Adaptation Strategies of Large and Medium-Sized Real Estate Companies Listed on Stock Exchange of Thailand: A Comparative Analysis During the COVID-19 Pandemic (2019-2023)

Abstract

The study examined the business adaptation strategies and their resulting outcomes for real estate development companies listed on the Stock Exchange of Thailand during the COVID-19 pandemic from 2019 to 2023. This study employed a qualitative research methodology, collecting secondary data from the 56-1 One Reports of two large-sized and eight medium-sized companies. A comparative analysis over time was conducted to identify similarities, differences, and the factors influencing these changes. The findings revealed that the COVID-19 pandemic precipitated divergent adaptation strategies, primarily determined by internal factors. Large-sized companies, leveraging their financial strength and diversified business portfolios, adopted growth strategies through Concentric Diversification and Stability. This involved reinforcing their core business by adjusting product portfolios towards low-rise projects and the luxury market, and employing financial strategies such as Asset Rotation to enhance efficiency and manage liquidity. In contrast, medium-sized companies, which previously relied on a revenue structure heavily dependent on a single business line, demonstrated two adaptation approaches. The first group opted for a Conglomerate Diversification strategy, diversifying into new, non-related sectors such as healthcare, logistics, energy, and financial services to build sources of recurring income and explore new growth engines. Meanwhile, the second group adopted a Concentrate Growth strategy, focusing on leveraging their existing business to maintain a strong core revenue structure and high profitability. This transformation reflected not only a tactical response to the crisis but also a long-term strategic realignment of their business models.