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TH : Sansiri - Expanding beyond residential business

We turn more positive on SIRI’s presales and revenue outlook for 2021F. We estimate investments in XSpring and Bangpakong JV project, totalling THB2.8bn, would generate less than 3% investment return in 2021-22F. Upgrade to Hold from Reduce with a new TP of THB1.15.


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