PST and GLOBLEX maintain their "Buy" recommendation for ORN with a target price of 0.76 Baht based on a P/E ratio of 7. They expect profit trends in the second half of 2568 to improve compared to the first half. The horizontal sales volume is high, with a backlog of 2,590 million Baht starting transfers in Q3/68. The new business is set to generate regular income with the opening of Mill Hill International School Thailand this September, and over 50% of the community mall rental space has already been secured, supporting a continuous increase in profits through 2569. They are confident in the overall real estate market in Chiang Mai.

PST sees investment opportunities and recommends "Buy" with a target price of 0.76 Baht, based on a P/E ratio of 7.

Phillip Securities (Thailand) Public Company Limited (PST) stated in their analysis that they continue to recommend "Buy" and have adjusted ORN's P/E ratio down to 7 to align with current market conditions. The target price of 0.76 Baht for Q2/68 reflects a decline in sales from the previous year and Q1, viewing this as the lowest point of the year, with improvements expected through to Q4/68 from the Arise-Chaorenmuang condominium valued at 1,308 million Baht, which will be ready for transfer in Q3/68.

Profit trends for 2568-69 are expected to rise continuously, with the opening of Mill Hill International School Thailand in September anticipated to enroll 100 students, reaching breakeven with over 200 students in the second semester. The investment in the school business will support the sales of real estate, which is ORN's core business. In 2568, transfer volumes are expected to grow from the Habitat project early in the year and Arise-Chaorenmuang in the latter half of 2568.

However, SG&A (selling and administrative expenses) will increase due to costs associated with selling condominiums and preparing for the school opening, along with higher financial costs from land purchases for development. The expected profit for 2568 is 162 million Baht, reflecting a 15.4% increase compared to 2567.

The company is in an investment expansion phase, with a projected D/E ratio increasing to between 1.40-1.50 until 2569. Profit trends are expected to continue rising in 2569 as the Arise-Chaorenmuang condominium project transfers proceed, along with the Arise Vibe-Phuket and Arise Hill-Chiang Mai condominiums, valued at 1,943 million Baht, which will be ready for transfer in Q4/69.

GLOBLEX expects profit trends in 2H68 to outperform 1H68.

Globlex Securities indicated that the performance in the second half of 2568 is expected to be better than the first half, with profits in 2Q68 projected to grow compared to the same period last year, although there may be a decline compared to the previous quarter due to ongoing transfers of old projects without new project transfers. The backlog at the end of March 2568 was 2,590 million Baht, with transfers for the Arise-Chaorenmuang project starting in Q3/68 and new businesses set to generate future recurring income.

The research department has a positive outlook for 2568, with high growth potential from a low base. The stock price has decreased by 8% since the beginning of the year, trading at a P/E ratio of 6, below the industry average of 11. The likelihood of the stock price declining further is low, and they recommend "Buy".

Mr. Arakdet Udomsiri, Vice President of Orn Sirin Holding Public Company Limited (ORN), revealed that they expect the performance in the second half of 2568 to be stronger than the first half due to a backlog of sales awaiting transfer valued at over 2,590 million Baht, ready to recognize revenue starting from Q3.

This is supported by the gradual recovery of the Thai real estate market, especially in tourist provinces like Chiang Mai and Phuket, benefiting from the return of tourism, foreign investment, and the remote work trend, along with government policies and ongoing infrastructure development in the northern region.

ORN is advancing its strategy to focus on developing both horizontal and vertical projects with potential, controlling costs, and adjusting pricing structures to target both Thai and foreign markets. Additionally, the company plans to launch 2 new projects valued at 1,640 million Baht in the second half of 2568, including luxury condominiums THE ASTRA3 and The Next 7. Furthermore, Mill Hill International School Thailand has received its license and is set to commence classes in September 2568, with over 200 students already enrolled, and the community mall THE BACKYARD is about to open fully, which will enhance regular income and cash flow for the company.