SC Asset Corporation Public Company Limited

SC Asset Corporation Public Company Limited, or SC, said the COBE Ratchada-Rama 9 condominium project worth 6.7 billion baht will be a key driver for its third quarter 2026 results, after selling more than 90% of units and transferring ownership of about 50% of total sales. The project has a gross margin as high as 38%. Located on Thian Ruam Mit Road on a 12.67 rai plot, it comprises 1,494 residential units and 8 commercial units, with 45% foreign buyers and 55% Thai buyers. A key strength is the Ratchada-Rama 9 location, one of Bangkok's new CBD areas, close to the Chinese Embassy, the Korean Embassy, international schools, and the Thailand Cultural Centre MRT station.

An analyst at Asia Plus Securities said 14 residential developers posted second-quarter 2026 normalised profit of 5.88 billion baht, recovering 75 percent from the previous quarter and rising 16 percent from the same period last year. This marks the first return to year-on-year growth in 12 quarters. Seven companies, namely SPALI, QH, LPN, SC, SIRI, PSH and LALIN, announced interim dividend payments for the first half of 2026, offering average yields of more than 2 to 3 percent, except PSH and QH, which average more than 1 percent. They will go ex-dividend this week between 25 and 28 August 2026. The analyst recommends a market-weight stance, selecting SC and SIRI as top picks to accumulate before the XD dates to capture dividends of around 3 percent, and expects second-half 2026 profit to be better than the first half, when normalised profit was 9.25 billion baht, up 9 percent from the same period last year. Meanwhile, AP pays dividends only once a year but offers a yield above 6 percent per year, and its profit is expected to stand out more in the second half of 2026.

SCX Corporation, a subsidiary of SC Asset Corporation, has announced a target to expand its warehouse space to 1,000,000 square metres by 2029, up from 200,000 square metres at the end of 2025. First-half revenue for 2026 grew 240% from the same period a year earlier. Chief Executive Officer Rachata Nantakwang said the SCX Logistics Bangna Km.20 project, on 80,000 square metres of land, is fully leased, and the company plans to add another 200,000 square metres in 2026-2027 across Bangna, Laem Chabang, Amata, Chonburi, and the Eastern Economic Corridor. That would bring warehouse space at the end of 2027 to about 400,000 square metres. The company also targets full-year revenue from SCX Logistics to grow about 280% from last year.

SC Asset Corporation Public Company Limited, or SC, reported second-quarter 2569 net profit of 668 million baht, up 59% from the same period last year and up 455% from the previous quarter, in line with FSSIA estimates and about 5% above Bloomberg consensus. The main driver was total property transfers of 6.6 billion baht, up 135% from the previous quarter and 36% from a year earlier. Condominium transfers hit a new record of 3.4 billion baht, up 479% from the previous quarter, as the company began recognising revenue from the COBE Ratchada–Rama 9 project worth 7 billion baht, which is already 85% sold. Low-rise transfers came in at 3.1 billion baht, recovering 42% from the previous quarter. Gross margin from property sales rose to 29.2% from 24.9% in the previous quarter, while the ratio of SG&A expenses to revenue fell to 17.8% from 22.1%. As a result, first-half 2569 profit stood at 788 million baht, up 48% from a year earlier, representing 46% of FSSIA's full-year profit estimate. FSSIA maintained its 2569 net profit forecast at 1.7 billion baht, up 13%, and kept its buy recommendation and target price of 2.30 baht. It noted that the existing backlog covers about 83% of its full-year transfer estimate and expects presales in the second half of 2569 to accelerate, driven by plans to launch two large condominium projects worth a combined 25.5 billion baht.

SC Asset Corporation reported first-half 2569 net profit attributable to majority shareholders of 788 million baht, up 48% from the same period last year, with total operating revenue of 10.268 billion baht, up 30.12%. The main driver was ownership transfers of the newly completed COBE Ratchada-Rama 9 condominium project, along with higher revenue from hotels, warehouses, and project juristic person management. In the second quarter of 2569 alone, the company posted total revenue of 7.023 billion baht, up 34%, and net profit of 668 million baht, up 59%. The board approved an interim dividend for the first half of 0.06 baht per share, with the XD date on 27 August 2569 and payment by 9 September 2569. For the second half, the company plans to launch five new projects worth a combined 28.35 billion baht, and had a sales backlog awaiting revenue recognition of more than 16 billion baht at the end of the second quarter of 2569.

