Equity Analysis /
Thailand

Thailand: Residential Property- How to position into the upcoming results season

  • Best presales quarter since 2019—SIRI, AP, and LH lead for 3Q22

  • Where is ResProp heading? Strong YoY and QoQ growth

  • Which stock is best-placed to pitch an upside surprise?

Bualuang Securities
10 October 2022

Clouds are gathering in Thailand’s economic skies, but the ResProp sector is about to post the highest pre-sales since the pre-COVID era for 3Q22. Given hefty presales, 3Q22 core profit will also rise YoY and QoQ. SIRI are likely to beat our earnings estimates.

Best presales quarter since 2019—SIRI, AP, and LH lead for 3Q22

We estimate aggregate coverage 3Q22 presales of Bt60bn (73% low-rise, 27% condo), up by 37% YoY and 2% QoQ. Low-rise presales are expected at Bt44bn, up by 28% YoY and 1% QoQ, led by heavy low-rise project launches in 3Q22 (Bt63bn in value, up by 186% YoY and 23% QoQ). Condo presales should be Bt16bn, up by 73% YoY and 6% QoQ.