SPA: 1Q20 Result Was the Lowest Quarter in past Six Years
SPA reported 1Q20 net profit of Bt4m (-93%YoY, -94%QoQ), lowest level in past twenty-three quarters and much below our expectation. • The drop in...
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SPA: Impact of COVID-19 Already Priced In
We maintain BUY rating but cutting our target price down by 23% to Bt14.6 based on 34xPE’1H21E, which is equal to its three-year trading average. •...
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SPA: Largest Spa Chain in Thailand
We initiate coverage of SPA with a BUY rating and a 2020E target price of Bt19.1, derived from 37xPE’20E, implying 1.6xPEG’20E and equal to its...
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