On Thursday, the share price of AP (Thailand) Public Company Limited (SET: AP) at the time of 11:09 a.m. was at THB 8.20, a THB 0.55 or 7.19% increase with a total trading value of THB 294 million.
Yuanta Securities assessed that the performance outlook for the property sector in the second half of 2026 is poised to recover from the first half, both in terms of profit and presales.
Supporting factors include the gradual transfer of ownership from the current high-rise project backlog during the latter half of the year, the extension of government property stimulus measures, and the expected value of new projects launched in 2H26, which is anticipated to increase by about 50% compared to the first half.
However, the analyst firm believed that the recovery will still be limited due to slow demand recovery, stricter lending standards by financial institutions, and continued intense competition—factors that continue to pressure the gross profit margin .
Yuanta maintains a “Neutral” investment weight for the real estate group and recommends a “Selective Buy” strategy, focusing on companies with strong financial standings and inexpensive valuations.
For outstanding stocks, Yuanta recommends a “Buy” on AP with a target price of THB 10.10, expecting 2Q26 profits to recover compared to the previous quarter, while presales are projected at about THB 12 billion—showing strong growth both quarter-on-quarter and year-on-year.
Currently, the stock is trading at a 2026 PER of 4.7 times, below the 5-year average by -2 standard deviations, and the company is expected to pay a 2026 dividend of THB 0.56 per share.
