Pruksa Real Estate
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Signs of rising confidence OUTPERFORM - Maintained Share Price: Bt14.80 Target price: Bt17.61
Pruksa Real Estate Plc (PS)
A strong post-floods presales recovery is expected in 1Q12 across all product segments. Presales are now estimated to be THB5.2bn (+2112% qoq), 21% above PS’s guidance. The COO’s recent increase of his stake in PS also augurs well for a promising turnaround. The improving presales are positive signals for a faster-than-expected demand recovery in the lower-end market, like SDH/TH products. We keep our above-consensus EPS estimates unchanged. Reiterate Outperform and THB17.61 target price, still based on 8x CY13 P/E.
