Business Overview
PSH primarily operates by holding shares in other companies: (1) Real estate development: townhouses, detached houses, and condominiums with 131 ready-to-sell projects totaling THB 66.4 bn (2) Healthcare, including ViMUT Hospital (222 beds), ViMUT-Theptarin Hospital (80 beds), Baan Mor ViMUT Clinic and (3) Construction and precast, supporting real estate projects and generating recurring income by expanding sales channels and products into new markets. The Company as well as entered rental apartment business.
Financial Statement
| 2025 | 2024 | 2023 | 2022 |
|---|
Income Statement (MB)
| Revenues | 14,983.18 | 20,995.58 | 26,132.11 | 28,640.48 |
| Expenses | 14,669.18 | 19,348.71 | 22,564.35 | 24,639.86 |
| Net Profit (Loss) | -539.98 | 456.12 | 2,205.24 | 2,772.33 |
Balance Sheet (MB)
| Assets | 61,813.90 | 65,886.71 | 68,547.91 | 68,655.54 |
| Liabilities | 20,548.39 | 22,420.42 | 22,712.96 | 23,078.18 |
| Shareholders' Equity | 39,600.70 | 41,798.26 | 44,118.84 | 43,970.75 |
Cash Flow (MB)
| Operating | 1,386.49 | 2,442.53 | 6,438.03 | 12,343.43 |
| Investing | 1,351.18 | -490.28 | -5,960.23 | -3,666.89 |
| Financing | -2,754.65 | -3,185.27 | -478.55 | -8,119.94 |
Financial Ratio
| EPS (Baht) | -0.25 | 0.21 | 1.01 | 1.27 |
| GP Margin (%) | 28.98 | 27.33 | 29.88 | 31.47 |
| NP Margin (%) | -3.42 | 2.32 | 8.95 | 9.90 |
| D/E Ratio (x) | 0.50 | 0.52 | 0.50 | 0.51 |
| ROE (%) | -1.33 | 1.06 | 5.01 | 6.35 |
| ROA (%) | 0.22 | 2.33 | 5.22 | 5.73 |
Business Plan
2026 Business Plan (Adjusted for Market Conditions)
- Real Estate: 7 new projects worth THB 8.2 bn, aiming to accelerate development on existing land bank, focusing on flagship “Brand Champion” projects. These include The Reserve, luxury single detached homes priced THB >50 mn per unit; The Palm, single detached houses in the premium segment; and Chapter One condominiums, introducing Pruksa’s first Pet Parent-concept project. The Company targets THB 16.5 bn in presales, with an additional THB 2.1 bn from JVs. Revenue is projected at THB 15 bn, plus THB 1.8 bn baht from JVs.
- Healthcare: Developing COE in women’s health, GI, and neuro, while strengthening Theptarin Hospital’s expertise in diabetes management, advancing preventive and lifestyle hospital, including treatment for psychological trauma and GI. Collaboration between two hospitals and the elevation of standards to international levels will enhance cost efficiency while maintaining service quality. The hospital group will continue providing Well Care @Home services to Pruksa residents across 5 zones, targeting 2,000 customers, and will introduce Family Doctor service in 3 high-end residential projects. The healthcare business aims to achieve revenue of THB 2.6 bn.
Sustainable Development Plan
- By 2030: 30% reduction in carbon dioxide emissions
- By 2050: Carbon neutrality
- By 2065: Net-zero greenhouse gas emissions
Business Highlight
- Real Estate: In 2025, 14 projects worth THB 13.3 bn were launched, with THB 3 bn backlog for 2026 and THB 6.8 bn in ready-to-move units. Pruksa continues partnership with ViMUT Group on “Lifetime Well-Living.” The Company is reducing sub-THB 3 mn inventory through year-round campaigns and a broader agent network, while expanding rental income. The rent-to-own program, Pruksa Pass, supports customers with mortgage challenges, alongside price promotions for near sell-out projects.
