum and a two-year-eleven-month bond with a coupon of 6.00% per annum, both rated triple B minus. They will be offered to the general public on August 25 to 27. Micro Leasing bonds, with a two-year tenor and a coupon of 6.40 to 6.60% per annum, are rated double B, secured at 1.20 times, and will be offered to institutional and high-net-worth investors on September 1 to 3. TPI Polene has two tranches: a four-year bond with a coupon of 3.70% per annum and a five-year bond with a coupon of 3.90% per annum, both rated triple B. They will be offered to the general public on September 1 to 3. Next Capital has two tranches: a two-year-six-month bond with a coupon of 5.10 to 5.20% per annum and a three-year bond with a coupon of 5.25 to 5.35% per annum, both rated triple B minus. They will be offered to institutional and high-net-worth investors on September 7 to 9. Charn Issara Development bonds, with a tenor of one year and ten months and a coupon of 7.30% per annum, are rated double B minus, secured at 1.40 times, and will be offered to institutional and high-net-worth investors on September 10 to 11 and 14. Jaymart Group Holdings bonds, with a three-year tenor and a coupon of 5.75 to 6.00% per annum, are rated triple B minus and will be offered to the general public on September 21 to 23.
ORI closes deal to sell Staybridge Suites Bangkok Sukhumvit hotel for 1.095 billion baht
Origin Property Public Company Limited, or ORI, has closed a deal to sell the Staybridge Suites Bangkok Sukhumvit hotel for 1.095 billion baht to the Sawetsomphop family, executives of Sino-Pacific Trading Thailand. The sale is part of a business restructuring plan under which ORI aims to sell a total of six hotels this year. Earlier, in May 2026, it sold the Ibis Phuket Kata hotel for 745 million baht. The latest deal was carried out through two subsidiaries, Origin One Sukhumvit 24 Company Limited and Origin One Phrom Phong Company Limited, and is expected to be recognised in the third quarter of 2026. ORI will receive net cash flow of approximately 550 million baht, as the project is a joint venture. The hotel asset sales are aimed at strengthening liquidity amid long-term debt obligations due within one year. As of the end of the first quarter of 2026, these stood at 12.147 billion baht, including the ORI269A bond worth 714.70 million baht maturing on 1 September 2026. In addition, ORI plans to sell four warehouse projects into a real estate investment trust of Alpha Industrial Solution Company Limited in the second half of 2026, which is expected to generate additional cash flow of around 450 million baht.
Kasikorn Securities maintains HOLD on ORI, raises target to THB 2.15
Kasikorn Securities has maintained a HOLD recommendation on Origin Property Public Company Limited, or ORI, while raising its mid-2027 target price to THB 2.15 from THB 1.80. The broker expects second-quarter 2026 profit to rebound 29 percent from the previous quarter to 133 million baht, but to decline 58 percent year-on-year due to lower revenue and gross margin pressure from intense competition and an unfavorable product mix. Meanwhile, it has cut its 2026, 2027, and 2028 profit forecasts by 28 percent, 10 percent, and 1 percent respectively to reflect weaker-than-expected housing demand and high mortgage rejection rates in the mid-to-lower market segment, which is ORI's main revenue source. On the liquidity front, ORI continues to prioritize cash flow, with no new project launches in the first half of 2026 and an accelerated sell-down of completed inventory through pricing strategies and bulk sales, as well as asset disposals such as two hotels. This has enabled the company to successfully repay all maturing debentures since the start of the year, leaving only 715 million baht in debentures due in September 2026. Meanwhile, new debenture issuances of 2.15 billion baht in July, 1.3 billion baht in May, and 1.35 billion baht in February have further bolstered liquidity and reflect continued strong confidence among bondholders.
ORI to Offer Two Bond Tranches with 5.50–6% Annual Coupon on 25–27 August
Origin Property Public Company Limited, or ORI, is preparing to offer its third batch of new bonds in 2026, consisting of two tranches, between 25 and 27 August 2026. The first tranche has a tenor of 1 year and 11 months, carries a coupon of 5.50 percent per annum, and matures in 2027. The second tranche has a tenor of 2 years and 11 months, carries a coupon of 6.00 percent per annum, and matures in 2028. Both tranches are registered, unsubordinated, and unsecured, with a bondholder representative. They are being offered to retail and institutional investors, with a minimum subscription of 100,000 baht and multiples of 100,000 baht thereafter. The company holds a corporate credit rating of BBB with a stable outlook, and a debt instrument rating of BBB minus with a stable outlook, from TRIS Rating. This bond issuance is part of the ORIGIN Portfolio Evolution 2026 strategy, which is driven by five core business groups: condominiums, housing developments, property services, recurring income from hotels and commercial spaces, and logistics and warehousing. As of the end of the first quarter of 2026, the company had a sales backlog of 34.68 billion baht, which will be gradually recognised through 2029.
Thailand