Company Coverage
Supalai (SPALI TB): Neutral View Amid Flood Impact; Remains Our Top Sector Pick
BUY (Maintained)
Current price:
Target price:
Upside:
Bt15.90
Bt17.50
+10.0%
Analyst
Analyst
Natthida Chuaysong
Highlights
- We attended a market update meeting with management and came away with a neutral view. We expect SPALI to report 3Q26 net profit of Bt6.084b, down 12.3% qoq and 4.5% yoy. 3Q26 earnings are expected to be softer than previously guided, mainly due to flooding in Bangkok.
- We continue to like SPALI for its strong balance sheet and low leverage. While the Bangkok flood may weigh on property transfers in 3Q26, SPALI remains an attractive player in the property sector. We maintain our BUY recommendation with a target price of Bt17.50.
Analysis
- Neutral takeaways from management meeting. We attended a market update meeting with management and came away with a neutral view. We expect Supalai (SPALI) to report 3Q26 net profit of Bt6.084b (-12.3% qoq, -4.5% yoy), with total transfers expected at Bt5.974b (-12.5% qoq, -4.9% yoy). This is in line with 3Q26 presales of Bt5.571b, (vs Bt6.937b in 2Q26 and Bt6.012b in 1Q26).
Highlights
- We attended a market update meeting with management and came away with a neutral view. We expect SPALI to report 3Q26 net profit of Bt6.084b, down 12.3% qoq and 4.5% yoy. 3Q26 earnings are expected to be softer than previously guided, mainly due to flooding in Bangkok.
- We continue to like SPALI for its strong balance sheet and low leverage. While the Bangkok flood may weigh on property transfers in 3Q26, SPALI remains an attractive player in the property sector. We maintain our BUY recommendation with a target price of Bt17.50.
Analysis
- Neutral takeaways from management meeting. We attended a market update meeting with management and came away with a neutral view. We expect Supalai (SPALI) to report 3Q26 net profit of Bt6.084b (-12.3% qoq, -4.5% yoy), with total transfers expected at Bt5.974b (-12.5% qoq, -4.9% yoy). This is in line with 3Q26 presales of Bt5.571b, (vs Bt6.937b in 2Q26 and Bt6.012b in 1Q26).
BUY (Maintained)
Current price:
Target price:
Upside:
Bt15.90
Bt17.50
+10.0%
Analyst
Analyst
Natthida Chuaysong
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