บทวิเคราะห์ (Research)

As a leading condominium developer with high gearing, ORI is one of the developers likely to be impacted amid the confidence crisis after the recent earthquake and weakening of people’s affordability amid a possible sharp economic slowdown. TRIS rating recently placed “negative” credit alerts on ORI. Given its tight liquidity, the company still needs to sacrifice margins to drive its cashflow particularly during this difficult time. We made meaningful cuts to our earnings estimates for 2025F-26F as we do not expect to see any recovery in the near-term. We maintain a rating of Underperform with a new 2025F target price of Bt1.42, pegged to a discounted PE multiple of 4.0x (-1.5SD).