Thailand Reopening: Tourist Traffic Increase Beneficiaries
Chinese zero COVID policy dampens the growth and recovery story, but the travel recovery in South East Asia in Thailand is favored as a holiday...
391 Views
SPA: Keep Eye on Tourism Recovery Ahead of Soft 1Q22
Maintain BUY rating with a new TP of Bt9.60 (revise up by 16%) as we roll forward valuation base to 30xPE’23E which is -1SD of 5-years trading...
249 Views
SPA: Reopening Recovery Play Post 2021 Bottom
Maintain BUY rating with a TP of Bt8.30, based on DCF (WACC of 9.8% and Terminal Growth of 3.5%), implying 25.9xPE’23. We see attractive play on...
352 Views
SPA: Expect Earnings to Turn Positive from 4Q22 Onwards
We expect SPA to incur the seven consecutive loss quarter in 4Q21 at Bt69m due to its operation below EBIT breakeven level.
217 Views
SPA: 1Q21 Earnings Still Loss Pressured by New Wave of COVID-19 Outbreak
SPA reported 1Q21 net loss at Bt76m, compared to net profit of Bt4m in 1Q20 and net loss of Bt78m in 4Q20. Given the domestic vaccination rolling...
246 Views