Kasikorn Securities estimates that Land and Houses Public Company Limited, or LH, will report a second-quarter 2026 profit of 585 million baht, down 57% from a year earlier and 16% from the previous quarter, marking the lowest level in nearly 20 years. The result is pressured by weak housing demand and a seasonal slowdown in recurring-income businesses, namely hotels, serviced apartments, and shopping centres. Although the residential business improved slightly from the prior quarter thanks to more effective marketing campaigns, expected residential sales and revenue of 2.97 billion baht and 2.47 billion baht respectively remain below the three-year quarterly averages of 4.5 billion baht and 3.8 billion baht. Meanwhile, the gross profit margin is projected at 14%, compared with 25% in the second quarter of 2025 and 13% in the first quarter of 2026. The research team maintains a buy rating with a mid-2027 target price of 4.33 baht, expecting a significant improvement in operating performance from the fourth quarter of 2026 onward, driven by the gradual transfer of backlog from the One Venice at Chao Phraya condominium project, the opening of the new Grand Centre Point Voyage hotel, and asset sales.
Land and Houses Public Company LimitedWeak housing demand and seasonal slowdown in recurring-income businesses drive profit plunge.