Sansiri is a property development company that operates 3 core businesses: Property Development (for sale and rent), Property Services (property brokerage services, property management, hospitality business and etc.) as well as Investment Business.
| 9M23 | 9M22 | 2022 | 2021 |
|---|
| Revenues | 28,046.75 | 21,912.83 | 34,983.48 | 29,557.75 |
| Expenses | 22,375.07 | 18,495.37 | 29,755.26 | 25,981.75 |
| Net Profit (Loss) | 4,760.27 | 2,488.42 | 4,279.88 | 2,017.28 |
| Assets | 144,026.26 | 127,887.82 | 127,451.47 | 116,631.98 |
| Liabilities | 97,033.97 | 85,636.17 | 83,410.96 | 75,665.32 |
| Shareholders' Equity | 46,992.29 | 44,040.51 | 42,432.98 | 39,225.41 |
| Operating | 5,589.68 | -2,882.71 | -674.19 | -2,373.52 |
| Investing | -5,486.06 | -833.53 | -1,110.48 | -3,429.59 |
| Financing | 1,142.15 | 4,572.70 | 2,340.48 | 4,843.96 |
| EPS (Baht) | 0.28 | 0.15 | 0.27 | 0.11 |
| GP Margin (%) | 36.25 | 34.94 | 35.43 | 33.67 |
| NP Margin (%) | 16.97 | 11.36 | 12.23 | 6.82 |
| D/E Ratio (x) | 2.06 | 2.03 | 1.89 | 1.85 |
| ROE (%) | 14.68 | 6.81 | 10.07 | 5.03 |
| ROA (%) | 4.82 | 2.32 | 3.51 | 1.76 |
In 2023, Sansiri plans to launch 46 new projects with a total value of THB 66,000 million. The focus will be on high-end projects. 24 projects, worth THB 29,400 million have been introduced during 9M2023. Further, numerous appealing projects will be launched in Q4 including BuGaan Rama9-Meng Jai, Setthasiri in 7 locations, Shush Ratchathewi and Via Ari. On the financial side, Sansiri expects to once again reach an all-time high in revenue and net profit this year, with revenue target at 40,000 Million Baht.
Sansiri adhere to operate business and lead the organisation to grow stronger and sustainably in all dimensions: economic, social, and environmental with the goal to become a Net-Zero emission organisation by 2050 towards the 3P mission as below:
PROFIT: Placing great importance on conducting the business with transparency and proper ethics under the good CG framework
PEOPLE: Recognising the opportunity to conduct the business together with social development to help reduce the inequality and improve the lives of people in the community, and promotes equal opportunity for children and youth through the initiation of the 'Zero Dropout' project
PLANET: Determining to move forward with the 'Green Mission' through a strategic process that sets the standard for environmental management and also develops residential projects with the aim to use renewable or clean energy, and fostering environmentally-friendly technologies.
- Sansiri has over 39 years of experience in property development spanning all product types and pricing ranges. The designs of each project are centered on the needs of customers under the “YOU-Centric” concept.
- Sansiri is a fully integrated real estate company, offering both real estate development and after-sale services management provided by Plus Property Co., Ltd., our subsidiary
- Have a solid collection of real estate brands, especially high-end brands in the Sansiri Luxury Collection such as Baan Sansiri, Narasiri, BuGaan, and legendary condominium; 98 Wireless
- In 9M2023, Sansiri reported total revenue of THB 28,047 Million, up 28% YoY. Revenue from project sales, which is the Company’s main revenue and accounts for 83% of total revenue, was THB 23,012 Million, climbing by 23% YoY. During 9M2023, the Company recorded Gain from sale of assets and land sales of THB 1,134 Million. On the cost side, cost of project sales rose in tandem with higher revenue from project sales, rising by 33% YoY to THB 17,880 Million. Selling and administrative expenses were THB 4,495 Million, accounting for 16.0% of total revenue, a decrease from 19.3% in the previous year. Sansiri delivered a record high net profit of THB 4,760 Million, up 91% YoY with net profit margin of 17.0%.
- Sansiri had debt to equity ratio at 2.06 times and interest-bearing debt to equity (Gearing ratio) at 1.63 times, still remains under restrictive financial covenants with gearing ratio less than 2.5 times.
- Better-than-expected feedback from the new launches of high-end single-detached houses in 3Q, including BuGaan Pattanakarn 30, which was able to close the project in the quarter, and Setthasiri Wongwaen-Chatuchot, with has been sold by 45% as of now
- In 3Q2023, there were 2 recently completed condominiums that began to transfer; Hay Hun Hin and Nia by Sansiri (a ready-to-move project that launched in this quarter)
The Company has set up a systematic risk management process by adapting The Committee of Sponsoring Organization of the Treadway Commission (COSO)’s Enterprise Risk Management: Integrating with Strategy and Performance framework as risk management guidelines. The Risk Management Section works independently with departmental management and risk owners to assess, catalog, and establish risk mitigation plans for both corporate and departmental risks. Furthermore, the Company analyses risk factors such as strategic risk, operational risk, financial risk, compliance risk, technology risk, and environmental, social, and corporate governance (ESG Risk) to control risk within the risk appetite level. Additionally, the risk management progress and mitigation plan are monitored and reported to the Risk Management Committee on a regular basis.
- Included into SET100 Index during a period of Jul to Dec 2023
- Included into SETHD Index during a period of Jul to Dec 2023
- Selected member of Thailand Sustainability Investment 2022 (THSI) and received an AA rating for sustainability in the SET ESG Ratings 2023, determined by the Stock Exchange of Thailand
- The most valuable real estate brand of 2023, assessed by the Faculty of commerce and Accountancy, Chulalongkorn University, together with Baramizi Group
| as of 29/09/23 | SIRI | PROP | SET |
|---|---|---|---|
| P/E (X) | 4.45 | 14.60 | 20.33 |
| P/BV (X) | 0.61 | 1.21 | 1.44 |
| Dividend yield (%) | 8.25 | 3.56 | 3.18 |
| 29/09/23 | 30/12/22 | 30/12/21 | |
|---|---|---|---|
| Market Cap (MB) | 27,840.57 | 26,264.70 | 18,306.16 |
| Price (B/Share) | 1.69 | 1.76 | 1.23 |
| P/E (X) | 4.45 | 9.28 | 8.09 |
| P/BV (X) | 0.61 | 0.65 | 0.47 |
