Krungsri Securities (KSS) has released its assessment of Sansiri Public Company Limited’s (SET: SIRI) second-quarter 2026 presales, which totaled THB 10 billion, representing a 28% year-on-year increase but a 10% decrease quarter-on-quarter.
Krungsri maintains a neutral outlook on these results, noting that while the overall year-on-year growth appears strong, around 60% of these presales were driven by the condominium segment, attributed to the launch of new projects. In contrast, the low-rise residential segment continued to decline both year-on-year and quarter-on-quarter, reflecting a slowdown in inventory clearance.
Low-rise project presales in 2Q26 came in at THB 3.9 billion, marking a 25% drop year-on-year and a 19% decrease quarter-on-quarter. Only two new low-rise projects were launched in the quarter, with a combined value of THB 4.3 billion, achieving an average take-up rate of 13%, or approximately THB 550 million. The remainder of the segment’s sales was derived from existing inventory, and the performance weakened due to slowing purchasing power and cautious decision-making among higher-end customers.
The condominium segment saw presales of THB 6 billion, up 137% year-on-year but down 3% quarter-on-quarter. Four new condominium projects were launched in the quarter, totaling THB 9.1 billion in value, with an average sales rate of approximately 34% (THB 3.1 billion). The remainder was achieved through ongoing clearance of existing condominium inventory, which continued to perform relatively well.
For the first half of 2026, SIRI reported total presales of THB 21.1 billion, which is flat compared to the same period in 2025 and represents 51% of the company’s full-year 2026 presale target of THB 41 billion, which is itself 2% lower year-on-year. Notably, six new projects were launched in 2Q26, with a combined value of THB 13.4 billion, split between low-rise and condominium segments at 32% and 68%, respectively.
Krungsri expects SIRI’s 2Q26 net profit to improve quarter-on-quarter but to decline year-on-year. Preliminary estimates put net profit in the range of THB 950–1,000 million, versus THB 1,214 million posted in 2Q25 and THB 864 million in 1Q26. The anticipated quarter-on-quarter increase is supported by higher property transfers, including those from joint venture projects, and an expected rise in gross profit margin.
The brokerage maintains its forecast for SIRI’s full-year 2026 net profit at THB 4.3 billion, reflecting a 5% year-on-year decline. Net profit for the second half of 2026 is expected to be stronger than the first half, driven by additional condominium project transfers.
Despite the expected year-on-year profit contraction due to a lower gross profit margin amid continued high competition, Krungsri believes the likelihood of further downside to earnings is limited. This is attributed to anticipated extra gains, potentially exceeding estimates, from the sale of The Standard Hotel assets.
Krungsri maintains its target price for SIRI at THB 1.80 and reiterates a ‘Buy’ recommendation, highlighting the company’s aggressive 2026 business plan as an opportunity to increase market share, which is viewed as a long-term positive. Additionally, SIRI’s dividend yield remains attractive at approximately 8.9% for 2026.
