Property Development
| 6M26 | 6M25 | 2025 | 2024 |
|---|
| Revenues | 410.54 | 151.51 | 652.30 | 2,186.82 |
| Expenses | 371.13 | 226.92 | 654.74 | 1,551.21 |
| Net Profit (Loss) | -190.24 | -281.42 | -386.70 | 173.56 |
| Assets | 9,685.39 | 9,768.49 | 9,731.09 | 8,499.68 |
| Liabilities | 7,157.79 | 6,953.09 | 7,024.76 | 5,393.10 |
| Shareholders' Equity | 2,527.60 | 2,815.40 | 2,706.33 | 3,106.59 |
| Operating | 125.21 | 23.65 | 327.80 | 436.39 |
| Investing | -87.00 | -47.83 | -24.54 | -149.82 |
| Financing | -67.02 | 46.57 | -272.17 | -421.96 |
| EPS (Baht) | -0.05 | -0.07 | -0.10 | 0.05 |
| GP Margin (%) | 50.94 | 42.80 | 47.01 | 49.17 |
| NP Margin (%) | -46.34 | -185.74 | -59.28 | 7.94 |
| D/E Ratio (x) | 2.83 | 2.47 | 2.60 | 1.74 |
| ROE (%) | -11.06 | -18.09 | -13.30 | 5.74 |
| ROA (%) | 1.25 | -2.01 | 0.07 | 7.25 |
JCK International Public Company Limited and its subsidiaries
developed properties for industry as follows:
- develop and allocate vacant land with utilities for industry according to the joint operation contract with the Industrial Estate Authority of Thailand (IEAT),
- engage in the business of land development and plant construction and standard factories and customized warehouses (Built to Suit) for sale and rent which located in the Company's own industrial estates including in other industrial estates and industrial parks,
- operate a residential condominium construction for sale located in the middle of the city and also resorts in the provinces as an alternative to customers,
- operate office building for rent and also engage the job of real estate project management of the type of office building and SME size industrial factories and warehouses.
- Operate in the JC Kevin Sathorn Bangkok hotel.
The Company's business goal is to be a leading real estate development company in both land development, standard factory and warehouse construction in the industrial estates to support
the demands of the investors who want to buy or rent including the development of residential condominium for sale both in the city and some resorts in the provinces. Moreover, the Company also provides management services for the office buildings for rent and for the real estate projects. All these engagements are for the maximum benefit of investors and shareholders of the Company with responsibility for environmental and social development.
The company develops allocated areas under various company projects, such as the TFD 2 Industrial Estate Project, the TFD 2 Industrial Estate Project (Phase 1 Extension) covering an area of 1,230 rai, and the Green Park factory and warehouse space project for sale and lease and the JC Kevin Sathorn Bangkok Hotel.
As of June 30, 2026, the Company recorded total revenue of Baht 410.54 million, an increase of Baht 259.03 million (170.98%) from the same period of the previous year, primarily driven by land sales outside the industrial estate and hotel operations recognized since May 2025. Cost of sales, rental and service costs, and hotel operation costs totaled Baht 191.00 million, an increase of Baht 107.42 million (128.52%), in line with higher revenue. Distribution and administrative expenses totaled Baht 180.13 million, an increase of Baht 36.79 million (25.67%), due to increase in expenses related to land sales and hotel operations. Finance costs amounted to Baht 240.09 million, an increase of Baht 25.29 million (11.77%), due to increased borrowings. Share of profit from joint ventures was Baht 6.03 million, an increase of Baht 0.90 million (1.52%), from condominium ownership transfers. Overall, the Company recorded a net loss of Baht 190.24 million, a decrease of Baht 91.17 million (32.40%) from the prior year, driven by increased land sale and hotel operation revenues.
Currently, the company is accelerating the development of sales areas in TFD 2 Industrial Estate (1st Extension) as the areas in the original TFD 2 Industrial Estate have been sold out. Due to the high number of interested investors, the company is expediting the process to be ready for sale and transfer to investors in 2026 to ensure continuous revenue recognition for the company.
The Company has guidelines for managing risks from economic conditions, political issues, and other macroeconomic factors as follows:
The Company's and its subsidiaries' businesses may be affected by economic fluctuations, political issues, and other macroeconomic factors such as rising interest rates, energy costs, and logistical constraints, which impact the Company's businesses, especially the industrial estate business, the standard factory/warehouse business, and the office building rental business, where customers may consider reducing investment or relocating their investments from Thailand, consequently affecting demand in the aforementioned businesses. Therefore, these risks may affect the financial position and operating results of the Group.
However, the Group has guidelines for managing such risks by diversifying risks from various businesses, including industrial real estate development, residential real estate development, and office building rental development. In addition, the Group offers entrepreneurs the choice of investing in purchasing or leasing land assets, factories, and warehouses to reduce investment risks for the Group's customers, which can meet customer needs. This also helps reduce demand volatility in the Group's businesses from economic, political, and other macroeconomic factors as well.
| as of 30/06/26 | JCK | PROP | SET |
|---|---|---|---|
| P/E (X) | - | 14.26 | 16.92 |
| P/BV (X) | 0.19 | 0.85 | 1.46 |
| Dividend yield (%) | - | 4.39 | 4.02 |
| 30/06/26 | 30/12/25 | 30/12/24 | |
|---|---|---|---|
| Market Cap (MB) | 494.36 | 494.36 | 760.55 |
| Price (B/Share) | 0.13 | 0.13 | 0.20 |
| P/E (X) | - | - | 2.43 |
| P/BV (X) | 0.19 | 0.19 | 0.23 |
