Quality Houses 2Q09 earnings have increased 10% yoy and 62% qoq to Bt474mn and are much better than our expectation. This is due to strong housing sales and higher equity income. Revenue from housing sales rose 3% yoy and 41% qoq to Bt2.72bn, driven by the economic recovery and a lower new housing supply. Meanwhile, the blended gross margin widened slightly to 30.0%. Equity income grew 25% yoy and 8% qoq to Bt105mn, coming mainly from strong earnings of HMPRO and LH bank.
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