บล.เคจีไอ : Property Sector ให้น้ำหนักลงทุน“เท่ากับตลาดฯ” Top pick : AP LH

efinAI

Neutral Maintainedกำไรรวม 4Q68 ของบริษัทอสังหาฯ ที่เราวิเคราะห์อยู่ต่ำกว่าคาดอยู่ที่ 3.1 พันลบ. (-44% YoY และ -19% QoQ) ผลจากการตั้งสำรอง (provisions) และการตัดจำหน่าย (write-offs) ที่สูงกว่าคาดช่วงปลายปี 2568 ส่งผลให้กำไรรวมปี 2568 แย่ลง 32% YoY ที่ 1.4 หมื่นลบ. หลัก ๆ จากรายได้ลดลง 15% และอัตรากำไรขั้นต้น (gross margin) ต่ำลง 2ppts กับกำไรจากการขายสินทรัพย์มีจำกัด รวมถึงการตั้งสำรองและการตัดจำหน่ายเพิ่มเติม แต่อย่างไรก็ดี เราพบว่าสถานะงบดุลดีขึ้น ด้วย net gearing ลดลง และอัตราส่วนความสามารถในการชำระหนี้

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