Earnings Report /
Thailand

Pruksa Holding PCL: In line with our estimate; exciting outlook

  • In line with our estimate, but below the consensus

  • PSH reported a 2Q22 net profit of Bt430m

  • PSH announced a DPS of Bt0.31 for 1H22

Bualuang Securities
11 August 2022

We suggest waiting for exciting earnings in 3Q22—most of PSH’s condos scheduled to start transferring this year will be completed in 2H22. Our HOLD call stands with a target price of Bt15, pegged to a PER of 11.0x (0.5SD above the stock’s long-term average).

In line with our estimate, but below the consensus

PSH reported a 2Q22 net profit of Bt430m, up 1% YoY but down 22% QoQ. Excluding an exchange rate gain, core earnings would be Bt425m, down by 1% YoY and 23% QoQ. The result was in line with our estimate, but was 8% below the consensus (residential revenue was 9% below than the street assumption). PSH announced a DPS of Bt0.31 for 1H22, a 2.5% simple yield (XD Aug 24, payment Sep 9).