Uthai Uthaisangsuk, Managing Director of Sansiri Public Company Limited (SET: SIRI), announced that from the beginning of 2025 to the present (Year-to-Date), the company has recorded property transfer revenues of THB 3.6 billion. This accounts for approximately 8% of the full-year target for 2025, which is set at THB 46 billion.
These transfers have been facilitated through the continuous delivery of their projects. Typically, the first quarter of the year sees lower property transfers than the fourth quarter of the previous year, reflecting the nature of the real estate business.
Since the beginning of 2025, Sansiri has achieved sales (Presale) of THB 9.5 billion, representing approximately 21% of the 2025 target sales of THB 46 billion.
In the 1Q2025, the company plans to launch 11 new projects, with a total value of THB 13.34 billion. These projects include eight condominium projects and three low-rise housing projects, the majority of which have already been launched.
Currently, the company has a backlog with a total value of approximately THB 17.8 billion, which will recognize revenue of about THB 8,505 million within 2025. The remaining portion will be incrementally recognized up to 2027.
As of the end of February 2025, Sansiri has an inventory of unsold properties worth THB 14.7 billion, consisting of THB 6.6 billion from condominium projects and THB 8.1 billion from low-rise projects, across a total of 143 projects currently for sale.
In 2025, Sansiri plans to complete 13 new condominium projects, with a total project value of THB 14.5 billion baht. All projects are reportedly performing well in sales.
Specifically, in 1Q2025, three new condominiums worth a total of THB 2.6 billion will be completed, while in 2Q2025, two new projects worth THB 2.6 billion will be completed. In 3Q2025, two projects worth THB 1.4 billion, and in 4Q2025, six projects worth THB 7.9 billion are expected to be completed.
Additionally, in 2025, the company has bonds maturing worth a total of THB 15 billion. In February, bonds worth THB 6 billion matured, which the company has already paid off by issuing new bonds worth THB 7 billion earlier this year.
For the remainder of 2025, there are bonds maturing worth another THB 9 billion. Sansiri plans to issue another series of new bonds totaling THB 7 billion by year-end.
This indicates that the maturing bond value exceeds that of the newly issued bonds, reflecting Sansiri’s sufficient liquidity and strong financial position.
Brokers Recommended “Buy” at THB 2.10 Target Price
Trinity Securities has maintained a “Buy” recommendation for shares of SIRI, setting a target price of THB 2.10 per share.
This recommendation is based on the company’s 2025 performance and an average Price-to-Earnings (P/E) ratio of 7x. Currently, SIRI is trading at a P/E ratio of 6x, which is below its historical average.
Additionally, SIRI has announced a dividend payment for the second half of 2024 at THB 0.08 per share, translating to a dividend yield of 4.4%.
The company’s Board of Directors, in a meeting on February 28, 2025, resolved to approve an annual dividend for 2024 (covering the period from January 1 to December 31, 2024) of THB 0.15 per share, payable in cash to shareholders.
An interim dividend of 0.07 baht per share was already paid on September 11, 2024. Thus, the remaining dividend for the second half of 2024 is 0.08 baht per share.
The Ex-dividend date (XD) is set for March 17, 2025, with the dividend payment scheduled for May 20, 2025.
Analysts project that the net profit for 2025 will be THB 5.304 billion, primarily driven by an increased contribution from joint ventures (JV) and sales boosted by foreign clientele.
International sales for 2025 are expected to reach THB 7 billion. Sansiri’s Debt-to-Equity (D/E) ratio is anticipated to decrease to 1.5x due to the repayment of loans following the sale of its hotel business.
Furthermore, analysts maintain that the gross profit margin is expected to be lower in the first half of 2025 compared to the second half of the year. The competitive landscape in the low-rise housing segment in 1Q2025 suggests that the gross profit margin could be comparable to Q4/2024.
Overall, the gross profit margin for 2025 is expected to be similar to that of 2024. However, the overall margin for 2025 is projected to improve given the absence of losses from the hotel business following its sale in October 2024.
