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Analyses on PIE Siam (6)
- May 18, 2026May 18, 2026
- Follow-up
Follow-up on Pai Siam: more control in Port Tower, less spare cash
The acquisition of the remaining 50% of Tzafon Hayarkon can be good capital allocation against the value assigned to Port Tower, but its first effect is a roughly NIS 50 million cash use and full consolidation of an asset that had only just reopened.
P Pai Siam in the first quarter: Cash increased, but the financing test is still open
Pai Siam opened 2026 with more cash and higher consolidated revenue, but the quarter did not close the financing test. The improvement was driven mainly by prepaid rent and new debt, while hotels closed in March and both Amnon Bay and Mevasseret still depend on near-term bank st…
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- March 24, 2026March 24, 2026
- Follow-up
Pai Siam: Can the Hotel Layer Stabilize Before Mevasseret Opens
Pai Siam's hotel layer does not read like a deep pricing problem. It reads like an operating layer that lost occupancy, visibility, and continuity. That means it can still stabilize before Mevasseret opens, but as of the report date there is no proof that stabilization has alrea…
P - Follow-up
Pai Siam: Why Amnon Bay Is the Real Financing Test
Amnon Bay is the sharpest place where Pai Siam's value has already been recognized in the filings, while the capital structure needed to turn that value into a financed project is still unsigned. At year-end 2025, there was booked value, rolled bridge debt, and an indicative ban…
P - Follow-up
Pai Siam: How Much of the Jerusalem Value Stack Is Actually Close to NOI
Pai Siam carries about ILS 1.28 billion of Jerusalem value, but only Hanvi'im already sits on live rent. Havatzelet has a strong lease but still depends on construction and takeout financing, Mevasseret is a delayed opening story rather than current NOI, and Shlomo Hamelech is s…
P Pai Siam 2025: Value Rose on Paper, but the Pipeline Still Needs Financing
Pai Siam enters 2026 with higher asset values, more cash, and comfortable public covenant headroom, but the thesis has shifted from proving value exists to proving that value can be converted into signed financing, operating openings, and accessible cash.
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