Central Plaza Hotel

CENTEL: Hotel Business Recovery Drives 1Q22 EBITDA Growth

Equity Bottom-Up
174 Views, 19 May 2022 11:24
EXECUTIVE SUMMARY
  • 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.
detail (14-minute read)
WHAT’S TRENDING
Insights
  • Trending
  • Latest
logo
Logo
Rising
Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
ThailandEquity Bottom-Up

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

Zoom:
NaN%
x