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Bangkok Condominium Developer, Ananda, Announces Q3 Loss

By on Nov 21, 2013 in Property News

ANAN reported a net loss of Bt96m for 3Q13 following losses of Bt34m in 3Q12 and Bt94m in 2Q13.

On a YoY basis, the core operational loss was due to a 31% residential revenue dive to Bt1bn and a high SG&A/sales ratio hike from 24% in 3Q12 to 41% in 3Q13 (on sharply heavier marketing expenses). The key revenue contributor was the remaining units of Morph 38. Ideo Mobi Sukhuvmt A building started transferring in Sept.

The 4Q13 bottom-line will turn around. We anticipate a net profit of Bt1.5bn (a net loss of Bt33m in 4Q12), driven by record revenue of Bt6.9bn (triple YoY and double QoQ). The key contributors during the quarter will be three Ideo Mobi condos (Bt9.5bn in total value; almost fully booked)–Ideo Mobi Sukhumvit, Sathorn and Rama IX.

We reiterate our TRADING BUY rating on ANAN with an unchanged YE13 target price of Bt4.0, pegged to a target PER of 8x (a 15% discount to our mean ResDev coverage target).

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