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.
| 9M24 | 9M23 | 2023 | 2022 |
|---|
| Revenues | 29,199.00 | 27,899.00 | 39,082.12 | 34,983.48 |
| Expenses | 19,251.00 | 17,605.00 | 31,867.29 | 29,755.26 |
| Net Profit (Loss) | 4,009.47 | 4,760.27 | 6,060.39 | 4,279.88 |
| Assets | 151,150.34 | 144,026.26 | 147,303.35 | 127,451.47 |
| Liabilities | 103,044.73 | 97,033.97 | 99,894.87 | 83,410.96 |
| Shareholders' Equity | 46,884.28 | 46,992.29 | 47,408.48 | 44,041.51 |
| Operating | 8,313.03 | 5,589.68 | 2,795.55 | -674.19 |
| Investing | -2,657.70 | -5,486.06 | -5,706.92 | -1,110.48 |
| Financing | -5,975.05 | 1,142.15 | 2,929.47 | 2,340.48 |
| EPS (Baht) | 0.22 | 0.28 | 0.36 | 0.27 |
| GP Margin (%) | 35.26 | 38.07 | 35.71 | 35.43 |
| NP Margin (%) | 13.88 | 17.26 | 15.51 | 12.23 |
| D/E Ratio (x) | 2.14 | 2.06 | 2.11 | 1.89 |
| ROE (%) | 14.12 | 18.87 | 13.25 | 10.07 |
| ROA (%) | 4.55 | 6.19 | 4.41 | 3.51 |
Sansiri plans to introduce 43 new projects in 2024, totalling THB 46,470mn. These projects will be separated between 23 low-rise projects (THB 27,200mn) and 20 condominiums (THB 19,270mn). Provincial cities that possess economic potential and are progressively gaining prominence as tourist destinations, including Phuket, Hua Hin, Chiang Mai and Pattaya will account for 40% of the new projects this year. The remaining 60% of the projects will be in Bangkok and the vicinity.
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 40 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
- Sansiri reported total revenue of THB 9,415 million in 3Q2024, remained stable YoY. Revenue from project sales, which account for 88% of total revenue, amounted to THB 8,286 million. Total cost of goods sales rose 2% YoY to THB 6,254 million. Nonetheless, gross profit margin was 33.6%, or THB 3,161 million. Selling and administrative expenses accounted for 19.7% of total revenue. Share of profit from JV surged 151% YoY to THB 402 million, chiefly from the continued ownership transfer of The Line Vibe project. Net profit stood at THB 1,307 million, having a net profit margin of 14.0%.
- Sansiri had interest-bearing debt to equity (Gearing ratio) at 1.64 times, remains under restrictive financial covenants with gearing ratio less than 2.5 times.
- Launched 8 new projects, totaling THB 8,750mn, most of which were condominiums in Bangkok and up countries, such as Via 61, PYNN Soonvijai, The Base Rise Phuket, and Canvas Chearng Talay.
- The newly launched condominiums in Q3 were generally well-received, achieving an average take-up rate of 35%.
- Ownership of 7 condominiums worth a total of THB 6,240mn, primarily under dcondo and Vay brands, commenced transfer.
- On August 20, 2024, the Company’s Board of Directors passed a resolution approving the sale of equity interests in Standard International Management, LLC., our hotel management business, to Hyatt Corporation, a global hotel operator. The transaction was completed on October 2, 2024.
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 and SETHD Index
- Received the AA rating for sustainability in the SET ESG Ratings 2023, determined by the Stock Exchange of Thailand
- Best Developer and another 10 awards from PropertyGuru Thailand Property Award 2024
- Highly Commended Supply Chain Management Awards and Outstanding Investor Relations Awards from SET Awards 2024
- Outstanding CFO and Outstanding Investor Relations from IAA Awards for Listed Companies 2024
| as of 30/09/24 | SIRI | PROP | SET |
|---|---|---|---|
| P/E (X) | 5.93 | 14.67 | 18.03 |
| P/BV (X) | 0.69 | 1.11 | 1.37 |
| Dividend yield (%) | 10.06 | 4.10 | 3.16 |
| 30/09/24 | 28/12/23 | 30/12/22 | |
|---|---|---|---|
| Market Cap (MB) | 32,959.13 | 29,180.72 | 26,264.70 |
| Price (B/Share) | 1.91 | 1.77 | 1.76 |
| P/E (X) | 5.93 | 4.45 | 9.28 |
| P/BV (X) | 0.69 | 0.64 | 0.65 |
