Sansiri Public Company Limited (SET: SIRI) is scheduled to announce its 4Q25 and full-year 2025 results on February 27, 2026. The results are expected to show strong growth, aligning with prior statements by Wichan Wiriyaphusit, SIRI’s Chief Financial Officer, who previously told “Kaohoon” that the 4Q25 would be the company’s best quarter of the year.
The bullish outlook is driven by the transfer of ownership for five newly completed condominium projects and a low-rise project in Phuket, both offering good profit margins, as well as special gains from land sales for joint venture (JV) projects.
For the overall 2025 operating performance, the company achieved transfers of ownership totaling THB 36.7 billion, a 16% decrease from 2024. Transfers from low-rise projects amounted to THB 22 billion, down 32% from 2024, while condominium project transfers reached THB 14.5 billion, up 1.4% from the previous year. Sales in 2025 were THB 51 billion, growing 2% from 2024, with condominium sales at THB 25 billion, a 35% increase, and low-rise sales at THB 26 billion, a 17% decrease from the prior year.
Krungsri Securities saw a “slightly positive” outlook for SIRI’s 4Q25 net profit, estimated at THB 1.4 billion, up 13% year-on-year and 40% quarter-on-quarter, slightly higher than its previous forecast, due to a higher-than-expected gross profit margin. The interim dividend for the second half of 2025 is expected to be around THB 0.08 per share, equivalent to a dividend yield of about 5.5%—a short-term positive for stock price.
The analyst firm added that the company’s robust gross profit margin in Q4 was driven by the continued transfer of high-margin condominium backlog, special gains from land sales to JVs, and recognition of gains from the sale of The Standard Hotel.
For 2025, net profit is expected at THB 4.4 billion, down 16% from the previous year, due to declining transfers underpinned by weakened low-rise demand and shrinking gross profit percentage amidst intense market competition.
The brokerage firm maintains its “buy” recommendation for SIRI, raising the 2026 target price to THB 2 per share, reflecting a slight upward revision in 2026 net profit estimates. The 2026 business plan remains more aggressive than peers, offering potential to increase market share, which benefits long-term prospects. Another highlight is SIRI’s high average dividend yield of 9-10% in 2025-2026.
Outlook for net profit in 2026 has been slightly revised upward to THB 4.6 billion, up 4% year-on-year, anticipating further growth from increased transfers. 2026 net profit may have upside from extra gains and higher-than-expected profit recognition from the sale of The Standard Hotel. The increased 2026 target price also reflects SIRI’s first mover advantage in product design and its ability to capture market trends, supporting market share growth and a faster turnaround when the property market recovers, alongside an expectation of high dividends.
Additionally, 1Q26 net profit is expected to increase year-on-year but decrease from the previous quarter, with continued transfers from new condo projects likely supporting profit growth. Meanwhile, 2026 normal profit is maintained at THB 4.2 billion, up 6% from 2025, driven by the growth in transfers.
