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Supalai Public Company Limited

15.90-3.5%1Y · THB

Supalai Public Company Limited is a property developer operating in Thailand and Australia through its subsidiaries. It operates in two segments: Real Estate Business, and Hotel Business and Management. The company develops and operates housing projects including detached houses, duplexes, townhouses, and condominiums under the Supalai brand, as well as office buildings for rent. It also provides real estate project management, hotel and resort management, shopping center development, land and property trading, rental and leasing services, securities investment, and hotel development. Founded in 1989, it is headquartered in Bangkok, Thailand.

Price · split & dividend adjusted
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SPALI confident floods will not affect business, to launch 19 new projects in second half worth 22,660 million baht

Supalai, or SPALI, has confirmed that the current flood situation does not affect projects currently open for sale, as every project has been designed to withstand flood levels equivalent to the 2011 situation. Managing Director Tritecha Tangmatitham told the Stock Vision news team that the company can still launch new projects in the second half as planned, or close to it, totalling 19 projects with a combined value of approximately 22,660 million baht. In the third quarter of 2026, new launches proceeded as planned, and in the fourth quarter of 2026 the company is preparing to launch nearly 10 more projects, part of its full second-half launch plan. It is confident of a good response thanks to the strength of locations free from flood problems. Overall sales and transfers have not been affected, since no project has been directly damaged by flooding, and financial institutions are still approving loans for customers as normal. Transfers of ownership in late the third quarter of 2026 will be slightly affected by public holidays and by 30 September, the end of the government's fiscal year, when land offices open for only half a day. The company believes that once the situation eases, housing demand in non-flooded locations will recover quickly in a K-shaped recovery.
SPALI.BK · Demand · Positive SPALI confirms floods don't affect its projects and it will launch 19 new projects worth 22,660 million baht in H2, with sales and transfers unaffected.
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Supalai launches Parkville Bo Sang-San Kamphaeng detached home project worth 1.5 billion baht

Supalai Public Company Limited, or SPALI, has launched its two-storey detached home project "Supalai Parkville Bo Sang-San Kamphaeng" in Chiang Mai province, with a project value of over 1.5 billion baht on a site of more than 78 rai, starting at 4.66 million baht. Mr. Saichon Lueamkham, Senior Director of the Regional Project Line 4, said the project is developed under three main pillars: PEOPLE, LOCATION, and VALUE. The homes come in a Modern Tropical Series style with five models to choose from, usable areas of 150 to 330 square metres, three to four bedrooms, and two to three parking spaces. The project also features two large public parks totalling more than 2.5 rai, a clubhouse, a swimming pool, a fitness centre, and 24-hour security. Every unit also comes with a free Solar Rooftop installation, along with a Home Automation & Security system and the SABAI Application. The actual site will be open for viewing at a Pre-Sales event on 10-11 October, with discounts of up to 700,000 baht, a Central Gift Card worth 100,000 baht, and electrical appliances for those who book on the event day.
SPALI.BK · Demand · Positive Supalai launched a new 1.5-billion-baht detached home project in Chiang Mai with a pre-sales event, expanding its product offering and sales pipeline.
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Stocks to Watch Today: BCP Names New CEO, Central Plows 3.5 Billion Dollars into Vietnam

