บทวิเคราะห์ (Research)

ORI : Key takeaway from analyst meeting Neutral view from meeting which can be summarized as follows: i) 2Q25F presale to declining y-y following the earthquake ii) 2Q25F transfer trend slightly increasing y-y but with lower than normal % GPM, pressuring 2Q25F net profit to decline y-y iii) Finished stock remaining for sale of approximately THB 19.5 billion, pressuring liquidity, financial position (IBD/E = 1.9x), and increasing interest expenses iv) Stock clearance plan still emphasizing price promotion, causing % residential GPM in 2Q25F to remain low at 25-28%, but expected to gradually improve in 2H25F after new projects begin transferring. For 2025F, we maintain Norm. profit at THB 1.1 billion (+7% y-y), slightly growing y-y from a low base. We maintain TP25F at THB 2.3, maintaining Neutral rating. We expect the market to be concerned about sales/transfers in the condo segment following the earthquake, as well as liquidity risk and the bond repayment plan in Sep-25F of approximately THB 2.0 billion. We recommend wait and see, expecting gradual improvement in 2H25F after the implementation of asset divestment plans for hotel and warehouse segments.