CENTEL : Positive Earnings Growth Momentum from 2H22 to 2023E

CENTEL : 3Q22 Missed Our and Market Estimates but Expect 4Q22 Profit to Be Solid

CENTEL: Brighter Outlook in 2022 and Beyond

CENTEL: Hotel Business Recovery Drives 1Q22 EBITDA Growth

CENTEL : Expect CENTEL to Make Profit in 2Q22

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

Leading, full-service investment firm in Thailand

Pi Securities PCL, Thailand

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clients. We offer one - stop service providing full range of financial products and services including extensive Brokerage, Proprietary Trading (Equities and Bonds), Advisory Services, Structured Products.

Moreover, our new research team tailored for institutional clients to focus on mid to small cap of Thai equities and trading strategies. Our services offered to our premium clients also include arrangement of company or site visits to with the managements of Thai listed companies.

Note: Effective on 1 March 2022, Country Group Securities PCL changed its name to Pi Securities

Equity Bottom-Up

<ul>
<li>Maintain BUY recommendation for CENTEL with a target price of Bt49.0.The company’s 2Q22 net profit came out above our expectation at Bt22m in 2Q22, compared with Bt44m loss in 1Q22.</li>
<li>Impressive performance for hospitality business.Hotel revenue hit nine quarter high at Bt1.4bn thanks to impressive performance for Thai hotels as RevPar for Bangkok and Upcountry hotels jumped sixfold and fourfold </li>
<li>Food hit 10 quarter high at Bt2.9bn (+26%YoY+11%QoQ) on the back of strong SSSG at 19% compared with 0% and 10% in 2Q21 and 1Q22 respectively.</li>
</ul>


Maintain BUY recommendation for CENTEL with a target price of Bt49.0.The company’s 2Q22 net profit came out above our expectation at Bt22m in 2Q22, compared with Bt44m loss in 1Q22.
Impressive performance for hospitality business.Hotel revenue hit nine quarter high at Bt1.4bn thanks to impressive performance for Thai hotels as RevPar for Bangkok and Upcountry hotels jumped sixfold and fourfold 
Food hit 10 quarter high at Bt2.9bn (+26%YoY+11%QoQ) on the back of strong SSSG at 19% compared with 0% and 10% in 2Q21 and 1Q22 respectively.


CENTEL : Back to Net Profit Again in 2Q22 Before Recovering up In

Central Plaza Hotel

CENTEL : Back to Net Profit Again in 2Q22 Before Recovering up In