Equity Analysis /
Thailand

Thailand: Residential Prop - 3Q22 Earnings plays: Sun still shining on ResProp

  • Strong leading indicators in 3Q22

  • Top-three 3Q22 profit growth leaders to be SIRI, SPALI, and SC

  • Heaviest launch quarter of year will boost 4Q22 sales & earnings

Bualuang Securities
26 October 2022

The ResProp sector is the best 3Q22 results play. The top-three 3Q22 core profit winners should be SIRI, SPALI and SC. Looking to 4Q22, the ResProp earnings outlook is broadly promising.

Strong leading indicators in 3Q22

Our survey points to ResProp coverage presales of Bt60bn for 3Q22, up by 37% YoY and 2% QoQ. The three presales growth leaders should be SIRI (up by 152% YoY and 111% QoQ), LH (up by 29% YoY and 15% QoQ), and QH (up by 70% YoY and 13% QoQ). Low-rise presales growth is expected at 5% YoY and 6% QoQ and condo bookings should mark a two-year high (up by 73% YoY and 6% QoQ).