บทวิเคราะห์ (Research)

Despite weak presales in 2Q25/1H25, we estimate 2Q25F combined core profit and net profit to rebound 37% QoQ and 58% QoQ, respectively, from i) higher top lines, ii) extra gains, and iii) more share of profit from JVs. The estimated 1H25F combined net profit of Bt6.8bn (-27% YoY) would account for 42% of our full year forecast. After our recent earnings adjustments, we expect 2025F combined earnings to decline 20% YoY to Bt16.5bn and grow mildly 4% YoY in 2026F. Despite a potential interest rate cut, the weak macro-outlook implies an L-shaped recovery for the property sector. We maintain our Underweight rating on the sector. We rate Neutral on AP*, SPALI*, QH*, and LH*. We rate Underperform on LPN, PSH, and ORI