KGI rates SIRI and AP as "Buy" on 4Q69 property high season

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โดย HoonVision·TH·Read original
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KGI Securities (Thailand) has maintained its "Equal Weight" investment rating on the property sector, assigning a "Buy" recommendation to SIRI and AP because they are the number one and number two market leaders in presales respectively, supported by strong core businesses, good dividend payouts, and solid backlogs and ready-to-sell projects. Meanwhile, SPALI, LH and PSH are rated "Hold", while ORI and QH are rated "Sell", with ORI because its recovery path remains challenging and QH because most of its profit comes from share of profit from associates rather than its core property business. Although the property business remains sluggish due to slowing revenue and low gross margin, AP is still growing strongly enough for its 1H69 profit to grow on the back of its core business, while SPALI, QH, SIRI and ORI have share of profit from associates helping to support net profit. PSH performed better than expected thanks to cost control and its steadily growing hospital business, and LH has a hotel business that accounts for about 50% of revenue and remains outstanding. It is expected that 3Q69F profit of AP, SPALI and SIRI will grow year on year in line with construction completion schedules and condominium transfers, while 4Q69 will be the quarter with the highest earnings of the year for AP, LH, ORI and SIRI, driven by the high season and a large number of new condominiums scheduled for ownership transfer. LH is likely to lead the group thanks to transfers of the "One Verandah" condominium worth 1.5 billion baht, which is already 57% sold, plus a large gain from the sale of the Grand Centre Point Surawong hotel worth 3 billion baht and apartments in the United States. The consumer confidence index in August 69 improved to 53.2 from about 50 in 2Q69 and 51.8 in July, while the property sector's aggregate profit in 1H69 accounted for 43% of the current full-year profit forecast of 19.4 billion baht, up 5% year on year, and the 2570F forecast of 20.6 billion baht, up 6.5% year on year.

Impact on stocks 7

Real Estate± Mixed · 6 stocks
Origin Property PCL
ORI
▼ NegativeCapitalrelevance

KGI rates ORI a Sell because its recovery path remains challenging.

Siri Prime Office Property Fd
SIRI
▲ PositiveCapitalrelevance

KGI assigns a Buy rating to SIRI, citing its position as the number one presales market leader with strong core business, dividends, and backlog.

Supalai Public Company Limited
SPALI
▲ PositiveCapitalrelevance

KGI assigns a Buy rating to AP as the number two presales leader, with 1H69 profit growth and 4Q69 expected to be the year's highest earnings quarter.

Aging Population▲ · 1 stocks
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