Erawan Group
ERW: Operational Losses Continued to Decline in 1Q22
Equity Bottom-Up
163 Views, 18 May 2022 15:33
EXECUTIVE SUMMARY
- Analyst meeting came out with positive tone regarding 22E outlook.We maintain BUY rating with TP Bt4.20 derived from DCF valuation (WACC=7% & Terminal growth= 2%) implying 10% discount to 23.1xPE’23.
- The company reported net loss of Bt313m in 1Q22 compared to net loss of Bt492m in 1Q21 and net loss of Bt246 in 4Q21 in line with our expectation.
- Excluding extra ordinary items, the operational losses declined YoY and QoQ to Bt313m since revenue almost doubled YoY and increased 4% QoQ to Bt646m after bottoming out in 3Q21.
detail (13-minute read)
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