In today’s briefing:
- QH : 2Q22 Results Will Expand YoY
QH : 2Q22 Results Will Expand YoY
- Maintain BUY rating with target price of Bt2.66 based on 11.8xPE’2022E,implying its five-years trading average.We have positive view to its 2022 outlook backed by 6 projects launch in 2022worth Bt9.5bn(+66%YoY)
- Expect YoY drop in 2Q22 presales We expect 2Q22 presales at Bt2.1 bn (-4% YoY, +2% QoQ), representing (1) Low-rise presales value of Bt1.77bn (-10%YoY,-10%QoQ)
- Meanwhile, we expect presales should remain strong in 2022 and inline with management guidance at Bt9.2bn (+23%YoY), backed by (1) 4 new projects launch in 2H22E worth Bt5.5bn
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