บทวิเคราะห์ (Research)

According to LH’s 2025 business plan, the company will only launch a few new high-end housing projects and focus on clearing its inventories to drive sales. Also, it will raise funds via asset divestment to lower net gearing and expand its hotel business in Thailand. Our 2025F assumptions on presales and transfers are modestly below LH’s guidance given the current weak operating environment. We expect 2024F earnings to drop 35% YoY before rebounding 7% YoY in 2025F. We maintain a Neutral rating with a new SOTP-based target price of Bt4.90, implying a discounted 2025F PE of -1SD. The company is expected to have a full-year dividend yield of 6.9% based on DPS of Bt0.325 or 80% payout ratio. Note the yield for the final dividend may be around 3.7%.