Krungsri Securities has expressed a positive outlook on the fourth-quarter 2025 presales performance of AP (Thailand) Public Company Limited (SET: AP), highlighting a robust presale figure of THB 14.1 billion. This represents a significant year-on-year increase of 52% and a quarter-on-quarter growth of 13%. The driving force behind this expansion is the strong performance of the low-rise residential segment, which notably outpaced other segments in the quarter.
A key contributor to this presale growth was AP’s aggressive launch of new projects, with a total value of THB 24.0 billion introduced in 4Q25. The sales feedback from these launches has been described as favorable, with new projects fueling presales and boosting the company’s quarterly results. The overall presale mix in 4Q25 comes predominantly from low-rise developments, which accounted for 84% of presales, while the remaining 16% stemmed from condominium projects.
Focusing on the low-rise segment, presales reached THB 11.9 billion for the quarter, a remarkable jump of 78% YoY and 19% QoQ. This growth is largely attributed to ongoing project launches and strong sales momentum, with new low-rise projects contributing approximately THB 4.3 billion, or 36% of the segment’s total presales.
In contrast, the condominium segment registered presales of THB 2.2 billion, marking a decrease of 14% YoY and 11% QoQ. While a new condominium project was rolled out during the quarter—achieving presales of around THB 800 million—the remainder of condo presales primarily resulted from the clearance of existing inventory.
In terms of project launches, AP introduced a total of 22 new developments in 4Q25, valued at THB 24.0 billion. Of these, 21 were low-rise projects worth THB 20.8 billion, with an average take-up rate of approximately 21%, which Krungsri characterized as solid. For the condo sector, only one new project was launched at a value of 3.2 THB billion, achieving a take-up rate of 24%.
For the full year 2025, AP’s total presales stood at THB 46.9 billion, matching last year’s figure and marking the highest in its sector. Notably, the company’s low-rise residential projects remained the key driver, with the segment achieving a significant 26% YoY increase in presales to about THB 38.9 billion. This surge has bolstered AP’s market share, with Krungsri noting this as a key highlight reflecting the developer’s consistent expansion in the market.
Krungsri has maintained its net profit forecasts for AP at THB 4.4 billion for 2025 (a decrease of 12% YoY) and THB 5.2 billion for 2026 (an increase of 17% YoY). The target price for fiscal year 2026 remains at THB 11.50 per share, accompanied by a BUY recommendation.
The securities firm points out AP’s strengths, particularly its continued ability to capture market share and competitive advantage in pricing, which help the company sustain a gross profit margin above the industry average. Currently, AP trades at a fiscal year 2026 price-to-earnings ratio of 5.1x and is expected to offer an attractive dividend yield of 6.5%, paid annually.
Krungsri concludes that AP represents an attractive investment opportunity, considering its solid returns and compelling valuation.
