Shares in Land and Houses Pcl rose more than 2
percent to 9.10 baht, their highest in more than two weeks,
after the company posted strong third-quarter earnings backed by
sales growth and commercial estate development plans.
The country's biggest housing developer on Tuesday reported
third-quarter earnings of 1.52 billion baht ($49.54 million), a
68 percent rise over the previous year.
Broker Trinity Securities maintained its 'buy' rating on the
shares while raising the target price to 10.50 baht from 8.80,
citing the company's plans to expand into commercial estate to
"Higher investment in condominium developments, especially
into market segments outside of Bangkok, along with higher
rental income from commercial retail spaces and share profits
from Home Product Center, Quality Construction Products, and
Quality Houses, helped to boost the company's profit," Trinity
said in a research note.
"The sector to keep an eye on with growth potential is
commercial estate, particularly retail shopping malls in the
outer Bangkok area since in the next 5 years we will see several
mass transit routes completed," the broker added.
At 0415 GMT, Land and Houses was up 2.84 percent at 9.05
baht, while the broader Thai index was down 0.02
(Reporting by Sinsiri Tiwutanond in Bangkok; Editing by
Anupama Dwivedi; firstname.lastname@example.org)
($1 = 30.69 Baht)