SC Asset Corporation Public Company Limited, or SC, reported second-quarter 2569 net profit of 668 million baht, up 59% from the same period last year and up 455% from the previous quarter, in line with FSSIA estimates and about 5% above Bloomberg consensus. The main driver was total property transfers of 6.6 billion baht, up 135% from the previous quarter and 36% from a year earlier. Condominium transfers hit a new record of 3.4 billion baht, up 479% from the previous quarter, as the company began recognising revenue from the COBE Ratchada–Rama 9 project worth 7 billion baht, which is already 85% sold. Low-rise transfers came in at 3.1 billion baht, recovering 42% from the previous quarter. Gross margin from property sales rose to 29.2% from 24.9% in the previous quarter, while the ratio of SG&A expenses to revenue fell to 17.8% from 22.1%. As a result, first-half 2569 profit stood at 788 million baht, up 48% from a year earlier, representing 46% of FSSIA's full-year profit estimate. FSSIA maintained its 2569 net profit forecast at 1.7 billion baht, up 13%, and kept its buy recommendation and target price of 2.30 baht. It noted that the existing backlog covers about 83% of its full-year transfer estimate and expects presales in the second half of 2569 to accelerate, driven by plans to launch two large condominium projects worth a combined 25.5 billion baht.
SC Asset Corporation Public Company LimitedQ2 net profit jumped 59% YoY and 455% QoQ, beating estimates, with FSSIA maintaining buy and target of 2.30 baht.
