The share price of Britania Public Company Limited (SET: BRI) rose to a record high on Wednesday while breaking all target price given by brokers with a closing price at Bt13.70 per share, increasing 1.50 or 12.30% with a trading value of 884 million baht, the third highest since listed.
Finansia Syrus Securities (FSS) on December 21, 2021, gave a target price for BRI at ฿13.00/share, expecting 60% growth for its 3-y CAGR from launching new projects while having rooms for upside through JV businesses and a diversification to new businesses.
Trinity Securities gave a “BUY” recommendation on BRI with a target price at ฿12.80/share. Trinity Securities stated that the THB12.80 was based on P/E 10x, which is the average of the property sector and from EPS 2022F at THB1.28 per share. The focus for BRI is its Take Up Rate of the new projects that keep launching consistently, resulting in an average of 113.18% growth in the transfer between 2021-2023. Meanwhile, its 5-year CAGR 2018-2023 is 77.26%, without relying much on the discount to boost its sales.
In the meantime, a consensus from Refinitiv expects revenue growth for BRI in 2021 to increase 68% to 3,933 million baht and continue the trend with another 68% growth in 2022 to 6,635 million baht. Meanwhile, net income for 2021 is estimated at 641 million baht, representing an increase by 42% and net income for 2022 is expected to expand 68% to 1,081 million baht.
BRI is a spin-off company from Origin Property Public Company Limited (SET: ORI), operated as a property development which focuses on horizontal residential property, which includes but is not limited to detached houses, semidetached houses, townhomes, townhouses, and other similar properties. At present, BRI engages the detached houses development business under 4 brands: (i) “Belgravia”, luxury detached houses; (ii) “Grand Britania”, detached and semi-detached houses; (iii) “Britania”, detached houses, semi-detached houses, and townhomes; and, (iv) “Brighton”, detached houses, semi-detached houses, and townhomes. As at the end of the first quarter of 2021, BRI had 15 finished projects that are in process of sales and transfer of ownership, the value of which totaled at approximately THB 19,500 million.
