บทวิเคราะห์ (Research)

TRIS Rating revises the rating outlook on Charn Issara Development PLC (CI) to “negative” from “stable”. At the same time, we affirm the company rating on CI at “BB”. The “negative” outlook reflects CI’s weaker-than-expected operating performance, primarily driven by sluggish real estate sales, resulting in lowerthan-anticipated cash flow protection, higher financial leverage and tighter liquidity. Amid persistent market headwinds, CI is likely to face challenges in achieving its future performance as targeted. The rating continues to reflect CI’s modest and volatile operating performance, stemming from a limited number of active projects and inconsistent project launches. Additionally, persistently high household debt levels, leading to elevated mortgage rejection rates and constrained purchasing power, will continue exerting pressure on sales in the short to medium term. The rating also considers CI’s acceptable market position in the middle- to high-end residential segment