Sansiri Q2 profit hits one billion baht, 10% above expectations

Earnings
โดย Kaohoon·TH·Read original
Summary · why it matters

Sansiri Public Company Limited, or SIRI, reported second-quarter 2569 net profit of 1.0 billion baht, up 16% from the previous quarter but down 17% from the same period last year. The result was about 10% above FSSIA and Bloomberg consensus estimates, supported by higher-than-expected other income from the recognition of earn-out revenue of about 100 million baht from the sale of The Standard. Excluding an extraordinary gain of about 40 million baht from signing a new joint venture project, the company posted a normalised profit of 965 million baht, up 26% from the previous quarter and down 21% from the same period last year. Ownership transfers totalled 6.2 billion baht, up 11% from the previous quarter but down 19% from the same period last year. Condominium transfers rose 29% from the previous quarter and 8% from the same period last year to 2.7 billion baht, after the company began transferring four newly completed condominium projects. Low-rise project transfers were flat from the previous quarter but fell 32% from the same period last year to 3.5 billion baht. The gross margin from property sales recovered to 27.3% from 25.4% in the first quarter of 2569, but remained below the 29.2% level in the second quarter of 2568, due to price promotions, especially for low-rise projects. The company announced a dividend for first-half 2569 performance of 0.05 baht per share, representing a dividend yield of 3.3%, with the ex-dividend date set for 27 August 2569 and payment on 11 September 2569. Analysts maintained their 2569 net profit forecast for SIRI at 4.1 billion baht, down 8% from the previous year, and kept a hold recommendation with a target price of 1.55 baht.

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