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Bangkok Condo Developer Investment Thesis – Ananda Development Plc (ANAN)

By on Oct 09, 2013 in Property News, Research

The first units of Ideo Mobi Sukhumvit, A Building, which was launched in Feb 2012, started to transfer in mid September. The project took 18 months to complete, one-month ahead of schedule. Management expects at least 70 units (about 8% of total project value) to have transferred by the end of September 2013. Red ink is evident for Quarter 3, but they are looking for a turnaround in Quarter 4 2013.

3 new Bangkok condo projects are planned for kick off in Quarter 4 2013. These projects should secure 2015 revenue. The projects are worth a total of Bt12bn – Ideo Charun (Bt3.6bn), Ideo Ratchatewee (Bt1.9bn) and Ideo Rama IV (Bt6.5bn; a JV in which ANAN will hold 48%). The locations are good as they are near both BTS and MRT stations. Assuming a 50% mean take-up rate, they will secure 38% of our FY15 revenue forecast (up from zero as of now)—a Bt4.8bn backlog to transfer in that year.

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