TH : Quality Houses - 1Q21 a miss due to gross margin

1Q21 net profit of THB431.1m was 12.4% below our forecast, mainly due to weaker-than-expected residential gross margin. QH keeps its new launch plan of THB5.3bn and presales target of THB9.2bn in 2021. Maintain Add due to better earnings outlook and undemanding valuation.

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