Supalai stock holds steady as Thai property developer extends growth after strong 2025 results
Published on 09/05/2026 at 10:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
Supalai stock represents one of Thailand's established residential property developers, with the shares trading around 16.00 Thai baht and a market capitalization of about THB 30.4 billion as of September 4, 2026, according to data from a major international stock portal.
Market context and valuation
As of September 4, 2026, market data compiled by an international finance portal shows Supalai Public Company Limited quoted near THB 16.00 per share, with the price little changed on the day and the implied market capitalization at roughly THB 30.4 billion. For retail investors, this places Supalai among the mid-sized listed Thai real estate developers by equity market value.
In that same snapshot, the portal classifies Supalai in the real estate development industry, indicating that most of its valuation is driven by its pipeline of residential projects and land bank rather than recurring rental income. With a price in the mid-teens of Thai baht and a market capitalization significantly above THB 30 billion, the stock offers exposure to Thailand's housing cycle and interest-rate environment in a size bracket that is larger than many local niche developers but below the heavyweight diversified property groups.
Recent fundamentals and growth profile
According to Supalai's most recently available annual report for fiscal year 2025, which ended within the last 24 months relative to September 5, 2026, the company delivered robust growth compared with fiscal year 2024. The report shows that revenue in fiscal year 2025 rose by about 15 percent compared with the prior year, reaching a level in the tens of billions of Thai baht, while net profit increased at a similar double-digit pace, supported by healthy gross margins and disciplined cost control.
In the same fiscal year 2025, Supalai reported a net profit margin in the low- to mid-teens percent range, a level that compares favorably with many Thai residential peers that operate closer to single-digit margins. Historical figures from fiscal year 2024 indicate that revenue and profit were meaningfully lower two years earlier, underlining how the company managed to grow earnings despite higher financing costs and a competitive condo market. For investors, that margin resilience is a key factor in assessing whether the 2025 performance can be sustained into 2026.
Balance sheet, cash flow and guidance
The latest available filings for Supalai's fiscal year 2025 also highlight a relatively solid balance sheet. Total interest-bearing debt remained manageable relative to equity, and operating cash flow stayed positive, supported by cash collections from residential unit transfers. Historical data show that the company maintained a conservative leverage profile through fiscal year 2024 and 2025, which helps reduce refinancing risk if interest rates remain elevated.
In terms of outlook, management guidance communicated around the fiscal year 2025 results pointed to continuing project launches and unit transfers in 2026, with a focus on mid-market condominiums and landed housing in Bangkok and key provincial cities. While the company did not publish a detailed numerical revenue or profit target for 2026 in the public summary, it referenced a project pipeline whose aggregate value exceeds the previous year’s level, suggesting room for further growth if market conditions remain supportive.
DACH angle via sector peers
For investors in the DACH region looking for comparables, Supalai's business model can be loosely compared with European residential developers such as Vonovia or LEG Immobilien, which focus on housing assets, although Supalai is more oriented toward development and sales rather than long-term rental portfolios. This peer framing underscores that Supalai stock, with its THB 16.00 price level and THB 30.4 billion market capitalization as of September 4, 2026, offers exposure to a similar housing demand theme, but in an emerging-market context where demographic and urbanization trends differ from those in Germany, Austria or Switzerland.
Representative project: Supalai Wellington
One representative project illustrating Supalai's presence in Bangkok's residential market is Supalai Wellington, a condominium complex in the city that features multiple buildings and a range of unit sizes aimed at middle-income buyers. A property marketplace listing as of September 4, 2026, shows 73 condos for sale at Supalai Wellington, indicating active secondary-market trading and ongoing demand for units in the project.
Stock price snapshot and investor perspective
Based on data from the international finance portal, Supalai stock traded around THB 16.00 per share with an implied market capitalization of THB 30.4 billion as of September 4, 2026, on its primary listing in Thailand. For investors, that combination of steady pricing, double-digit historical revenue and profit growth in fiscal year 2025, and a visible pipeline of residential projects like Supalai Wellington forms the core of the investment narrative around the stock.
Fact box
Company: Supalai Public Company Limited
ISIN: TH0663010003
Ticker: SPALI
Trading venue: Stock Exchange of Thailand (primary listing)
Price (as of September 4, 2026): 16.00 THB
Market capitalization: 30,400,000,000 THB (as of September 4, 2026)
Sector / Industry: Real estate development
Index membership: Local Thai real estate indices
