Supalai's presales likely rose 9.2% from a year earlier in 1H on higher condominium presales in Bangkok and upcountry, CGS International's Pornthipa Rayabsangduan says in a research report. The Thai property developer's presales should be stronger in 2H, supported by an increase in new launches and higher inventory sales from newly completed condo projects, the analyst says. At a recent analyst meeting, the company said it maintains new project launches of 35 billion baht for this year. However, the brokerage cuts its 2026-2028 EPS forecasts for Supalai by 5.0%-5.3% to partly reflect lower land-transfer assumptions. It lowers the stock's target price to 17.90 baht from 18.80 baht, with an unchanged add rating. Shares are 1.8% lower at 16.10 baht. (ronnie.harui@wsj.com)