Consumer: Central Plaza Hotel, PTT Oil and Retail, MatsukiyoCocokara, Magnum Bhd, Somboon Advance Technology P, Westlife Development, Genting Bhd, ITC Ltd and more

• We downgrade to HOLD rating from  BUY rating with TP unchanged at Bt43, derived from  DCF (WACC of 10% and TG of 2%), implying 28.6xPE’23. 
• The company reported a net loss of Bt44m in 1Q22 compared to net loss of Bt476m in 1Q21 and net profit of Bt152m in 4Q21 in line with our expectation.
• 1Q22 EBITDA doubled YoY but remained flat QoQ at Bt951m supported by strong YoY recovery of hotel performance benefitting from 1) Rebound of Thailand tourism 2) Continued strong operations.

• Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
• Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.
• The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.

• Ancient proverbs dictate the pace of policy change in Japan. But, the first step has been taken 
• Investors should be watching for further relaxation of inbound tourist restrictions, particularly on the Chinese market 
• Out top pick on this thematic is MatsukiyoCocokara (3088 JP) . Tourists used to account for over 10% of sales, but there is more…

• ITC reported a healthy set of numbers in Q4FY22with Revenue of Rs 15,331Cr (our estimate – Rs16,205Cr), down 2.2%QoQ but up ~16.5% YoY, led by a strong 8% volume growth in Cigarettes (in line with our estimates).
• Gross Margins at 52.5% was 132bps lower YoY on account of unprecedented RM inflation
• Benign taxation, inexpensive valuations (20x FY24E EPS), 5% dividend yield makes us BUYers of the stock. Our TP is revised to Rs 295 (earlier Rs 280).

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• Maintain BUY call and MYR2.43 DCF-based TP
• Earnings and dividends below our expectations…
• … but worst likely over, in our view
• Maintaining earnings and dividends estimates

• Undemanding valuation and good dividend, BUY
• 1Q22 earnings recovery
• New orders to boost sales growth
• Profit growth seen despite high costs

1Q22 earnings recovered QoQ to THB259m (+44% QoQ, -19% YoY). We expect new orders to help fuel 2022E sales growth of 6.5% YoY. While higher steel costs will initially squeeze gross profit margins, as it takes 3-6 months to hike prices, we expect only a dip in GPM. We forecast FY22 earnings to hit a new high of THB1.032b (+8% YoY). We think SAT’s valuations are undemanding at 7.6x 2022E P/E and 1x P/BV, with a healthy THB3.5b cash on hand. It offers a good dividend yield of 8.6%. Our THB25.50 TP is based on 10-yr average forward P/E of 10.3x. Maintain BUY.

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• Maintain BUY with a tad lower TP of MYR5.43 (-1%)
• 1Q22 unlikely to be better QoQ for RWLV, we opine
• 2Q22 likely to be a lot better for RWLV, in our view
• Vegas Loop likely to be a boon for RWLV, we gather

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.