AP Thailand surges to 19% market share, maintaining its "A" credit rating amidst volatile real estate market.
Tris Rating affirms the corporate and bond credit rating at “A” with a “Stable” outlook for the fourth consecutive year. The company reported first-quarter revenue growth of 11%, reaching 4 billion baht, after maintaining financial discipline and keeping the net debt-to-equity ratio low at 0.64 times. The company outlined an aggressive plan for 2569, aiming to launch 42 new projects worth 5.5 billion baht and target total revenue of 4.9 billion baht.
June 14, 2026 – Mr. Ratchayut Nantachotisophana, Chief Executive Officer of AP Thailand Public Company Limited (AP), disclosed the company's business direction and financial status after TRIS Rating Company Limited announced that it has affirmed the company's corporate credit rating and unsecured senior debentures at "A" with a "Stable" outlook for the fourth consecutive year. This reflects the company's continued strong financial position and competitiveness amidst volatile economic and real estate markets.
This credit rating assessment reinforces AP Thailand's market outlook, demonstrating its continued position as one of the top three listed residential developers in Thailand for the past five years. The company has a high annual transfer value, including joint venture (JV) projects, of 40,000 – 49,000 million baht.
Key statistics indicate that AP could almost double its market share, from 12% in 2021 to 19% in 2025, representing nearly one-fifth of all property developers rated by TRIS Rating.
Mr. Ratchayut Nantachotisophon discussed AP's risk and debt management strategies aimed at building long-term stability and consumer confidence, stating, "AP's ability to maintain an 'A' credit rating with a 'Stable' outlook for four consecutive years amidst volatile economic conditions is not just a financial achievement for the company, but also reflects the confidence AP provides to its customers, the AP family. AP operates its business with a Code of Financial Discipline, a key principle for stable and sustainable business operations. Strict risk management and financial structure ensure that customers can be confident that all of AP's horizontal and condominium projects will be developed to completion and deliver quality homes on time, without the risk of project delays."
Unveiling investment plan for 2569, moving forward with the launch of 42 new projects.
In terms of portfolio expansion strategy for 2026, AP Thailand plans to launch a total of 42 new projects with a total investment value of 55 billion baht. This aims to diversify risk and create business flexibility to cover a portfolio of over 200 projects nationwide, divided into four main supply groups:
- Eleven new single-family home projects with a total value of 14.4 billion baht.
- Sixteen new townhouse and semi-detached house projects, with a total value of 17 billion baht.
- Seven new condominium projects with a total value of 15.6 billion baht.
- Eight new regional projects, with a total value of 8 billion baht.
Based on this portfolio expansion strategy, the company has set a commercial target, aiming for total sales and revenue (100% JV) of 2569 billion baht in 49,000.
First quarter 2026 financial results show revenue growth defying market trends and a strong backlog.
For the first quarter of 2026, the company achieved total revenue (including 100% JV) of 10,554 million baht, representing an 11% increase compared to the same period of the previous year, and a net profit of 903 million baht. Regarding balance sheet management, the company had total assets of 87,646 million baht and maintained financial discipline by keeping the net debt-to-equity ratio at a safe and low level of only 0.64.
Furthermore, in terms of future revenue stability, AP Thailand has a substantial backlog of projects awaiting revenue recognition totaling over 39,626 million baht (as of April 30, 2569). This is divided into a portfolio of low-rise projects valued at 18,476 million baht and a portfolio of condominium projects valued at 21,150 million baht.
Regarding the condominium portfolio, five new projects are scheduled for handover throughout this year, which will be converted into revenue and generate cash flow in line with the set business targets.
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