Today's stocks to watch span several key developments. Bangchak, or BCP, is changing its top leadership for the first time in 12 years, after the board unanimously resolved to appoint Bundit Hansapaiboon as the new CEO, succeeding Chaiwat Kovavisarach, whose term has ended, effective January 1, 2027, after more than a decade at the helm. The stock fell nearly 3% on concerns over the leadership change. Meanwhile, BCPG clarified the case in which the Department of Special Investigation requested information on its investment in the Phetchaburi oil depot and jetty project, confirming it is ready to cooperate fully and that there has been no conclusion or ruling from the relevant agencies. Central announced a new investment plan in Vietnam totaling 3.5 billion US dollars, covering retail, real estate, and hotels, split into 1.5 billion dollars for CRC to expand roughly 50 stores over three to five years, and another 2 billion dollars for CPN, after seeing substantial room for economic and purchasing-power growth. EGCO is pushing into the United States, acquiring a large 615-megawatt natural gas power plant in central New York under a tolling agreement that locks in long-term cash flow and captures electricity demand from AI and data centers. SPALI declared that Thai real estate has passed its bottom, and it will launch 19 new projects worth a combined 22.66 billion baht in the second half, with brokers saying profits have reached a turning point, raising this year's profit forecast by 10%, highlighting a 7.7% dividend yield, and setting a buy rating with a 21 baht target price.
BCP.BK · Capital · Negative Board appointed Bundit Hansapaiboon as new CEO, ending Chaiwat Kovavisarach's 12-year tenure; stock fell nearly 3% on the leadership change.
BCPG.BK · Regulation · Neutral BCPG confirmed it will cooperate with the Department of Special Investigation's request for information on its Phetchaburi oil depot and jetty investment, with no ruling yet.
CPN.BK · Capital · Positive Central's $3.5B Vietnam plan allocates $2B to CPN for retail, real estate, and hotels expansion.
CRC.BK · Capital · Positive Central's $3.5B Vietnam plan allocates $1.5B to CRC to expand roughly 50 stores over three to five years.
EGCO.BK · Capital · Positive EGCO is acquiring a 615-MW natural gas power plant in central New York under a tolling agreement locking in long-term cash flow.
SPALI.BK · Capital · Positive Brokers raised this year's profit forecast by 10%, set a buy rating and 21 baht target price, citing a profit turning point and 7.7% dividend yield.
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Supalai Launches Buffet Parade Campaign to Boost Year-End Sales

Supalai is rolling out its "Buffet Parade" sales promotion under the concept "Final Call! Last Round, The More You Choose, The More You Save" to spur home-buying decisions in the final stretch of the year. Tritecha Tangmatitham, Managing Director of Supalai Public Company Limited, or SPALI, said the company is highlighting 195 Ready to Move projects in prime locations nationwide as one of its key strategies alongside the campaign. The campaign offers packages worth up to 12 million baht, covering detached houses, semi-detached houses, townhomes, and ready-to-move-in condominiums nationwide, with offers divided into five lifestyle categories: home decoration, shopping, travel, tourism, and Wellness & Lifestyle. It also provides additional benefits such as free transfer fees, electrical and water meter fees, and first-year common area fees. The campaign runs from September 16 to December 15, 2026, at Supalai sales offices nationwide, subject to the company's conditions. SPALI views competition in the housing market as not limited to discounts alone, but as creating offers that meet customer needs and make customers feel they are getting good value suited to their own lifestyle.
SPALI.BK · Demand · Positive Supalai launches 'Buffet Parade' promotion with packages up to 12 million baht across 195 ready-to-move projects to spur year-end home-buying demand.
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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.
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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.
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Supalai launches Sense Pattaya condo worth 1.03 billion baht

Supalai has launched its new condominium project, "Supalai Sense Pattaya," located in North Pattaya-Naklua, with a project value of 1.034 billion baht. The project consists of three residential buildings with a total of 504 units, offering 1-2 bedroom units with sizes ranging from 31.5 to 65 square meters. Prices start at 1.39 million baht, averaging 52,000 baht per square meter. The project is situated just 250 meters from Sukhumvit Road and provides 40% parking space, with fully furnished units. Mr. Rachai Piyavachanusorn, Assistant Managing Director, stated that the company has over 10 years of experience in property development in Pattaya and sees long-term housing demand, including long-stay and workcation groups. Pre-sales reservations will open on September 19-20, 2026.
SPALI.BK · Demand · Positive Supalai launched the new Supalai Sense Pattaya condo project worth 1.034 billion baht, citing long-term housing demand in Pattaya.
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Supalai launches condo "Supalai Kram Khao Tao" starting at 3.59 million baht

