ORN targets foreign investors with 50% down payments to overcome loan rejections, boosting Q2 profits by 139.8% and accumulating a backlog of 4.2 billion baht.

Orasirin Holdings is boosted by strong property transfer activity in Chiang Mai, highlighting its strategy of targeting high-spending foreign buyers with 30-50% down payments to keep loan rejection rates low. The company is also diversifying its risk by expanding into international schools, second-hand properties, and community malls to boost recurring revenue.

August 17, 2026 – Mr. Preedikorn Buranaporn, Chief Executive Officer of Ornsirin Holding Public Company Limited (ORN), revealed the company's performance in the second quarter of 2026. The company reported total revenue of 611.78 million baht, a 69.3% increase compared to the same period last year which had revenue of 361.32 million baht. Net profit reached 60.07 million baht, a 139.8% increase from the 35.02 million baht net profit in the second quarter of 2025. This resulted in total revenue of 1,113.15 million baht for the first half of 2026, a 39.2% increase, and a net profit of 100.22 million baht, a 57.3% growth.

A key driving factor is the gradual transfer of ownership of both low-rise and high-rise residential projects in Chiang Mai province, such as Believe Wongwaen-Sankamphaeng, A-Rice Charoenmuang, The Next Jedyod 3, and Habitat Wongwaen-Sankamphaeng, which continue to receive strong support from both local and foreign buyers.

Attracting foreigners to put down 30-50% down payments to combat loan rejection problems.

Amidst volatile economic conditions and tightened lending policies from financial institutions, Orasirin adapted by focusing on high-income international customers who were willing to make down payments of up to 30-50%. As a result, the company was able to reduce its loan rejection rate to a low level compared to the overall market.

Mr. Preedikorn discussed the potential of the Chiang Mai market and the response from buyers, stating that:

“Despite the overall economic challenges, the company continues to see demand for residential properties for both personal use and long-term investment from Thai and international customers, particularly foreign clients who recognize the potential of Chiang Mai, ranked as the 3rd best city in the world and the 1st best city in Asia, as an ideal place for long-term residence,” – Preedikorn Buranaporn

Expand your subsidiary businesses to strengthen your recurring revenue stream.

In addition to its real estate sales business, the company has accelerated risk diversification by recognizing revenue from subsidiary businesses to create a continuous recurring income structure. This includes the education business through Mill Hill International School Thailand, which is about to open the new academic year with 178 students.

This includes the resale property management business, which is currently renovating approximately 10 more high-quality properties, and THE BACKYARD community mall, which is now fully operational with an occupancy rate exceeding 81%.

The company has a backlog of 4.2 billion baht and is maintaining strict financial discipline.

In terms of financial status as of June 30, 2026, the company has a sales backlog totaling approximately 4,262 million baht, which will begin to be recognized as revenue, supporting growth from the third quarter of 2026 onwards.

Meanwhile, the company continues to maintain strict financial discipline and cost management, with an interest-bearing debt-to-equity ratio (IBD/E Ratio) of 0.75 times and a debt-to-equity ratio (D/E Ratio) of 1.58 times, along with strong operating cash flow to support its targeted expansion.

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