บทวิเคราะห์ (Research)

AREA reported record low new launches and units sold in 2024 while the outlook for 2025 has yet to improve given the poor macro-outlook. From our channel check, we see weak sentiment on the ground given the lack of clear positive economic signals. Previous property stimulus packages expired at the end of 2024, and we are still waiting for new stimulus schemes from the government. We forecast 4Q24F combined earnings to plunge 27% YoY but stay flat QoQ. We trimmed our 2024F-25F forecasts, leading to a 25% decline in 2024F earnings before picking up only 5% this year. We downgrade the sector to Underweight, from Neutral.