Supalai Public Company Limited (SPALI) has launched its low-rise condominium project "Supalai Kram Khao Tao" in the Khao Tao area of Hua Hin, a prime location catering to the demand of long-stay foreign nationals. The project is situated on Soi Hua Hin 101, covering over 3 rai, and consists of four 5-story buildings with a total of 84 units. Unit sizes range from 53 to 82.5 square meters, fully furnished, with prices starting at 3.59 million baht, averaging approximately 77,000 baht per square meter. Special promotions on September 19-20 include a set of four electrical appliances and discounts up to 700,000 baht.
SPALI.BK · Demand · Positive Supalai launched a new condo project targeting long-stay foreign demand, adding 84 units to its inventory.
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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.
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TQR second quarter 2026 profit surges 48 percent with interim dividend

TQR reported second quarter 2026 net profit up 48.07 percent from the same period last year, and its board approved an interim cash dividend of 0.203 baht per share, with the XD date on 24 August 2026 and payment on 4 September 2026. Thai Eastern Group Holdings received a perfect score of 100 points at the excellent level for the third consecutive year in the 2026 annual general meeting quality assessment. Supalai received a perfect score of 100 points at the excellent level for the fourteenth consecutive year. Samo Thong Group posted second quarter 2026 revenue up 2.48 percent to 3.52 billion baht. North East Rubber announced an interim cash dividend of 0.05 baht per share, with the XD date on 20 August and payment on 4 September.
TQR.BK · Capital · Positive Net profit surged 48% and interim dividend approved.
NER.BK · Capital · Positive Announced interim cash dividend of 0.05 baht per share.
SMO.BK · Capital · Positive Second quarter revenue increased 2.48% to 3.52 billion baht.
SPALI.BK · Regulation · Positive Received perfect score in annual general meeting quality assessment for 14th consecutive year.
TEGH.BK · Regulation · Positive Received perfect score in annual general meeting quality assessment for 3rd consecutive year.
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Q2 2026 earnings review of 10 property stocks: who shone, who stumbled?

E-Finance Thai News reports the second-quarter 2026 results of 10 property companies, comparing net profit and growth rates with the same period last year. Companies with standout profit growth included Sansiri, AP Thailand, and Supalai, while those with significant profit declines included Pruksa Holding and Land & Houses. Overall, the property sector continues to face pressure from high household debt and loan rejections by financial institutions, causing transfer volumes to slow further.
AP.BK · Capital · Positive Standout profit growth in Q2 2026 earnings review.
LH.BK · Capital · Negative Significant profit decline in Q2 2026 earnings review.
PSH.BK · Capital · Negative Significant profit decline in Q2 2026 earnings review.
SPALI.BK · Capital · Positive Standout profit growth in Q2 2026 earnings review.
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Supalai reports first-half Australia pre-sales of 420 million Australian dollars

Supalai disclosed that its Australian business recorded pre-sales of 420 million Australian dollars, or about 9.5 billion baht, in the first six months of 2026, representing 62% of the full-year target of 680 million Australian dollars, or about 15 billion baht. Dr. Prasas Tangmatitham, Director of Supalai Australia Holdings Pty Ltd, said the Brisbane market in Queensland was a key driver, accounting for 43% of total sales. The company has already closed sales on two projects, Arcadia Officer and Brunswick Yard, with a combined project value of more than 190 million Australian dollars, or about 4.28 billion baht. As of 30 June 2026, the company had a sales backlog of 489 million Australian dollars, or about 11 billion baht, with more than half coming from projects in Queensland. The company is confident it will achieve its 2026 sales target as planned.
SPALI.BK · Demand · Positive Supalai's Australian pre-sales hit 62% of full-year target, with strong Brisbane demand and a large backlog.
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SPALI second-quarter profit jumps 49%, pays dividend of 0.55 baht

