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Land and Houses Public Company Limited

Thailand ¡ SET: LH.BK ¡ Market cap: $1.24B ¡ P/S: 2.1

Land and Houses builds and sells houses, townhouses, and condos in Thailand, and also owns rental apartments and offices in the U.S.

Land and Houses is one of Thailand's biggest homebuilders. It develops and sells detached houses, townhouses, and condominiums, mostly to middle-class Thai families buying their first or second home. It also runs a smaller but steady business renting out apartments and offices in the United States, which brings in dollars and balances out the ups and downs of the Thai housing market.

Land and Houses Public Company Limited (LH.BK) Single-detached houses: line art illustration of a thai suburban street of detached houses with gabled roofs
Single-detached houses
Land and Houses earns most of its money selling single-detached houses in Thailand.

The core money-maker is simple: it buys land, builds housing estates, and sells the units. Customers pay cash or take out mortgages. Because Thai buyers care a lot about location, quality, and the developer's reputation, big established brands like this one have a real edge over smaller builders. The company runs its own construction and sales operations, and it has a large land bank — land it owns and holds for future projects — which is a quiet but important advantage in a country where good plots near cities get scarcer and pricier every year. The U.S. rental side is the underrated part. Through subsidiaries, it owns apartment complexes and office buildings that generate steady rental income. That income is useful when Thai home sales slow, and it gives the company a second leg to stand on. The catch is that property development is a cyclical, capital-hungry business: margins swing with interest rates, consumer confidence, and government stimulus for housing, and a slowdown in Thai mortgages can hurt sales quickly.

Land and Houses is a dividend favorite among Thai investors — it pays out a big share of its profits as cash dividends, which is why it shows up in many income portfolios. The trade-off is that this leaves less retained cash for aggressive expansion, so growth tends to be steady rather than spectacular. For a 15-year-old: this is a company that builds the houses people live in, collects rent from apartments in America on the side, and hands much of its profit back to shareholders each year.

Saved answer ¡ last researched 12 Nov 2026