บทวิเคราะห์ (Research)

PSH : Key Takeaway from analyst meeting Slightly negative view on information from the meeting due to i) downward revision of 2025F transfer target by up to 31% and reduction in new project launch plans for 2025F, putting downside pressure on presale, transfer and 2025F net profit ii) 3Q25F Norm. profit trend likely to decline y-y and remain at low levels, due to low backlog awaiting transfer iii) 2H25F plans to continue using high marketing expense and price promotion, putting pressure on 2H25F % GPM which may be lower than 1H25 iv) residential business strategy not different from previous periods, particularly regarding segment upward movement, but response has not been as good as expected, making us expect no turnaround in the short-medium term. We maintain TP25F at 4.50 baht, maintain Reduce rating, concerned about continued market share loss, reject rate still higher than normal in middle-lower customer segments, keeping 2025-26F net profit pressure low.