Supalai may benefit from some catalysts, Maybank Securities (Thailand)'s Natchaphon Rodjanarowan says in a research report. At analyst meeting, management said it expects housing gross profit margin to improve from 2Q, driven by higher proportion of new condominium transfers and lower promotional expenses. Management also sees bright spots in Thailand's condo market, the analyst notes. Moreover, low environmental-impact-assessment approvals have limited new supply, leading to relatively low competition for condo projects. However, the brokerage cuts its earnings forecast for the property developer by 14% for 2026 to reflect likely weak 1H results. It also lowers its forecasts for 2027 by 16% and for 2028 by 9%, and cuts the stock's target price to 17.50 baht from 21.60 baht, with an unchanged buy rating. Shares are 1.2% lower at 16.00 baht. (ronnie.harui@wsj.com)