Waraporn Wiboonkanarak

Krungthai XSpring

Equity Bottom-Up

<h2>Origin Property Plc. (ORI)</h2>
<p>Property Development  </p>
<p><strong>Expect growth of a CAGR of 8.6% in 2020-21E</strong></p>
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<p>We switch to Hold from Buy for ORI after lower the 2020E TP Bt6 from Bt8.10, based on PER of 7x; on the expectation growth of a CAGR of 8.6% in 2020-21E. The short-term catalyst to support the share price is a 2H19 DPS at Bt0.29, implying a dividend yield of 5.6%. The stock will go XD on May 14.</p>
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<p><strong>Targets 2020E presales at Bt21.5bn, -25.7% YoY </strong><br>ORI set its 2020E presales target at Bt21.5bn, -25.7% from…</p>

Thailand

Origin Property Public Company Limited is a real estate company. The Company provides condominium real estate development.

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