Asia Plus says Bangkok floods pressure short-term home transfers, top picks AP, SIRI, SC, CPN, WHA

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Asia Plus Securities assesses that the heavy rainfall between September 25 and 27, 2026, which caused flooding in many areas of Bangkok and its vicinity, especially northern and eastern Bangkok, will pressure homebuyer confidence in the short term, particularly for low-rise projects in locations with a history of flooding, which may cause customers to delay their purchase decisions or ownership transfers. However, it sees the impact on the residential, shopping centre, and industrial estate property sectors as still limited, because the flooding came from heavy rain in only certain areas. For the rental group, CPN's shopping centres are spread across the country with a total of 44 locations, most of them in provincial cities, while its Bangkok centres are mainly in central city locations, were not damaged by the floods, and have good water management systems and connections to the electric train network, so the impact is expected to be very limited with a chance of quick recovery. The industrial estate group was barely affected, since most estates have water management systems in place, including flood barriers, retention ponds, and pumping stations. Asia Plus views that although this round of flooding may create negative sentiment for short-term investment, the situation still differs from 2011, which was severe and affected the industrial sector and the economy broadly, so it sees the impact on earnings forecasts as still limited. It maintains AP, SIRI, and SC as top picks in the residential group, based on product and location diversification, CPN in the rental group, and WHA in the industrial estate group.

Impact on assets 5

Real Estate▲ · 4 stocks
AP (Thailand) Public Company Limited
AP
± MixedDemandrelevance

Flooding may pressure short-term homebuyer confidence and delay transfers, but AP is maintained as a top pick on product/location diversification.

Siri Prime Office Property Fd
SIRI
± MixedDemandrelevance

SIRI is named only as a top pick in the residential group amid flood-driven short-term pressure on homebuyer confidence.

Artificial Intelligence▲ · 1 stocks
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