Quality Houses Public Company Limited is a Thai property developer operating with its subsidiaries in Thailand. It reports four segments: Real Estate Business, Hotel Business, Rental Business, and Others. Its activities include developing and selling land, houses, and residential condominium units; renting office buildings; providing residential building services; managing public utilities and landowners' real estate; hotel operations; land leasing; and building management. The company was incorporated in 1983 and is headquartered in Bangkok, Thailand.
QH appoints Prawit Chotwattanaphan as CEO and Managing Director, effective 1 January 2027
The board of Quality Houses, or QH, has approved the appointment of Prawit Chotwattanaphan as Chief Executive Officer and Managing Director. The company's board meeting No. 6/2569 on 29 September 2569 passed the resolution. Prawit currently serves as Managing Director of QH. This senior management restructuring will take effect from 1 January 2027 onward. The appointment follows the expiration of the term of the current Chief Executive Officer, Chalerm Kiattanabamrung, on 31 December 2026. The company has notified the Stock Exchange of Thailand of the matter.
QH.BK · · Neutral QH appoints Prawit Chotwattanaphan as CEO/MD effective 2027 following the current CEO's term expiry; a leadership succession with no stated financial or operational driver.
QH closes share buyback programme, repurchases 108.19 million shares worth 150.79 million baht
Quality Houses Public Company Limited, or QH, informed the Stock Exchange of Thailand that its second share buyback programme for financial management ended on 15 September 2026, with a total of 108,190,500 shares repurchased, representing 14.43 percent of the approved share limit, with a total value of 150,790,962 baht. Miss Apinya Jarutrakulchai, Deputy Managing Director, stated that the company was unable to repurchase the full approved number of shares and value because it took into account the share price level, trading volume and market conditions in order to maximise benefits for the company and shareholders. The company's board meeting No. 1/2026 on 24 February 2026 approved a share buyback programme of not more than 750 million shares, with a maximum value of not more than 1,200 million baht, between 16 March 2026 and 15 September 2026. The company will be able to sell the repurchased shares after a period of 3 months from the end date of the programme, but not exceeding 3 years, and will present the timing and method for selling the repurchased shares to the company's board meeting for further consideration.
QH.BK · Capital · Positive QH completed its second share buyback programme, repurchasing 108.19 million shares worth 150.79 million baht, a capital-return action for shareholders.
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.
Seven property stocks pay interim dividends before XD dates of 25-28 August
An analyst at Asia Plus Securities said 14 residential developers posted second-quarter 2026 normalised profit of 5.88 billion baht, recovering 75 percent from the previous quarter and rising 16 percent from the same period last year. This marks the first return to year-on-year growth in 12 quarters. Seven companies, namely SPALI, QH, LPN, SC, SIRI, PSH and LALIN, announced interim dividend payments for the first half of 2026, offering average yields of more than 2 to 3 percent, except PSH and QH, which average more than 1 percent. They will go ex-dividend this week between 25 and 28 August 2026. The analyst recommends a market-weight stance, selecting SC and SIRI as top picks to accumulate before the XD dates to capture dividends of around 3 percent, and expects second-half 2026 profit to be better than the first half, when normalised profit was 9.25 billion baht, up 9 percent from the same period last year. Meanwhile, AP pays dividends only once a year but offers a yield above 6 percent per year, and its profit is expected to stand out more in the second half of 2026.
SC.BK · Capital · Positive SC is a top pick to accumulate before XD date for ~3% dividend yield, with expected profit improvement in H2 2026.
LALIN.BK · Capital · Positive LALIN announced interim dividend with yield over 2-3%, ex-dividend this week
LPN.BK · Capital · Positive LPN announced interim dividend with yield over 2-3%, ex-dividend this week
PSH.BK · Capital · Positive PSH announced interim dividend with yield over 1%, ex-dividend this week
QH.BK · Capital · Positive QH announced interim dividend with yield over 1%, ex-dividend this week
SPALI.BK · Capital · Positive SPALI announced interim dividend with average yield >2-3%, and sector profits recovering YoY for first time in 12 quarters.
Phillip Securities sees Thai stocks moving sideways, recommends shifting funds from banks into four key themes
Phillip Securities expects the Thai stock index to trade sideways in a range of 1,640 to 1,665 points, pressured by a 2026 forward P/E of 16.7 times, close to the average since 2020 of 17.1 times, and banking stocks may face sell-on-fact pressure after earnings announcements. However, the TISA project measures will help prevent the index from falling deeply, and a rotation of funds out of banking stocks into real sector stocks is expected for speculation on second-quarter 2026 earnings, which are anticipated to be strong. The investment strategy is divided into four main themes: speculation on second-quarter 2026 earnings in stocks such as AMATA, CPALL, DELTA, HANA, ITC, KCE, MRDIY, MTC, OSP, QH, SAWAD, SCC, STECON, and TIDLOR; energy stocks in BCP, PTT, PTTEP, SPRC, and TOP; speculation on government measures or projects in BJC, CENTEL, CK, CPAXT, CRC, DOHOME, ERW, GLOBAL, HMPRO, LH, MINT, and SCC; and hopes for investment inflows from China in ADVANC, GUNKUL, GULF, ROJNA, WHA, and WHAUP.
Thailand