AP posted a more robust performance in 3Q23, increasing 20% yoy and 10% qoq. Theearnings growth was driven by its huge backlogs and new condo transfers in 3Q23.AP’s presales are likely to improve in 4Q23 due to substantial project launches. 4Q23earnings are expected to increase yoy, driven by its solid backlog. We believe AP ismore resilient than its peers. Maintain BUY. Target price: Bt13.50