Supalai Public Company Limited, or SPALI, reported second-quarter net profit for 2026 of 1.65 billion baht, up 542.26 million baht, or 49%, from the same period last year. Revenue from property transfers was 6.83 billion baht, up slightly by 8.34 million baht from the same period last year, comprising 86% from houses and townhouses and 14% from condominiums. For the first six months of 2026, the company posted total transfer revenue of 10.48 billion baht, up 147.56 million baht, or 1%, from the previous year. Its current sales backlog stands at 15.38 billion baht, of which 6.65 billion baht is expected to be transferred and recognised as revenue within the remaining six months of 2026, while the remaining 8.73 billion baht is expected to be recognised over the next three years. The board of directors resolved on 11 August 2026 to approve an interim dividend of 0.55 baht per share, with the ex-dividend date, or XD, set for 25 August 2026 and the record date for 26 August 2026. The dividend is scheduled to be paid on 10 September 2026.
SPALI.BK · Capital · Positive Q2 net profit up 49% and interim dividend declared
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SPALI rises 4% as broker recommends buy with 19 baht target after Q2 profit beats expectations

SPALI shares climbed 4.40% to 16.60 baht after Dao Securities Thailand upgraded its recommendation to buy with a target price of 19.00 baht, up from 16.40 baht. The company reported second-quarter 2026 net profit of 1.6 billion baht, up 49% from a year earlier and 310% from the previous quarter, well above the consensus estimate of 782 million baht. Total revenue was 6.9 billion baht, flat from a year earlier but up 83% from the previous quarter. Revenue from ownership transfers came mainly from low-rise projects at 86% and condominiums at 14%. Share of profit from investments rose 99% from a year earlier to 890 million baht, supported by joint-venture projects in Australia with significantly higher transfers. Finance costs fell 22% to 150 million baht thanks to new low-interest debentures. The research team raised its 2026 net profit forecast by 9% to 4.4 billion baht. First-half profit was 2.0 billion baht, representing 47% of the full-year estimate, and the second half is expected to improve as two new condominium projects begin transfers, compared with only one project in the first half. The company announced an interim dividend of 0.55 baht per share, representing a dividend yield of about 3.5%, with the ex-dividend date set for 25 August 2026.
SPALI.BK · Capital · Positive Q2 profit beat and broker upgrade to buy with higher target
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Asia Plus Securities says Q2 corporate earnings beat expectations by 12%, supporting SET's push toward 1,630 points

Asia Plus Securities said the combined net profit of 277 Thai listed companies in the second quarter of 2026 came in 11.8% above market expectations, a factor supporting the SET Index's tendency to swing upward and test resistance at 1,630 points this week. Companies that reported standout earnings included CENTEL, BA, SPALI, BCP, SCC, PTTGC, SJW, ITC, SCGP, PTTEP, GULF, TTB, KTB and KCE, and this is expected to lead to upward revisions in market earnings estimates in the next phase. Asia Plus Securities recommends a Selective Buy strategy, naming ADVANC, HANA and SPALI as top picks for the day. It noted that ADVANC is attractive for its interim dividend yield of 2.3% of the market price. HANA's second-quarter results are expected to recover both quarter-on-quarter and year-on-year, and it is benefiting from being selected for the latest MSCI Small Cap Index. SPALI reported second-quarter net profit above expectations and announced an interim dividend of 0.55 baht per share, representing a yield of 3.5%.
SPALI.BK · Capital · Positive Q2 net profit above expectations and announced interim dividend of 0.55 baht per share
HANA.BK · Capital · Positive Q2 results expected to recover and selected for MSCI Small Cap Index
ADVANC.BK · Capital · Positive Named as top pick with attractive interim dividend yield of 2.3%
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Dao Securities sees SET edging up, recommends speculative plays on SPALI and EPG

