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    Real estate investment trusts
LH Shopping Centers Leasehold Real Estate Investment Trust

LH Shopping Centers Leasehold Real Estate Investment Trust

SSET:LHSC
15.10
THB
+0.50
(+3.42%)
1.66EPS
8.98P/E
11.59BMarket Cap
Nov 18Next Earn
LH Shopping Centers Leasehold Real Estate Investment Trust
SET:LHSC
(Stock Exchange of Thailand)

Recent

price

15.10

P/E

ratio

8.98

div

yld

7.95%

ROIC.AI

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
- -
2.31
2.39
2.5
2.66
2.69
1.35
0.78
1.65
2.57
2.01
3.47
3.54
Revenue per Share
- -
1.63
1.05
1.08
1.12
1.23
0.3
-0.01
0.59
1.13
1.01
1.75
1.66
Basic EPS, GAAP
- -
0.48
1.13
0.99
1.35
1.03
0.76
0.18
0.46
1.03
-4.56
-0.28
1.1
Free Cash Flow per Basic Share
- -
0.4
1.06
0.92
0.9
0.96
0.45
0.15
0.38
0.84
0.72
1.15
1.2
Dividend per Share
10.19
11.42
11.4
11.56
11.79
12.06
11.91
11.75
11.97
12.26
12
12.61
12.74
Book Value per Share
10.19
11.42
11.4
11.56
11.79
12.06
11.91
11.75
11.97
12.26
12
12.61
12.74
Tangible Book Value per Share
488
490
490
490
490
490
490
490
490
490
778
778
778
Basic Weighted Avg Shares
- -
1,131
1,171
1,226
1,303
1,319
662
383
809
1,258
1,565
2,703
2,752
Sales/Revenue/Turnover
- -
40.56
43.1
42.41
42.88
45.63
34
14.1
33.64
43.85
47.28
49.03
49.12
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
- -
799
513
527
549
601
149
-3
289
554
789
1,365
1,292
Net Income, GAAP
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Effective Tax Rate (%)
- -
70.66
43.78
42.95
42.12
45.59
22.44
-0.67
35.74
44.04
50.43
50.51
46.94
Profit Margin (%)
-19
-182
-198
265
-245
25
-63
-49
-72
-208
294
-424
-573
Working Capital
1,080
1,080
1,080
1,048
900
600
838
834
835
737
3,250
3,144
3,071
LT Debt
4,990
5,594
5,585
5,663
5,772
5,905
5,832
5,756
5,860
6,004
9,339
9,813
9,913
Total Equity
- -
12.55
7.57
7.76
8.33
8.93
3.34
- -
4.1
8.21
7.66
10.38
10.5
Return on Invested Capital (%)
- -
13.27
8.38
8.54
8.79
9.35
2.57
- -
4.71
8.75
8.59
11.71
10.98
Return on Capital (%)
- -
15.11
9.17
9.36
9.59
10.3
2.53
-0.04
4.98
9.34
10.29
14.26
13.26
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
- -
- -
- -
LT Borrowings
3,144
3,144
3,069
LT Finance Leases
- -
2
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
778
778
778
Market Capitalization
9,959
10,815
11,593

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
362
271
357
Cash, Cash Equivalents & STI
250
175
240
Accounts Receivable, Net
93
73
85
Inventories
- -
- -
- -
Total Current Liabilities
785
779
931
Payables & Accruals
138
132
277
ST Debt
- -
- -
- -
Deferred Revenue
648
648
654

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.78%
12.72%
5.08%
Free Cash Flow
-57.67%
-137.24%
-93.85%
Net Income, GAAP
-1,140.79%
-2,262.65%
73.01%
Sales/Revenue/Turnover
18.75%
44.33%
72.73%
Total Cash Common Dividend
40.68%
60.63%
59.96%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
344
350
352
518
1,565
2025
677
658
658
712
2,703
2026
704
677
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.34
0.31
0.58
0.24
1.01
2025
0.53
0.33
0.59
0.3
1.75
2026
0.39
0.38
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.2
0.17
0.36
0.26
0.72
2025
0.2
0.18
0.36
0.4
1.15
2026
0.24
0.2
- -
- -
- -
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Business
LH Shopping Centers Leasehold Real Estate Investment Trust (LHSC) is a Thailand-based closed-end real estate investment trust (REIT) primarily engaged in investing in leasehold rights to immovable properties and ownership of movable properties. Its core asset is the leasehold right of Terminal 21 Shopping Center, located in Bangkok, Thailand, covering approximately 97,905 square meters with a lease term extending to August 31, 2040. The trust focuses on generating stable rental income from this retail property, one of the major shopping hubs in Bangkok. LHSC operates under management by Land and Houses Fund Management Company Limited, with SCB Asset Management Company Limited serving as trustee, and property management handled by L&H Retail Management Company Limited. The trust’s primary offering includes leasehold rights investment in retail shopping centers, more specifically Terminal 21 Asok and recently expanded to include Terminal 21 Pattaya, a large retail shopping center in the central business district of Pattaya with a net leasable area of around 36,713 square meters. This acquisition of Terminal 21 Pattaya in 2024 extends the portfolio leasehold weighted average lease expiry (WALE) from 15.7 years to 19.5 years, enhancing income stability and long-term revenue security. LHSC’s operations are concentrated in Thailand, targeting retail tenants and consumers in major urban and tourist centers. Significant recent changes include the strategic expansion of its asset portfolio within the past two years through the acquisition of the Terminal 21 Pattaya leasehold rights for up to 5.7 billion THB, reinforcing its presence in prominent retail markets. The trust continues to optimize its income through rental rate adjustments and tenant contract management, projecting revenue growth and sustained profitability given the extended lease terms and tenant diversification. LHSC remains underpinned by the strong sponsorship and operational support of Land & Houses, a leading Thai property developer, which enhances its market credibility and asset quality. Founded and headquartered in Bangkok, Thailand, LH Shopping Centers Leasehold REIT maintains a strategic focus on retail real estate via long-term leasehold investments in prestigious shopping centers, aiming to generate stable and growing rental income streams for unit holders through active portfolio management and expansion initiatives.