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

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

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 new target price of Bt56.0 (Previous TP:Bt49)after revised earnings up by 15-42%in 2022-23E following an impressive recovery for the company’s Thai hotel portfolio.</li>
<li>Impressive recovery in hospitality business.We expect hotel revenue to hit ten quarter high at Bt1.5bn mainly driven by strong demand for Thai hotels as RevPar for Bangkok hotels is expected</li>
<li>Food revenue should hit 11 quarter high at Bt3.0bn (+51%YoY+4%QoQ) as we assume SSSG at 36% compared with -25% and 25% in 3Q21 and 2Q22 respectively</li>
</ul>


Maintain BUY recommendation for CENTEL with a new target price of Bt56.0 (Previous TP:Bt49)after revised earnings up by 15-42%in 2022-23E following an impressive recovery for the company’s Thai hotel portfolio.
Impressive recovery in hospitality business.We expect hotel revenue to hit ten quarter high at Bt1.5bn mainly driven by strong demand for Thai hotels as RevPar for Bangkok hotels is expected
Food revenue should hit 11 quarter high at Bt3.0bn (+51%YoY+4%QoQ) as we assume SSSG at 36% compared with -25% and 25% in 3Q21 and 2Q22 respectively


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

Central Plaza Hotel

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