Equity Analysis /
Thailand

TH : Origin Property - Growing to the next level

    Pornthipa Rayabsangduan
    CGS-CIMB
    19 April 2021
    Published by

    We believe low-rise housing will be ORI’s next growth driver in FY21-23F. Rising contribution from JV projects should enhance its profitability. We forecast a strong core EPS rebound with 17.4% CAGR in FY21-22F and potential upside from expansion into new businesses. Initiate coverage with an Add and TP of THB10.90.