Equity Analysis /

SC Asset Corp PCL: Grand Bangkok Boulevard proves strong demand for high-end launches

  • High-end demand proved by Grand Bangkok Boulevard brand

  • Achievable presale target, strong profit growth outlook for 3Q22

  • Scope for upside to the profit forecasts of the street and ourselves

Bualuang Securities
20 September 2022

Management hosted a site visit on Sep 15 to Grand Bangkok Boulevard Ratchapruek-Pinklao, which has marked impressive presales; it is one of three Grand Bangkok Boulevard-branded estates launching during 3Q22 that will drive 2H22 presales and earnings. Another project will be Scope Thonglor, a condo with 18 super-luxury units, starting at Bt150m/unit. We also see scope for upside to our 2022 core earnings forecasts. BUY!

High-end demand proved by Grand Bangkok Boulevard brand

On 2 Sep, SC launched Grand Bangkok Boulevard Ratchapruek-Pinklao SDH estate, (GBBRP, 63 units, Bt2.2bn project value). Within only two weeks, 11 units (18% of project value) were booked, indicating strong demand for high-end housing. The first GBBRP home will be ready to transfer on Nov 2022. Sales prices range Bt36-51m/unit. Furthermore, on Sep 24-25 Sep, SC will launch two more Grand Bangkok Boulevard-branded estates—Chanengwattana-Ratchaphruek (82 units, Bt1.0bn) and Ramintra 109 (95 units, Bt1.1bn). We expect Grand Bangkok Boulevard’s strong brand to drive presales in 2H22.