บทวิเคราะห์ (Research)

QH reported unexciting earnings in 2024 declining 14% YoY. This year seems to be even more difficult. The company’s 1Q25 presales crashed to Bt1.26bn, which should cause its top line/earnings to be sluggish. We estimate 1Q25F earnings to soften YoY and QoQ to Bt453mn. Given the tough operating environment, we trim our 2025F earnings forecast by 13% to Bt1.975bn (-8% YoY). Our SOTP-based target price drops to Bt1.32 (core business at Bt0.12 and investment value at Bt1.20), from Bt1.73. We downgrade QH to Underperform, from Neutral.