Real estate developer Ananda Development Pcl, opened at 4.14 baht on its first day of trading, falling below its initial public offering price of 4.20 baht.
Several brokers said despite profit recovery hopes in 2013 due to existing backlog, they find the shares unattractive compared to its peers as they expect the company not to pay dividend until 2014 since it is still in an investment period.
Kiatnakin Securities gave the shares a 'hold' rating with a target price at 4.40 baht.
"We are concerned over the company's ability to maintain its profitability and transfer schedule, which will have an impact on the continuity of revenue recognition in the future," Kiatnakin said in a note.
While DBS Vickers Securities rated the stock "fully valued" with target price at 4.17 baht, citing similar reasons, it expected the company to achieve a small profit in the first half of 2013 since most of the condominium transfers will occur in the second half.
The broker said it preferred Raimon Land Pcl over the newly listed company, citing strong 2012 net profit and 2013 backlog on top of existing earnings growth.
Raimon Land shares dropped 1.52 percent to 1.95 baht.
Shares in Ananda Development were at 4.04 baht, while the broader SET index was down 0.29 percent.
1141 (0441 GMT) (Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Gopakumar Warrier)