บทวิเคราะห์ (Research)

PSH : Key Takeaway from analyst meeting Neutral view on information in meeting from i) 4Q25F outlook for presale, transfer, and net profit likely to be at not high levels, with key strategy still emphasizing price promotion to clear stock ii) 2025F land acquisition plan lower than target may cause strategy adjustment plan regarding product and segmentation shift to be unclear, as 2026F new project launch plan will still mostly use existing landbank iii) remaining stock for sale continuously declining to 6.6 thousand mb. is a positive, which will cause price promotion usage to gradually decline in the future, expecting % GPM residential to improve in 2H26F onwards. We maintain TP26F at 3.50 baht, maintain Reduce as short-medium term still concerned about continuous market share loss, reject rate still higher than normal in middle-lower customer groups pressuring 2025-26F net profit to remain lower than normal.