Prinsiri plans seven residential projects worth Bt4 billion

Five of seven new projects are low-rise residences, including single detached house, and townhouse, and the other two projects are condominium projects.
The company’s senior director, Chairat Kovitjindachai, said that the new projects were an attempt to boost pre-sales to Bt3.2 billion by the end of this year.
He said the company had also revised up its sales price about five per cent in the second half of this year compared with the first half due to a rise in labour cost and construction raw material prices. This would boost its net profit over last year.
Prinsiri showed net profit of Bt203 million at the end of 2011.
Meanwhile, the company reported total revenue of Bt781.96 million and net profit of Bt135.67 million in the first quarter of this year.
Chairat said the company’s business strategy in the next three years would continue to focus on low-rise residences, which will generate at least 70 per cent of its total revenue, while 30 per cent will come from condominium projects.
Meanwhile, DBS Vickers Securities (Thailand) recommended “buy” for Prinsiri’s shares as the current price did not reflect the company’s financial performance. It has a target price of Bt1.96 per share.
Asia Plus Securities also recommended buy with a target price of Bt1.76 per share as the company believed Prinsiri would pay average dividend of 5.6 per cent a year.