Krungsri Securities (KSS) expressed a slightly negative view on Land and Houses Public Company Limited (SET: LH), highlighting weak presales performance in 3Q25, with figures expected to reach just THB 2.95 billion.
This represents a sharp decline of 38% year-on-year and 26% quarter-on-quarter. Both low-rise and condominium segments contributed to the fall, with low-rise presales hitting their lowest level for a third quarter in the past 14 years.
For the nine months of 2025, presales are projected to total THB 10.6 billion, representing a decrease of 28% year-on-year and covering only 46% of the analyst’s 2025 full-year target of THB 23.0 billion. KSS notes considerable downside risks, indicating that the company continues to lose market share.
The brokerage firm also expects LH’s 3Q25 normalized profit to drop both year-on-year and quarter-on-quarter. Meanwhile, the 2025 normalized profit forecast is THB 4.0 billion, up just 2% year-on-year, and is also considered to have downside risks.
Following these developments, the analyst gives a ‘Neutral’ rating on LH, with a target price of THB 4.60 per share, as it lacks an immediate positive catalyst. The company’s strategic adjustment plan remains unclear, and KSS expects the strategy for 4Q25-2026 to stay conservative, with few new project launches and a focus on clearing existing stock.
This cautious approach could result in further market share erosion, posing long-term challenges for Land and Houses.