SC Asset Corporation, or SC, has unveiled its Living Solution Program under the name Genscription, kicking off with the first model, GenRent, a rent-to-buy concept designed to give consumers flexibility in transitioning from tenant to property owner in the future. Kanokorn Limkamnoed, Managing Director of the High-Rise and International Customer Business Group, said the GenRent model lets consumers choose their desired unit and move in immediately, paying rent directly to the company for up to three years while they manage their finances and improve their credit to apply for a bank loan. A portion of the monthly rent can be converted into a discount when applying for a mortgage to purchase the unit. In the initial phase, SC is piloting GenRent at two condo projects popular with younger generations: Reference Sathorn – Wongwian Yai and Cobb Ratchada – Rama 9, with plans to expand to other condominium projects, as well as townhomes and single houses in the future. The company is also developing at least two more alternative living models under the Genscription program to cater to the diverse and rapidly changing housing trends of the new generation.

SC Asset Corporation, or SC, expects normalised profit for the second quarter of 2026 at 645 million baht, up 54 percent from the same period last year and up 436 percent from the previous quarter, driven by transfers of the newly completed high-rise project Cobe Rama 9. The project is worth 6.7 billion baht, with 30 to 35 percent already transferred this quarter, exceeding the company’s target. Total property revenue is expected at 6.771 billion baht, up 40 percent from last year, split between low-rise projects at 3.386 billion baht and high-rise projects at 3.386 billion baht. The gross profit margin for the property business is expected to recover to 28.1 percent, up from both the previous quarter and last year, thanks to a higher proportion of high-rise transfers which carry above-average margins. Presales in the second quarter are expected at 4.2 billion baht, down 26.4 percent from last year, as no new projects were launched in the first half. However, the company plans to launch six new projects worth a combined 28.6 billion baht in the second half, which is expected to help presales reach the full-year target of 27 billion baht. Yuanta Securities maintains a buy recommendation and a year-end 2026 target price of 2.42 baht, based on a PER of 6.5 times, and forecasts a first-half dividend of 0.05 baht per share, implying a dividend yield of 2.5 percent.

CGS International Securities Thailand forecasts that net profits of Thai listed companies in the second quarter of 2026, covering 127 firms or 86.7 percent of market capitalization, will total 276 billion baht, a decline of 10.5 percent from the same period last year and down 5.3 percent from the previous quarter. The main drag came from the energy sector due to weaker refining margins, and the transport sector which was hit by the low season for airlines. Meanwhile, petrochemicals, electronics, ICT, and tourism were key supports for the market. Energy sector profits are expected to fall 26.6 percent year-on-year and 11.3 percent quarter-on-quarter. Transport sector profits are seen dropping 72.1 percent year-on-year and 74.5 percent quarter-on-quarter, weighed by weaker results at AAV and THAI. Petrochemical profits are forecast to surge 326.4 percent from a low base last year, led by IVL and PTTGC. Electronics profits are expected to grow 89 percent, and ICT profits to rise 26 percent, helped by easing competition and improved ARPU at ADVANC and TRUE. Tourism benefited from the European travel season for MINT. Stocks expected to show outstanding profit growth both year-on-year and quarter-on-quarter include IVL, PSL, and BGRIM. Stocks with accelerating profit momentum from the previous quarter include MINT, SC, and 3BBIF. The stocks forecast to grow the most year-on-year are BGRIM, up 7,305.8 percent, IVL up 982.9 percent, PSL up 771.9 percent, SPRC up 666.8 percent, and AMATA up 599.1 percent, mostly driven by low profit bases last year and industry recovery. In terms of quarter-on-quarter momentum, the stocks expected to see the biggest profit increases are MINT, up 452 percent, SC up 441.7 percent, IVL up 263.3 percent, PSL up 169 percent, and PTTEP up 121.2 percent, supported by seasonal factors, a recovery in the hotel business, property transfers, and improved sales volumes and margins in energy and petrochemicals. CGSI has also selected top picks under its Quality and Earnings Momentum strategy, focusing on stocks with profit growth both year-on-year and quarter-on-quarter, Outperform recommendations, and low volatility. These include PTTEP, MINT, SC, BAREIT, TVO, IVL, TNP, ZEN, BANPUU, and PR9.

Asia Plus Securities, or ASPS, has unveiled an investment strategy to cope with volatility from the Middle East conflict, the trade war, and the technology war, recommending two main themes. The first theme consists of stocks expected to deliver profit growth both quarter-on-quarter and year-on-year, including IVL, PTTGC, BCP, TRUE, SCGP, DOHOME, PTTEP, ADVICE, SC, ADVANC, PTT, and MASTER. The second theme covers stocks with growing profits but lagging share prices, namely BCPG, AMATA, DELTA, and CRC. At the same time, ASPS has designated DELTA, BDMS, and CPALL as standout picks due to their safety from wartime conditions and lack of negative impact. The firm also recommends investing in foreign securities depositary receipts such as MICRON01 to capture strong earnings momentum from memory chip demand, and OIL03 to benefit from the US-Iran conflict boosting oil prices. Another noteworthy point is that since April 2026, the earnings per share estimate for the Thai stock market has been revised up by 3.8 percent, the second highest in the world, trailing only the Dow Jones index and bucking the trend of downward revisions in regional markets.

