- AP Thailand, under its promise of “Cheevit Dee Dee Tee Lueak Eng Dai”, has had its company rating and senior unsecured debenture rating affirmed at “A”, with a “Stable” outlook, for the fourth consecutive year by TRIS Rating, Thailand’s leading credit rating agency
- Reflecting the highest level of confidence, the credit rating underscores AP’s market leadership and strong brand position, supported by continued positive response across both low-rise residential and condominium segments. This has enabled the company to maintain a solid revenue base, together with strong liquidity and continued confidence from the capital market
- Reinforcing its No.1 capability, AP has expanded its market share almost twofold, from 12% in 2021 to 19% in 2025, representing nearly one-fifth of the market among property developers rated by TRIS Rating. This reflects AP’s strong revenue base and continued positive customer response over the long term
- Advancing its proactive strategy in 2026, AP continues to drive the organisation under the ‘CODE OF IN-DEPTH UNDERSTANDING’ strategy, with plans to launch 42 new projects worth a combined Bht 55,000 million, from a total portfolio of over 200 projects nationwide. The company targets total sales and revenue of Bht 49,000 million
- This success is driven by prudent business operations, with the Code of Financial Discipline serving as a key principle in managing risk and building long-term organisational stability
AP Thailand Public Co. Ltd. (SET: AP), one of Thailand’s leading real estate developers, operating under its promise of “Cheevit Dee Dee Tee Lueak Eng Dai”, has announced another major achievement in financial stability. Most recently, TRIS Rating Co., Ltd., Thailand’s leading credit rating agency, affirmed the company rating and the ratings on AP’s senior unsecured debentures at “A”, with a “Stable” outlook, for the 4th consecutive year. This reinforces the company’s strong organisation, business operations, financial position, comprehensive and diversified product portfolio, steadily growing performance, moderate debt level and ample liquidity.
This achievement is the result of AP’s business direction under the ‘CODE OF IN-DEPTH UNDERSTANDING’ framework, created to deliver best Living Quality. At the same time, the company remains firmly committed to its Code of Financial Discipline, or strict financial discipline standard, which is 1 of the 5 key pillars in building AP’s long-term business stability and strength.
‘Code of Financial Discipline’: A compass through every volatility
Mr. Ratchayud Nunthachotsophol, President of AP Thailand Public Co., Ltd., said,
“AP’s ability to maintain an ‘A’ credit rating with a ‘Stable’ outlook for 4 consecutive years amid economic volatility is not only a financial achievement for the company. It also represents the confidence AP gives to every AP family customer.
AP operates its business with the Code of Financial Discipline as a key principle for stable and sustainable business operations. This guides the company’s strict management of risk and financial structure, giving customers confidence that every AP low-rise and condominium project will be completed and quality homes delivered on schedule, without the risk of project disruption. This allows every family to begin their ‘Cheevit Dee Dee Tee Lueak Eng Dai’ with the greatest peace of mind and stability in every market condition.”
TRIS Rating affirms AP’s strong potential as market share rises to 19%, capturing nearly one-fifth of the sector
The TRIS Rating report clearly highlights AP Thailand’s strong competitive capability. The company has consistently maintained its position among the Top 3 residential developers listed on the Stock Exchange of Thailand over the past 5 years, with total transfer value, including joint venture projects, remaining at a high level of Bht 40,000 – 49,000 million.
More importantly, AP has demonstrated remarkable growth potential, with its market share almost doubling from 12% in 2021 to 19% in 2025. This represents nearly one-fifth of the market among property developers rated by TRIS Rating, placing AP ahead of its competitors and reflecting the company’s strong revenue base, as well as excellent long-term customer response.
Advancing its proactive strategy with 42 new projects worth Bht 55,000 million planned throughout the year
AP’s business plan to launch 42 new projects worth a combined Bht 55,000 million throughout 2026 reflects the strength and flexibility of its product portfolio, which covers all residential segments. This includes 11 new single detached house projects worth a combined Bht 14,400 million, 16 new townhome and twin home projects worth a combined Bht 17,000 million, 7 new condominium projects worth a combined Bht 15,600 million, and 8 new provincial projects worth Bht 8,000 million.
AP Thailand has also set its 2026 total sales and revenue target, including 100% of joint ventures, at Bht 49,000 million, as it continues to drive the company’s growth forward in a stable and sustainable manner.
Strong first-quarter performance with total revenue, including 100% JV, up 11% and backlog of Bht 39,000 million
Reflecting overwhelming consumer trust in more than 200 AP projects nationwide, AP Thailand delivered a strong performance in the first quarter of 2026. Total revenue, including 100% of joint ventures, reached Bht 10,554 million, representing an 11% increase compared with the same period last year, while net profit stood at Bht 903 million. The company also maintained a highly stable financial position, with total assets of Bht 87,646 million and a net debt-to-equity ratio of only 0.64 times, which remains at a prudent and secure level. In addition, AP has a strong accumulated backlog of over Bht 39,626 million as of 30 April 2026, comprising Bht 18,476 million from the low-rise project portfolio and Bht 21,150 million from the condominium portfolio. The condominium backlog is expected to be gradually recognised as revenue through the delivery of 5 new condominium projects throughout the year, supporting future cash flow and sustainable growth in line with the company’s targets.
