Earnings Report /
Thailand

Pruksa Holding PCL: 1Q22 in line; earnings profile back-loaded to 2H22

  • In line with our estimate and the consensus

  • PSH reported a 1Q22 core profit of Bt552m

  • We expect 2Q22 core earnings to rise YoY but fall QoQ

Phoowadol Phoosodngern
Bualuang Securities
17 May 2022

We suggest waiting for exciting earnings in 3Q22—most of PSH’s condos slated to start transferring this year will be completed during 2H22. Our HOLD call stands with a target price of Bt15, pegged to a PER of 11x (0.5SD above the stock’s long-term average).

In line with our estimate and the consensus

PSH reported a 1Q22 core profit of Bt552m, up 20% YoY but down 44% QoQ. The result was in line with our estimate and the street.