Economic Conditions: Thailand's overall economic growth, inflation rates, and interest rates significantly impact SPALI-R.BK. A strong economy usually boosts housing demand and property values.

Company Performance: SPALI's financial results, including revenue, profit margins, and debt levels, directly affect investor confidence and stock price.

Real Estate Market Trends: Changes in housing demand, supply, and property prices in Thailand, particularly in SPALI's key markets, influence its stock performance.

Government Policies: Government regulations related to property development, taxes, and lending policies impact the real estate sector and SPALI-R.BK.

Investor Sentiment: Market sentiment and investor confidence towards the real estate sector and SPALI itself play a crucial role in determining the stock price.

Competitive Landscape: The actions of SPALI's competitors, such as new project launches and pricing strategies, can influence its market share and stock value.

Dividend Policy: SPALI's dividend payout ratio and dividend yield can attract income-seeking investors and affect the stock price.

Global Market Conditions: Global economic factors, such as international trade and foreign investment flows, can indirectly impact the Thai economy and SPALI-R.BK.

Political Stability: Political stability and policy certainty in Thailand are important for investor confidence and the real estate market.

Interest Rate Changes: Changes in interest rates affect mortgage rates and housing affordability, influencing demand for SPALI's properties.