Asia Plus Securities has upgraded its recommendation on ORI to Trading, with a new fair value of 1.98 baht based on a 7 times price-to-earnings ratio. It expects normalized profit in the second half of 2026 to recover from the first half, when normalized profit was 203 million baht, or 41 percent of the full-year target of 492 million baht. This is due to plans to deliver two new high-margin projects in Phuket, and the company targets net cash flow of 1.5 to 1.8 billion baht from selling at least two to three hotels, four to five land plots, and warehouses into a REIT in the second half of this year. Meanwhile, normalized profit for 2027 has been raised to 694 million baht, growing 41 percent year on year, driven by transfers of nine new condominium projects worth 20 billion baht. The highlight is the Thonglor project with four buildings worth 12 billion baht, which carries a high margin of 35 to 40 percent.
Origin Property PCLBroker upgrades ORI to Trading with higher target, citing expected profit recovery and project deliveries.
Asia Plus Group Holdings PCL