Following the success of its previous bond offering, Singha Estate Public Company Limited, or "S", is ready to offer a new bond series to the public. The company is currently in the process of filing a debt instrument registration statement with the Securities and Exchange Commission (SEC) to offer a named bond type that is non-subordinated and unsecured, with a bond term of 1 year and 9 months and an interest rate of [4.20]% per annum. Interest payments will be made every 3 months, with a minimum subscription of 100,000 baht, and increments of 100,000 baht. The public offering is expected to take place from January 19 to 21, 2026. The company has appointed three financial institutions as bond underwriters, including Krung Thai Bank, Kasikorn Bank, and CIMB Thai Bank.

The bonds have been rated "BBB-" by TRIS Rating on November 24, 2025, which falls under the "Investment Grade" category. The company's corporate credit rating is at "BBB" with a "Stable" outlook. TRIS Rating stated that the credit rating reflects the good quality of the hotel portfolio, recognized residential brands, and recurring income from commercial real estate. However, limitations arise from a high debt burden, the cyclical nature of the hotel business, and relatively limited experience in real estate. The bond rating is one notch lower than the corporate credit rating due to the unsecured bonds being subordinate to senior debt. As of September 2025, the ratio of senior debt to total debt was 80%, exceeding the 50% threshold set by TRIS Rating. The "Stable" outlook reflects expectations that the company will maintain its competitive ability in its core business, with ongoing improvements in performance and credit metrics.

Mr. Chai Rat Siva Pornpan, CEO of Singha Estate Public Company Limited, expressed confidence that the upcoming bond offering will receive a positive response from investors who trust the "Singha Estate" brand, despite the challenges facing the Thai bond market, particularly in the real estate sector. The company's overall performance in the first nine months of 2025 continued to grow as planned, with total revenue from core business reaching 10.48 billion baht and a net profit of 135 million baht, growing more than five times from the previous year, supported by strong recurring income from the hotel and office business. Additionally, the company improved its EBITDA margin from 23% to 25%, reflecting effective cost management and tight expense control.

Stable recurring income and growth across all business segments reinforce the company's key strength, which is a robust income structure from recurring income-generating businesses, including hotels, commercial real estate, and power generation and infrastructure, enhancing financial stability and operational sustainability while effectively managing economic fluctuations. In the last quarter, the hotel business remained a key growth driver, with hotel revenue increasing in several regions compared to the previous year, especially for hotels managed by the company in Thailand, which, despite being off-peak season, achieved a 19% growth compared to the same period last year and increased the Average Daily Rate (ADR) by 33%, reflecting the results of ongoing asset quality enhancement strategies.

The commercial real estate business is showing clear signs of recovery, with the three main buildings—Singha Complex, Sun Towers, and S Metro—maintaining an overall average occupancy rate of 80% in the third quarter, while successfully leasing over 4,000 square meters of new rental space to key tenants, which will gradually occupy the space from the fourth quarter of this year to early 2026. Additionally, the Singha Complex, a flagship mixed-use project of Singha Estate, is expected to reach a 90% occupancy rate again, reinforcing tenant confidence in the project quality and the location's potential for both work and urban living.

In the residential business, the Sarin Phra Nakhon-Kanjana project, launched in August, has received a positive response and is expected to start recognizing revenue from ownership transfers from the fourth quarter onward. Meanwhile, the The S Sukhumvit 36 condominium project, which is planned to close in 2025, is expected to meet its target, generating over 350 million baht in revenue. In the industrial estate business, the company has completed the transfer of 75 rai of land to Dali Foods Group, contributing to continuous revenue and supporting the strength of the industrial portfolio.

For the final quarter of 2025, the company expects continued growth in performance, supported by the tourism season in Thailand and the Maldives, along with effective cost and expense management, as well as financial cost management and seeking appropriate funding sources to enhance competitive potential and create long-term profitability. Furthermore, the company has received a 5-star rating for corporate governance, or "Excellent CG Scoring," from the Thai Institute of Directors Association (IOD) for the seventh consecutive year, reflecting its commitment to transparent operations in accordance with governance principles and consideration for all stakeholders, which is a crucial foundation for driving Singha Estate towards stable and sustainable growth in the long term.

The Singha Estate bonds are expected to be offered to investors between January 19 and 21, 2026. Interested investors can find more details in the offering prospectus at www.sec.or.th or inquire with the three bond distribution managers as follows:

  • Krung Thai Bank, Tel. 02-111-1111, where individuals can subscribe online via Money Connect by Krungthai on the Krungthai NEXT application.

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  • Kasikorn Bank, where individuals can subscribe online via https://www.kasikornbank.com/kmyinvest, except for foreign nationals and legal entities who can subscribe through the head office and branches, Tel. 02-888-8888, press 819.

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  • CIMB Thai Bank, Tel. 02-626-7777, where individuals can subscribe online via the Mobile Application - CIMB THAI.

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The company is currently in the process of filing a registration statement and draft prospectus with the SEC, which is not yet effective. For general investors interested in subscribing to the bonds, more details can be found in the draft prospectus at www.sec.or.th.

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