Expect 4Q23 earnings to rise yoy. We expect 4Q23 earnings to increase yoy, driven by asubstantial backlog of Bt16.4b in the low-rise segment and the continuing transfers of newcondo projects from 3Q23. Meanwhile, earnings are likely to remain stable or drop slightlyqoq due to expected higher expenses, following the launches of many projects in 4Q23. Weexpect 4Q23 earnings to be Bt1.5b-16b and lead 2023 earnings to hit a record high.