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    Real estate development
Siamese Asset Public Company Limited

Siamese Asset Public Company Limited

6.90
THB
+0.05
(+0.73%)
0.06EPS
158.56P/E
8.51BMarket Cap
Nov 05Next Earn
Siamese Asset Public Company Limited
SET:SA.R
(Stock Exchange of Thailand)

Recent

price

6.90

P/E

ratio

158.56

div

yld

- -

ROIC.AI

2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
1.21
1.72
2.93
3.02
1.94
1.71
1.19
3.9
1.95
1.89
Revenue per Share
0.06
0.14
0.42
0.56
0.13
0.13
0.16
0.32
0.1
0.04
Basic EPS, GAAP
-0.57
-2.46
0.5
0.26
-0.73
-1.38
-2.37
0.09
-0.2
0.39
Free Cash Flow per Basic Share
0.03
- -
- -
- -
0.19
0.2
0.05
0.05
0.08
- -
Dividend per Share
1.05
1.44
1.97
3.08
3.1
3.52
4.41
4.67
4.64
4.66
Book Value per Share
1.05
1.43
1.96
3.08
3.1
3.51
4.41
4.66
4.63
4.66
Tangible Book Value per Share
1,186
1,186
1,186
1,130
1,130
1,186
1,192
1,198
1,199
1,199
Basic Weighted Avg Shares
1,436
2,035
3,470
3,418
2,188
2,032
1,415
4,673
2,340
2,261
Sales/Revenue/Turnover
6.23
7.31
22.68
21.48
7.94
1.09
-9.66
14.12
5.46
8.15
Operating Margin (%)
24
51
60
59
83
98
96
135
125
129
Depreciation Expense
67
163
503
635
147
156
193
386
116
54
Net Income, GAAP
23.11
21.65
21.1
21.52
30.71
22.08
17.56
19.8
36.55
50.2
Effective Tax Rate (%)
4.69
8.03
14.49
18.58
6.71
7.67
13.64
8.27
4.98
2.37
Profit Margin (%)
3,856
5,076
5,578
4,544
5,237
7,842
6,875
7,749
6,405
5,392
Working Capital
3,186
4,948
5,337
4,034
5,015
7,505
7,393
9,432
8,867
8,015
LT Debt
1,324
1,772
2,515
3,944
4,370
4,668
5,990
6,317
6,394
6,429
Total Equity
- -
1.64
7.33
8.5
2.63
2.85
2.25
3.07
1.58
1.14
Return on Invested Capital (%)
- -
2.75
4.96
6.57
2.72
1.9
1.59
2.88
1.4
0.94
Return on Capital (%)
- -
11.07
24.9
21.21
4
3.97
4.09
7.11
2.09
0.96
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
5,667
5,977
6,683
LT Borrowings
8,849
8,686
7,999
LT Finance Leases
19
16
16
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,199
1,199
1,199
Market Capitalization
8,692
8,572
8,512

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
14,992
14,933
15,004
Cash, Cash Equivalents & STI
182
88
86
Accounts Receivable, Net
73
88
47
Inventories
14,235
14,295
14,373
Total Current Liabilities
8,588
8,860
9,612
Payables & Accruals
2,361
2,302
2,358
ST Debt
5,667
5,977
6,683
Deferred Revenue
45
40
43

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
10.52%
1.21%
Free Cash Flow
- -
-127.07%
-319.25%
Net Income, GAAP
- -
-3.32%
-69.85%
Sales/Revenue/Turnover
- -
21.35%
-49.93%
Total Cash Common Dividend
- -
- -
60%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,134
965
1,070
1,401
4,673
2025
817
476
404
695
2,340
2026
563
599
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.06
0.09
0.08
0.32
2025
0.07
0.01
0.01
0.01
0.1
2026
0.01
0.02
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.05
- -
- -
0.05
2025
- -
0.08
- -
- -
0.08
2026
- -
- -
- -
- -
- -
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Business
Siamese Asset Public Company Limited (SA.BK) engages in real estate development and related services in Thailand, operating through property development, service, and hotel segments; it develops, manages, and sells residential projects including condominiums, single houses, townhouses, and home offices, alongside juristic person management, consulting, health services, space and kitchen equipment rental, hotel management, training centers, food and beverages, restaurants, asset management, technology, finance, investment, and wellness offerings such as spas. Founded in 2010 and headquartered at 1077/48 Phahon Yothin Road, Phayathai, Bangkok, the company targets urban residential markets primarily in Bangkok with select projects extending to Phuket, supported by numerous subsidiaries like Siamese Sukhumvit Co., Ltd., Siamese Property Service Co., Ltd., and Siamese Hospitality 2 Co., Ltd., as well as joint ventures including Siamese and Kew Green Co., Ltd. for hotel management and Siamese Hospitality 3 Co., Ltd. for project development. Recent developments include signing a June 2025 memorandum of understanding with Bangkok Commercial Asset Management (BAM) and Siamese and Wealth Asset Management Company Limited (SWAM) to collaborate on managing non-performing loans and assets, alongside a June 2025 MOU with VBeyond Developments Public Company Limited for renovating non-performing assets under the Baan Sang Tua project; on August 14, 2025, shareholders approved a registered capital increase, while the nine-month period ended September 30, 2025, reflected ongoing expansions evidenced by property, plant, and equipment growth to 6.37 billion baht and investments in subsidiaries rising to 1.72 billion baht.