ORI: 4Q21 Earnings Will Be the Peak Quarter in 2021

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal  profit  was  at  Bt441m (-37%YoY,-27%QoQ).</li>
<li>The dropped in YoY and QoQ of net profit was pressured by  lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m</li>
<li>Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.</li>
</ul>


ORI’s 1Q22 net profit was at Bt 738m (-11%YoY, -9%QoQ),in line with our forecast. Excluding special items from sell of investment at Bt 297 m,normal  profit  was  at  Bt441m (-37%YoY,-27%QoQ).
The dropped in YoY and QoQ of net profit was pressured by  lower revenue recognition from real estate sales in non-JV project toBt3.04bn(-12%YoY,-11%QoQ)and the loss from equity income at Bt48m
Expect 2Q22 earning to improve QoQ supported by revenue recognition of Park Origin Thonglor JV project worth Bt12bn and two non-JV condominium project worth Bt1.16bn.


ORI: 1Q22 Earnings In-Line with Our Forecast

Origin Property

ORI: 1Q22 Earnings In-Line with Our Forecast