Shares in property developer Sansiri Pcl fell 0.96 percent to 2.06 baht, after its first quarter earnings declined 68 percent to 1.96 billion baht ($62.58 million) from the previous quarter.
However, broker Phillip Securities remained positive on the company's profit growth on hopes that strong pre-sales and a huge backlog would be the catalysts in driving the company's profit up 30 percent this year.
"In terms of pre-sales, Sansiri was the top performer among all leading developers. Sansiri achieved pre-sales growth of 25 percent while presales at other developers grew 6 to 5 percent," the broker said in a research note.
"Current backlog of more than 15 billion baht, which would be realised as revenue in the second to fourth quarter, also covers up to 71 percent of our revenue target for the remaining three quarters of this year," Phillip added.
Phillip said it expected Sansiri to deliver total revenue of 26 billion baht in 2012, and rated the shares an accumulate with a target price at 2.30 baht.
1505 (0805 GMT)
(Reporting by Sinsiri Tiwutanond in Bangkok; Editing by Jacqueline Wong; firstname.lastname@example.org)