- Healthcare: Revenue grew from higher outpatient volumes, supported by the opening of lung, heart, and bone centers by 2025 and tailored packages for large corporate and insurance clients. International patients from China, Myanmar, and Arab increased, offsetting lower Cambodian traffic.
- Group: Focusing on core businesses with THB 3 bn in investment cuts to align with priorities. PSH is strengthening precast and construction capabilities and launching a rental business to maximize land bank utilization and meet modern lifestyle needs.
Performance and Analysis
Business Performance Summary
- 2025 revenue was THB 15.0 bn, down 28% YoY (excl. a THB 197 mn one-time gains from JV share sales in 2024), mainly due to weaker real estate revenue amid soft purchasing power, tighter bank lending, and the Q2 earthquake. Growth was supported by transfers of 4 new condominiums worth THB 10 bn and sales campaigns launched from Aug. Hospital revenue rose on higher outpatient volumes, led by surgery, medicine, check-up, pediatrics, and orthopedics. Theptarin Hospital saw a brief slowdown in 1H25 from delayed social security reimbursements and fewer accident cases, but recovered in 2H25.
- Gross profit was THB 5.0 bn, down 22% YoY due to intense price competition across the market. However, GPM improved to 33.3%, supported by the acceleration of old project closures to reduce costs and the transfer of 4 new condominium projects. The hospital business achieved stronger profitability, with margins increasing to 22% from 19% in 2024, driven by higher revenue per bill and better cost management for doctors, nurses, and medical supplies.
- Normalized net profit rose to THB 247 mn, up 826% YoY. Despite lower revenue, PSH improved cost control, reduced admin expenses, and lowered interest expenses. However, losses were recorded from precast JVs, fund management fees, and the discontinued e-commerce business.
- Strong financial position, with a net IBD/E ratio of only 0.28x, due to the redemption of debentures to reduce non-core business investments denominated in foreign currency.
Key Milestones
The collaboration under CWell fund with CapitaLand continues to progress as planned. The fund has invested in 4 projects: The Palm Residences Pattanakarn, The Reserve Villas SKV 89/1, ViMUT Orthopedic Hospital, and Lyf Bugis Hotel Singapore. CSLF fund has invested in smart warehouse Bangna project. Construction is nearly complete, with operations set to begin in 3Q26.
Risk Management Policy
The Risk Management function independently oversees risks in line with good internal control practices and reports its findings to the Executive Board, the Risk Oversight Committee, the Audit Committee, and the Board of Directors.
Recent Awards and Recognitions
- Rising Star Award 2025 from Terra Hint Brand Series 2025.
- ViMUT received recognition for its center of excellence for lung diseases from World Business Outlook Award.
- Ranked in the top quartile and received an Excellent CGR rating from IOD. Also earned an AAA rating from SET ESG Ratings.
Revenue Structure
Stock Information
SET / PROPCON / PROP
| as of 30/12/25 | PSH | PROP | SET |
|---|---|---|---|
| P/E (X) | - | 12.87 | 15.44 |
| P/BV (X) | 0.19 | 0.74 | 1.19 |
| Dividend yield (%) | 5.87 | 5.14 | 3.71 |
| 30/12/25 | 30/12/24 | 28/12/23 | |
|---|---|---|---|
| Market Cap (MB) | 7,834.85 | 17,289.19 | 26,480.91 |
| Price (B/Share) | 3.58 | 7.90 | 12.10 |
| P/E (X) | - | 19.74 | 8.14 |
| P/BV (X) | 0.19 | 0.40 | 0.60 |
CG Report:
Company Rating:
TRIS Rating "BBB+" Negative
Major Shareholders
as of 29/08/2025
Company Information and Contact
http://www.psh.co.th
ir@pruksa.com
+666-2196-4708, +666-5517-3061
1177, Pearl Bangkok Building, Phahonyothin Road, Phayathai Sub-District, Phayathai District Bangkok 10400
Other Trading Info. :
https://www.settrade.com/C04_01_stock_quote_p1.jsp?txtSymbol=PSH
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