Analysts at TTB Wealth Securities have an OVERWEIGHT call on the property sector, expecting the market downcycle to trough in 2026, with current share prices already pricing in most negatives. Housing demand is still about 40% below its long-term normal level, but is seen gradually recovering from 2027 onwards alongside the economic recovery, with market share concentrating further among large developers. Preferred stocks are AP, SIRI and SPALI. Meanwhile, the Agency for Real Estate Affairs notes the housing market is moving towards a better demand-supply balance, with new project launches up 12% in the first half of 2026 while sales rose 15%, led by condominiums where new launches jumped 41% and sales rose 27%. Townhouse sales increased 9% even as new launches were flat, while single-detached and semi-detached house launches fell 24% but sales dipped only 3%, causing unsold inventory to start normalising. The number of unsold remaining units fell to 210,000 from 234,000 at end-2024, with unsold condominiums down 22% to 62,000 units, townhouses down 10% to 69,000 units, while unsold single-detached and semi-detached houses were steady at around 77,000 units as the adjustment has only just begun.
AP (Thailand) Public Company LimitedAnalyst overweight call and expectation of market bottom in 2026, with AP as a preferred stock.
Supalai Public Company LimitedAnalyst overweight call and expectation of market bottom in 2026, with SPALI as a preferred stock.
Siri Prime Office Property Fd