2M3QFY17 presales still slow y‐y: PSH saw no growth in its SDH/TH presales as of Aug this year compared to the same year‐ago period as TH presales remained steady but SDH presales continued to be softer due to delays in new project launches. Presales from the newly opened condo projects in this period were also low as both the Bt800mn Privacy Charan and the Bt2.3bn Privacy Thaphra Interchange had a take‐up rate of a mere 20% while the Bt1.6bn high‐end Reserve Phahol‐Pradipat had a take‐up rate of only 20‐30% after the launch in late Aug. Under these circumstances, we expect presales in 9MFY17 will expand 10% y‐y, below the full‐year target of 19%. In our view, PSH needs to pin hopes on sales in 4QFY17, but a slowdown in sales could be possible in this period due to the royal cremation for the King Rama IX in Oct, whichmay cause PSH to miss the above presales target.