Is Land and Houses (LH) profitable in 2025?

Yes but shrinking. Land and Houses PCL reported FY2025 net profit of THB 3.72 billion, down 32.3% year on year, on revenue of THB 21.80 billion, down 21.6% from THB 27.81 billion in FY2024, as of December 31, 2025.

Who owns Land and Houses PCL?

LH is publicly listed on the Stock Exchange of Thailand (SET:LH) with no single controlling shareholder. The founder family, Asavabhokin/Harnpanij, held roughly 30.7% as of end-2019, with the rest spread across institutional and public shareholders.

Is AP Thailand or Sansiri bigger than Land and Houses now?

Yes. As of June 22, 2026, AP (Thailand) PCL posted trailing twelve month revenue of THB 39.44 billion and Sansiri PCL THB 33.86 billion, both ahead of Land and Houses' THB 21.51 billion TTM revenue.

Could AI replace Land and Houses' core homebuilding business?

Unlikely soon. Physical homebuilding, land acquisition, and construction remain largely untouched by frontier AI; only edge functions like valuation, CRM, and mortgage underwriting are exposed. LH's banking affiliate LHFG plans to add AI to digital finance services in 2H2026.

Is it safe to take a job at Land and Houses?

LH is a decades-old, still-profitable public company (founded 1983, listed 1991) with THB 3.72 billion FY2025 net profit, but revenue fell 21.6% in FY2025 amid a four-year sector low in Thai property presales as of Q1 2026, adding job-security risk.

How is LH Bank / LH Financial Group performing?

Strongly, despite the parent developer's slump. LH Financial Group reported 1H2026 net profit of THB 1,538.6 million, up 37.3% year on year, with total assets of THB 425.33 billion as of June 30, 2026, per its own reported results.

Real estate developers · Thailand

Land and Houses

lh.co.th ↗

Thai homebuilder and developer selling houses, condos, and land across Thailand.

Protection under test

Assessed 25 July 2026 · Evidence as of 25 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 25 July 2026 · Checkable from Q4 2026 · Every call on the record Checkpoint: Q3 2026 earnings and 2H2026 presales data showing whether revenue decline stabilizes

The call

Land and Houses is losing revenue ground to AP and Sansiri in a shrinking Thai housing market, but its bank arm and land bank keep the group financially steady for now.

Land and Houses builds and sells homes in Thailand and has its own bank to help buyers get loans. Right now the company is shrinking: sales fell 21.6% and profits dropped 32% in the last year, while bigger competitors like AP and Sansiri are growing instead. The company has valuable land holdings and banking relationships that keep it afloat, but the real question is whether these strengths are enough to stop the bleeding or whether it is losing customers permanently to rivals who are simply outrunning it. Watch the next few quarterly reports: if sales stop falling, the problem is just the housing market being weak right now (and will recover); if sales keep falling, it means customers are choosing other builders and not coming back, which would be much harder to fix.

Why

AI pressure: None apparent. AI tools may speed up design or sales chat work, but nothing here builds or sells houses instead of Land and Houses. Could AI do the core job? Unlikely.

Bigger players: AP (Thailand) PCL and Sansiri PCL. AP and Sansiri now post TTM revenue near THB 39.4B and 33.9B while LH revenue fell 21.6% in FY2025 to THB 21.8B. Could a giant copy it? Probably.

What protects it. A large existing land bank, its own financing arm (LH Bank/LHFG), and a 30.8% stake in Home Product Center give it cash flow AP and Sansiri don't have.

What would change this call

LH's August 13, 2026 earnings show revenue decline stabilizing or worsening versus prior quarters. Indicates whether LH's slide is bottoming out or continuing to deepen.
LH's 2H2026 presales/new-launch figures compared to AP and Sansiri's reported presales. Shows whether LH is regaining or continuing to lose share to larger rivals.
LH Bank/LHFG 1H2026 or FY2026 profit growth versus prior periods. Reveals whether the financing affiliate can still cushion group-wide weakness.