Dao Securities (Thailand) expects the SET Index to move sideways with an upward bias after US inflation came in line with expectations, easing investor concerns about Federal Reserve rate hikes, while the market continues to watch second-quarter earnings announcements. MSCI announced the inclusion of GUNKUL and HANA in the MSCI Thailand Small Cap Index, while removing CHG and JTS. The main strategy expects buying in large-cap stocks on potential foreign fund inflows, especially DELTA, and recommends speculative plays on stocks with expected strong results. Today's standout is SPALI, whose second-quarter 2026 net profit beat expectations by 111 percent at 1.6 billion baht, up 49 percent from a year earlier and 310 percent from the previous quarter, driven by strong transfers and a rise in profit sharing from joint ventures to 890 million baht. Dao Securities upgraded the stock to buy and raised its target price to 19.00 baht after lifting its 2026 profit forecast by 9 percent to 4.4 billion baht, with a dividend yield of about 8 percent per year. EPG posted record first-quarter fiscal 2027 core profit, beating expectations by 14 percent at 474 million baht, up 53 percent from a year earlier and 28 percent from the previous quarter, as all businesses improved, especially Aeroflex, which stood out in the US market. Dao Securities recommends buying EPG and raised its target price to 8.50 baht after lifting its fiscal 2027 core profit forecast by 5 percent to 1.6 billion baht, up 21 percent from a year earlier, with the stock trading at a fiscal 2027 core price-to-earnings ratio of 10.3 times, or minus 1.1 standard deviations. Today's SET Index range is seen with support at 1,600 to 1,606 points and resistance at 1,617 to 1,623 points.
EPG.BK · Capital · Positive EPG posted record first-quarter core profit beating expectations, and Dao Securities upgraded to buy with a higher target price.
SPALI.BK · Capital · Positive SPALI's Q2 net profit beat expectations by 111%, and Dao Securities upgraded to buy with a raised target price.
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CGSI expects SET to edge up to 1,610-1,635 points after US inflation slows

CGS International Securities Thailand, or CGSI, expects the Thai stock market index to move in a range of 1,610 to 1,635 points today, supported by buying in artificial intelligence stocks and US consumer price inflation slowing in line with expectations, which has raised investor hopes that the Federal Reserve will not raise interest rates at next month's meeting. CGSI recommends SPALI after it reported second-quarter 2026 net profit of 1.65 billion baht, 84.6% above expectations, and KCE, whose second-quarter 2026 core net profit was 242 million baht, up 35% from a year earlier and 34% from the previous quarter, exceeding CGSI and Bloomberg consensus estimates by 8% and 10% respectively.
KCE.BK · Capital · Positive KCE's Q2 2026 core net profit beat estimates, driving positive sentiment.
SPALI.BK · Capital · Positive SPALI's Q2 2026 net profit exceeded expectations by 84.6%.
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Tisco points to Q2 property sector profit recovery of 10.8% from Q1

The research division of Tisco Securities estimates that the combined net profit of seven property developers in the second quarter of 2026 will be around 3.8 billion baht, up 10.8 percent from the first quarter of 2026 but down 25.8 percent from the same period last year. It views the second quarter of 2026 as the trough of the property sector profit cycle, after most operators began to recover from a low base in the first quarter. The recovery is driven more by accelerated ownership transfers than by a genuine recovery in demand. AP and PSH are expected to grow both quarter-on-quarter and year-on-year, while SPALI, SIRI, and most other operators in the sector are expected to recover only from the previous quarter. The research team continues to favour AP and SIRI as top picks in the property sector, recommending a buy on AP with a fair value of 10.60 baht and on SIRI at 1.80 baht.
AP.BK · Demand · Positive Tisco expects AP to grow QoQ and YoY, and recommends buy with fair value 10.60 baht.
SPALI.BK · Demand · Neutral SPALI expected to recover only from previous quarter, but no specific recommendation or fair value given.
PSH.BK · Demand · Neutral PSH is mentioned as expected to grow both QoQ and YoY, but no specific recommendation or fair value given.
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SPALI sells 4 billion baht in bonds, subscription demand doubles