SC Asset Corporation Public Company Limited, or SC, has successfully offered a new series of debentures, the second of 2026, worth a total of 3 billion baht, with investor subscriptions exceeding the target. The debentures are divided into two tranches. Tranche 1 has a two-year tenor and is a zero coupon bond with a discount rate of 2.80 percent per annum, offered to institutional investors, where demand was more than twice the issue size. Tranche 2 has a three-year tenor and a fixed coupon of 3.10 percent per annum, offered to institutional and high-net-worth investors through seven arrangers: Kasikornbank, Siam Commercial Bank, TMBThanachart Bank, CIMB Thai Bank, Kiatnakin Phatra Securities, Asia Plus Securities, and Krungthai XSpring Securities. The company and the debentures are rated BBB+ with a stable outlook by TRIS Rating. Proceeds from this fundraising will be used to repay maturing debentures and for short-term working capital.

Kasikorn Securities forecasts that SC Asset Corporation, or SC, will report a second-quarter 2026 profit of 652 million baht, up 56% from a year earlier and 442% from the previous quarter. The main driver is the start of ownership transfers for the COBE Ratchada–Rama 9 condo project, which has a project value of 7.0 billion baht and is 84% sold. This is coupled with a recovery in low-rise project sales following a major marketing campaign, pushing total revenue up 33% year-on-year and 114% quarter-on-quarter. Condo revenue will account for 50% of total revenue and carry a gross margin above 30%, lifting the overall gross margin by 0.7 percentage points from a year earlier and 1.7 percentage points from the prior quarter. First-half 2026 profit will represent 46% of Kasikorn Securities' full-year estimate. For the second half of 2026, performance will improve thanks to the launch of two large new condo projects: Reference Bay Riverfront Bang Pho, valued at 11 billion baht, and a project in the Rama 4 area valued at 14.5 billion baht, along with the gradual transfer of the condo backlog as planned and the introduction of eight new house models for existing low-rise projects. Kasikorn Securities maintains a buy rating and a mid-2027 target price of 2.44 baht, viewing the stock as still inexpensive with a 2026 price-to-earnings ratio of just 5.1 times and a dividend yield as high as 7.8%.

Euro Creations Public Company Limited, or EURO, has partnered with five property developers — Sansiri, SC Asset, Major Development, Eden Estate, and Boat Pattana — to expand in the high-end market, targeting high and ultra-high net worth customers through a one-stop service model covering residential products, lifestyle, and wellness from leading global brands. The company said it continues to receive interest and orders from both Thai and foreign customers, which will support customer base expansion and future business growth opportunities.

Kasikorn Securities expects the SET Index to move today in a range of 1,635 to 1,660 points, supported by Brent crude oil prices breaking above 90 dollars per barrel amid ongoing tensions in the Middle East. This follows President Donald Trump lowering hopes for negotiations with Iran and the Houthis threatening shipping in the Red Sea. The short-term strategy recommends increased caution and waiting for pullbacks to buy stocks expected to deliver outstanding earnings and high dividend payout ratios. Top picks for today are PTTGC and SC. In addition, the Ministry of Finance is preparing to adjust TISA criteria to provide equal tax deduction benefits and open the way for investing in individual stocks, which is positive for the Thai capital market atmosphere in the medium term. Meanwhile, the government is preparing to push the BOI to IPO project to attract foreign technology companies to list on the Thai stock market, and the Eastern Economic Corridor Office is set to propose the EECiti project worth 72.042 billion baht in a public-private partnership format, which will be positive for industrial estate, construction, and utility sectors in the long term.

EURO Luxury Lifestyle has joined forces with major real estate partners, including Sansiri, SC Asset Corporation, Major Development, Eden Estate, and Boat Pattana, to penetrate the high-end market through a One-Stop Service business model, targeting HNWI to UHNWIs customers. Meanwhile, Amita Technology Thailand, or AMITA, a company under the EA Group, together with the Department of Primary Industries and Mines, Ministry of Industry, has signed a memorandum of understanding to advance battery research towards practical application based on circular economy principles. At the same time, SNNP is moving forward to expand its Gen Z customer base with the launch of Jele Chewy x Kamu Kamu, a premium fruit tea jelly born from the collaboration between Jele Chewy and Kamu Kamu, a leading Thai tea brand, aiming to be a product that helps strengthen the sales portfolio of the Jele group for robust growth this year.