Key numbers

FY2025 revenue THB 21.8B, down 21.6% year over year (2025-12-31)
FY2025 net profit THB 3.72B, down 32.3% year over year (2025-12-31)
LH Financial Group 1H2026 net profit THB 1.54B, up 37.3% year over year (2026-06-30)

Named risks

Thai sector presales at four-year low with 210,112 unsold Bangkok units as of mid-2026. Severity: high
FY2025 revenue fell 21.6% and net profit fell 32.3%, with AP and Sansiri now larger by revenue. Severity: high
Property-sector liquidity strain shown by THB 4.87B ROH-GROREIT failed buy-back in July 2026. Severity: medium
Weak 2026 GDP forecast of 2% and high household debt limiting buyer purchasing power. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
AP (Thailand) PCL	gaining on	TTM revenue THB 39.44B vs LH THB 21.51B as of 2026-06-22
Sansiri PCL	gaining on	TTM revenue THB 33.86B vs LH THB 21.51B as of 2026-06-22
Supalai PCL	gaining on	TTM revenue THB 24.38B, ahead of LH THB 21.51B as of 2026-06-22
Quality Houses PCL	contesting	LH-affiliated developer competing in low-rise and condo segments

Questions people ask

Is Land and Houses (LH) profitable in 2025?: Yes but shrinking. Land and Houses PCL reported FY2025 net profit of THB 3.72 billion, down 32.3% year on year, on revenue of THB 21.80 billion, down 21.6% from THB 27.81 billion in FY2024, as of December 31, 2025.
Who owns Land and Houses PCL?: LH is publicly listed on the Stock Exchange of Thailand (SET:LH) with no single controlling shareholder. The founder family, Asavabhokin/Harnpanij, held roughly 30.7% as of end-2019, with the rest spread across institutional and public shareholders.
Is AP Thailand or Sansiri bigger than Land and Houses now?: Yes. As of June 22, 2026, AP (Thailand) PCL posted trailing twelve month revenue of THB 39.44 billion and Sansiri PCL THB 33.86 billion, both ahead of Land and Houses' THB 21.51 billion TTM revenue.
Could AI replace Land and Houses' core homebuilding business?: Unlikely soon. Physical homebuilding, land acquisition, and construction remain largely untouched by frontier AI; only edge functions like valuation, CRM, and mortgage underwriting are exposed. LH's banking affiliate LHFG plans to add AI to digital finance services in 2H2026.
Is it safe to take a job at Land and Houses?: LH is a decades-old, still-profitable public company (founded 1983, listed 1991) with THB 3.72 billion FY2025 net profit, but revenue fell 21.6% in FY2025 amid a four-year sector low in Thai property presales as of Q1 2026, adding job-security risk.
How is LH Bank / LH Financial Group performing?: Strongly, despite the parent developer's slump. LH Financial Group reported 1H2026 net profit of THB 1,538.6 million, up 37.3% year on year, with total assets of THB 425.33 billion as of June 30, 2026, per its own reported results.

Timeline

2026-07-23LH Financial Group reports 1H2026 net profit THB 1,538.6M, up 37.3% YoY
2026-07-17ROH-GROREIT failed THB 4.87B buy-back exposes Thai property liquidity strain
2026-07-05SCB Economic Intelligence Centre cuts 2026 Thai GDP growth forecast to 2%
2026-06-30Bangkok unsold residential inventory reaches 210,112 units
2026-06-22AP (Thailand) and Sansiri both overtake LH in TTM revenue
2026-05-25Bank of Thailand extends 100% LTV financing measure another year
2026-04-20Thailand 1Q26 presales hit four-year low, launches at five-year low
2026-03-31LH Q1 2026 revenue THB 4.69B, TTM revenue down 17.0% YoY
2026-01-20Thai sector FY2025 presales end at THB 231B, down 13% YoY
2025-12-31LH FY2025 revenue THB 21.80B (down 21.6%), net profit THB 3.72B (down 32.3%)

Revision history

25 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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