We initiate coverage on ALL with a BUY recommendation based on a target price of Bt4.39, implying an upside of 25% from the current price. We derive our target price from a 20% discount to the PE ratio of Asia ex Japan Real Estate, and apply a 15% small-cap discount.
Investment thesis:
Risks: Increased competition and slowdown in demand for residences, rising land and construction costs, delayed construction and transfer of projects, access to capital.
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