Sansiri

Sansiri Plc (SIRI)
 

SIRI’s last upgrade of its FY12 presales target to THB36bn may have seemed overly ambitious at first, but it now looks entirely achievable. 5M12 presales already account for 45% of the target, with robust growth for both condos (+143% yoy) and SDH/TH (+43% yoy). We expect EPS to improve sequentially from 1Q12 before peaking in 4Q12. We keep unchanged our forecasts and target price (still based on 7.5x CY13 P/E, +1 SD reflecting its step-up to be the top developer by turnover). Reiterate Outperform; SIRI remains our top pick for its convincing turnaround, attractive valuation, and 7-8% yield.