Supalai Public Company Limited, or SPALI, has successfully offered two series of bonds worth a combined 4 billion baht, with institutional investor demand reaching twice the offering amount. The first series, valued at 2 billion baht, has a tenor of 1 year and 6 months and a discount rate of 1.54 percent per annum. The second series, also valued at 2 billion baht, has a tenor of 2 years, 5 months, and 29 days and a discount rate of 1.82 percent per annum. The bonds are registered, unsubordinated, unsecured, and have no bondholder representative. They were offered through Kasikornbank and UOB. The company has maintained an A credit rating with a stable outlook from TRIS Rating for the 12th consecutive year, reflecting its strong financial position and investor confidence.
SPALI.BK · Capital · Positive SPALI successfully issued 4 billion baht in bonds with demand twice the offering, reflecting strong investor confidence and financial strength.
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Broker says property downcycle to bottom in 2026, recommends AP, SIRI, SPALI

Analysts at TTB Wealth Securities have an OVERWEIGHT call on the property sector, expecting the market downcycle to trough in 2026, with current share prices already pricing in most negatives. Housing demand is still about 40% below its long-term normal level, but is seen gradually recovering from 2027 onwards alongside the economic recovery, with market share concentrating further among large developers. Preferred stocks are AP, SIRI and SPALI. Meanwhile, the Agency for Real Estate Affairs notes the housing market is moving towards a better demand-supply balance, with new project launches up 12% in the first half of 2026 while sales rose 15%, led by condominiums where new launches jumped 41% and sales rose 27%. Townhouse sales increased 9% even as new launches were flat, while single-detached and semi-detached house launches fell 24% but sales dipped only 3%, causing unsold inventory to start normalising. The number of unsold remaining units fell to 210,000 from 234,000 at end-2024, with unsold condominiums down 22% to 62,000 units, townhouses down 10% to 69,000 units, while unsold single-detached and semi-detached houses were steady at around 77,000 units as the adjustment has only just begun.
AP.BK · Demand · Positive Analyst overweight call and expectation of market bottom in 2026, with AP as a preferred stock.
SPALI.BK · Demand · Positive Analyst overweight call and expectation of market bottom in 2026, with SPALI as a preferred stock.
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Supalai launches Supalai Marketplace on SABAI Application with discounts up to 30%

Supalai Public Company Limited, or SPALI, has launched a new feature called Supalai Marketplace on the SABAI Application, a platform that connects all aspects of living and lifestyle for its residents. It brings together specially curated products and services from leading brands, offering discounts of up to 30% for Supalai residents. In the first phase, partners include ION Energy, KONCEPT Furniture, Modern Outdoor, JOHNSON, and Hafele, with plans to expand into other categories such as electrical appliances, health, and various services in the future. Miss Thanyawat Panyarat, Assistant Managing Director of Marketing and Sales, said that Supalai Marketplace is part of the continuous development of the SABAI Application to create an ecosystem that meets every dimension of living. Meanwhile, Miss Bussarin Rungrattanakul, Director of High-Rise Marketing and Sales, stated that the company plans to extend this into a Community Platform where residents can easily buy, sell, exchange goods, or share services among themselves.
SPALI.BK · Technology · Positive Launches Supalai Marketplace on SABAI app, enhancing resident ecosystem and potentially driving property demand.
Hafele · Demand · Positive Named as a partner in Supalai Marketplace, gaining access to Supalai residents with discounts up to 30%.
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Supalai launches single-detached and semi-detached housing project worth 2 billion baht in Suphan Buri

Supalai Public Company Limited, or SPALI, has launched the Supalai Palm Springs Suphan Buri project, valued at over 2 billion baht. The project sits on 86 rai of land and comprises 384 units in Tambon Phai Khwang, Mueang Suphan Buri District, marking the company's 30th province. The development features single-detached and semi-detached homes in a Tropical Oriental Series style, with seven house types to choose from, offering usable areas ranging from 135 to 330 square metres. Amenities include a public park, children's playground, fitness centre, mineral-water swimming pool, 24-hour security, and smart home technology via a home automation system and the SUPALAI SABAI application. The homes also support EV charger installation. A pre-sale event will be held on 1 to 2 August 2026, with starting prices at 4.39 million baht.
SPALI.BK · Demand · Positive Launches new housing project worth 2 billion baht, indicating strong product demand and expansion.
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