บทวิเคราะห์ (Research)

We estimate land sales jumped 82% qoq to 750 rai in 3Q24 and reached 1,800 rai in 9M24 (-12% yoy). With LOI for 900 rai, that could beat their 2,500-rai target and meet our 2,700 rai forecast. It could beat our forecast if WHA sells a big-plot for a hyper data center in 4Q. We estimate Bt964m core profit for 3Q24, +33% yoy but -24% qoq, and Bt3.4b for 9M24 (77% of FY24F profit). Earnings would grow in 4Q driven by better power ops and larger transfer, and there is Bt0.4-0.9/share upside risk from power and water projects. These would be major share price catalysts. BUY.