ERW: Expect to Return to Pre-COVID Levels in 2023
We maintain SELL rating with a new target price of Bt2.46 (-5% from previous target price) based on DCF method (WACC of 7% and terminal growth of...
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ERW: The Fifth Consecutive Quarterly Loss in 2Q21
ERW reported 2Q21 net loss of Bt690m, the fifth consecutive quarterly loss due to operation under EBIT breakeven. Therefore, our earnings forecast,...
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ERW: High Fixed Costs Pressured 1Q21 Earnings
ERW’s 1Q21 core loss was Bt492m, compared to core loss of Bt103m in 1Q20 and core loss of Bt344m in 4Q20. Given the increase of the paid-up...
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ERW: Improved Performance QoQ in 4Q20 Earnings
ERW’s 4Q20 net loss was at Bt474m compared to net profit of Bt176m in 4Q19 and net loss of Bt514m in 3Q20. The company reported 2020 net loss of...
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ERW: Expect Continuing Loss Until 2021E
Yesterday analyst meeting came out with a neutral tone. We expect weak recovery in remaining quarters through 1H21, as tourist arrivals to Thailand...
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