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    Real estate investment trusts
Thailand Prime Property Freehold and Leasehold REIT

Thailand Prime Property Freehold and Leasehold REIT

SSET:TPRIME
7.70
THB
-0.15
(-1.91%)
0.79EPS
9.73P/E
4.19BMarket Cap
Oct 29Next Earn
Thailand Prime Property Freehold and Leasehold REIT
SET:TPRIME
(Stock Exchange of Thailand)

Recent

price

7.70

P/E

ratio

9.73

div

yld

5.38%

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
THB
0.3
1.51
1.69
1.78
1.67
1.47
1.4
1.43
1.41
1.42
1.43
Revenue per Share
0.12
1.22
1.26
1.22
1.55
0.58
0.56
0.7
0.08
0.37
0.79
Basic EPS, GAAP
-11.83
0.64
0.99
0.84
1.16
0.77
0.78
0.74
0.5
0.61
0.56
Free Cash Flow per Basic Share
- -
0.37
0.45
0.5
0.54
0.5
0.48
0.42
0.43
0.41
0.41
Dividend per Share
10.12
10.7
11.25
11.73
12.49
12.4
12.33
12.47
11.99
11.8
12
Book Value per Share
10.03
10.62
11.18
11.66
12.43
12.35
12.29
12.43
8.42
8.41
11.98
Tangible Book Value per Share
547
548
548
548
548
548
548
548
548
548
548
Basic Weighted Avg Shares
162
829
927
972
912
803
767
785
771
776
782
Sales/Revenue/Turnover
61.8
57.72
62.3
67.19
74.34
64.73
63.41
65.19
64.96
65.82
67.03
Operating Margin (%)
10
42
42
42
42
33
4
4
4
4
4
Depreciation Expense
65
667
689
670
848
316
306
386
45
203
430
Net Income, GAAP
12.67
5.99
8.51
10.1
9.01
17.15
15.09
12.98
53.69
21.08
11.49
Effective Tax Rate (%)
39.97
80.5
74.33
68.9
92.97
39.38
39.85
49.12
5.87
26.22
55.07
Profit Margin (%)
44
43
232
78
297
331
337
321
204
-847
120
Working Capital
2,024
2,029
2,034
2,040
2,197
2,343
2,336
2,316
2,303
1,301
2,300
LT Debt
5,540
5,856
6,160
6,420
6,839
6,788
6,751
6,829
6,563
6,462
6,570
Total Equity
- -
5.35
6.12
6.61
7.03
4.73
4.53
4.87
2.57
4.56
5.25
Return on Invested Capital (%)
- -
9.59
9.46
8.88
10.32
4.05
3.9
5
0.95
3.02
5.62
Return on Capital (%)
- -
11.71
11.47
10.65
12.79
4.64
4.52
5.68
0.68
3.12
6.62
Return on Common Equity (%)

Capital Structure

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,010
- -
- -
LT Borrowings
1,050
2,039
2,036
LT Finance Leases
251
262
264
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
548
548
548
Market Capitalization
3,969
4,052
4,188

Working Capital

THB

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
535
523
481
Cash, Cash Equivalents & STI
521
507
464
Accounts Receivable, Net
8
8
13
Inventories
- -
- -
- -
Total Current Liabilities
1,382
357
361
Payables & Accruals
95
79
82
ST Debt
1,010
- -
- -
Deferred Revenue
278
277
279

Growth Rates

THB

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
-1.11%
-1.53%
Free Cash Flow
- -
-9.39%
22.36%
Net Income, GAAP
- -
44.33%
349.83%
Sales/Revenue/Turnover
- -
-3.06%
0.66%
Total Cash Common Dividend
- -
-5.3%
-4.39%

Quarterly Revenue

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
196
189
194
191
771
2025
189
198
194
195
776
2026
195
197
- -
- -
- -

Quarterly Earnings Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.37
0.16
0.17
0.12
0.08
2025
-0.11
0.16
0.18
0.14
0.37
2026
0.29
0.18
- -
- -
- -

Quarterly Dividends Per Share

THB

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
0.11
0.1
0.1
0.43
2025
0.09
0.11
0.1
0.11
0.41
2026
0.1
0.1
- -
- -
- -
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Business
Thailand Prime Property Freehold and Leasehold Real Estate Investment Trust (TPRIME) operates as a real estate investment trust externally managed by SCCP REIT Company Limited and focused on owning prime commercial properties in Bangkok's central business district. Established in 2016 with 547.5 million trust units issued at an initial offering price of 10 Thai baht per unit, TPRIME is headquartered in Bangkok, Thailand, under the trusteeship of Kasikorn Asset Management Company Limited. The trust's core portfolio comprises leasehold rights over the Mercury Tower project, a 25-floor Grade A office building with retail space on floors 1-4 located at 540 Ploenchit Road in the Lumpini sub-district, connected via linkbridge to BTS Chidlom station; and at least 99.99% ownership of Exchange Tower Co., Ltd., which holds freehold rights to the Exchange Tower project, a property with total area of 80,944 square meters including 42,594 square meters of net leasable area (35,136 square meters office and retail) situated at 388 Sukhumvit Road in Khlongtoey district, linked to BTS and MRT networks. These assets, managed by Nantawan Management Company Limited for Exchange Tower and Jones Lang LaSalle Management Limited for Mercury Tower, generate rental income from diversified office and retail tenants in high-occupancy prime locations along Sukhumvit Road. As of Q2 2025, TPRIME maintains total assets of approximately 8.81 billion Thai baht, net assets of 6.35 billion Thai baht (NAV per unit 11.60 baht), and a gearing ratio around 23%, with ongoing financial stability reflected in recent quarterly income of over 200 million Thai baht despite minor fluctuations in property valuations. No major acquisitions, partnerships, funding rounds, or strategic expansions have been publicly announced in the last 1-2 years, underscoring steady operations centered on its two flagship properties.