Earnings Report /
Thailand

Pruksa Holding PCL: 3Q22 In Line with Us but Miss The Street by Miles; Exciting 4Q22 Ahead

  • In line with our estimate, but missed the consensus

  • PSH reported a 3Q22 net profit of Bt619m

  • We expect 4Q22 core earnings to be the best quarter of 2022

Bualuang Securities
14 November 2022

The stock price is likely to fall, as the 3Q22 result missed the consensus estimate (but was in line with our model). We suggest waiting for exciting 4Q22 earnings—most of PSH’s condos slated to start transferring this year do so during 2H22. Our HOLD call stands with a target price of Bt12.50, pegged to a PER of 9.5x (PSH’s long-term average).

In line with our estimate, but missed the consensus

PSH reported a 3Q22 net profit of Bt619m, up by 87% YoY and 44% QoQ. Excluding an FX gain, core earnings would be Bt614m, up by 86% YoY and 44% QoQ. The result was in line with our estimate but was 15% below the consensus (residential revenue was 6% below the street assumption). 4Q22 will prove to be the best quarter of 2022, we anticipate.