Kasikorn Securities has maintained a HOLD recommendation on Origin Property Public Company Limited, or ORI, while raising its mid-2027 target price to THB 2.15 from THB 1.80. The broker expects second-quarter 2026 profit to rebound 29 percent from the previous quarter to 133 million baht, but to decline 58 percent year-on-year due to lower revenue and gross margin pressure from intense competition and an unfavorable product mix. Meanwhile, it has cut its 2026, 2027, and 2028 profit forecasts by 28 percent, 10 percent, and 1 percent respectively to reflect weaker-than-expected housing demand and high mortgage rejection rates in the mid-to-lower market segment, which is ORI's main revenue source. On the liquidity front, ORI continues to prioritize cash flow, with no new project launches in the first half of 2026 and an accelerated sell-down of completed inventory through pricing strategies and bulk sales, as well as asset disposals such as two hotels. This has enabled the company to successfully repay all maturing debentures since the start of the year, leaving only 715 million baht in debentures due in September 2026. Meanwhile, new debenture issuances of 2.15 billion baht in July, 1.3 billion baht in May, and 1.35 billion baht in February have further bolstered liquidity and reflect continued strong confidence among bondholders.
Origin Property PCLWeaker housing demand and high mortgage rejection rates in ORI's main market segment, leading to cut profit forecasts.
