Kasikorn Securities expects AP Thailand's net profit in the second quarter of 2026 to grow 3% year-on-year and 15% quarter-on-quarter, reaching 1.04 billion baht. Revenue from sales is projected to rise 4% year-on-year and 9% quarter-on-quarter to 10.1 billion baht, supported by 194 existing projects with a ready-to-sell value of 104.8 billion baht, a sales backlog awaiting transfer of 36.8 billion baht, and take-up rates of 14 to 52 percent for new low-rise projects worth 14.6 billion baht launched in the first half of 2026. Meanwhile, gross margin is expected to recover by 1.2 percentage points quarter-on-quarter, returning to the same level as the second quarter of 2025. In the second half of 2026, three condominium projects with a combined value of 9.3 billion baht are scheduled for completion, which will continue to support earnings. Kasikorn maintains a buy recommendation and a mid-2027 target price of 8.75 baht. AP trades at a 2026 price-to-earnings ratio of just 5.5 times and offers a dividend yield of more than 6.8 percent.
AP (Thailand) Public Company LimitedKasikorn maintains buy recommendation and target price, citing expected profit growth and attractive valuation.