Kiatnakin Phatra Securities (KKPS) has reaffirmed its “Buy” recommendation on Sansiri Public Company Limited (SET: SIRI), citing the company’s robust 2025 performance and a conservative outlook for 2026. The price objective is maintained at THB 1.66, based on a 7x estimated price-to-earnings ratio (PER) for 2026.
In 2025, Sansiri recorded THB 41.7 billion in presales—an achievement that positions it as the second-largest in the Thai property sector. This result reflects a 2% increase year-on-year, attributed to on-time project launches worth THB 52 billion (up 12% YoY), following a normalized base after a 38% decline in 2024.
Notably, condo presales surged to a 7-year high at THB 20.7 billion, registering a remarkable 38% growth. The mix between landed property and condos was evenly split at 50% each. Total transfers for the year amounted to THB 36.7 billion, remaining flat year-on-year.
For 2026, Sansiri has mapped out a more measured plan. The company aims to launch 33 new projects worth THB 51 billion, a slight 2% decrease from the previous year. Of these, 51% are condominiums and 49% are landed properties, with 85% situated in Bangkok and its vicinity and the remainder spread across provincial locations.
The presales target for 2026 stands at THB 41 billion (52% landed property, 48% condos), also down 2% from 2025. This reflects a modest 2% growth for landed property and a conservative 5% decrease for condos, assuming a 30-40% take-up rate for new launches. The projected total transfer value is set at THB 39 billion—including THB 31 billion from SIRI’s own projects and THB 8 billion from joint-venture condominiums—representing a 6% increase from 2025. KKPS’ forecast remains slightly more conservative.
SIRI is focused on maintaining efficient operations. The company targets a stable gross profit margin of 30% on residential sales over 2025–2026 (29.7% for first nine months of 2025, and estimated 29.4%-29.7% for 2025 and 2026, respectively). Selling, General & Administrative (SG&A) expenses are capped at 18% of total revenue, supporting a minimum net margin of 12%. The long-term corporate target for net margin remains set at 15%.
SIRI’s net gearing ratio is maintained in a controlled range of 1.3–1.4x (1.35x as of end-3Q25). Liquidity risks are minimal, as the company holds a THB 25 billion bank credit line, comfortably covering the THB 14.4 billion in debentures maturing in 2026. Additionally, the dividend payout ratio remains steady at 50%.
In sum, Sansiri has executed on its 2025 plans with precision and is approaching 2026 with prudent growth strategies and a strong financial footing.
