AP (Thailand)'s 2Q Property Presales Likely to Grow Strongly — Market Talk

AP (Thailand)'s 2Q property presales are likely to grow strongly on-year, led by higher demand for low-rise housing and a low base due to the earthquake in Bangkok in March 2025, says CGS International. The property developer's low-rise housing presales will probably rise 32.2% on-year in 2Q, thanks to good response from new projects launched in May, says analyst Pornthipa Rayabsangduan. However, the brokerage cuts its 2026-2028 EPS forecasts by 3.5%-4.3% to reflect changes in assumptions for areas such as residential gross margins. It trims the stock's target price to 9.45 baht from 9.80 baht, with an unchanged add rating. Shares are unchanged at 7.05 baht. (ronnie.harui@wsj.com)