S Hotels & Resorts PCL

SHR: 1Q22 Results Indicate Rapid Recovery in 2022

Equity Bottom-Up
268 Views, 13 May 2022 15:07
EXECUTIVE SUMMARY
  • We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.
  • The company reported 1Q22 net loss of Bt204m compared to net loss of Bt311m in 1Q21 and net loss of Bt70m in 4Q21, in-line with our expectation.
  • 1Q22 EBITDA remained positive for 3-consecutive quarter at Bt256m compared to a negative EBITDA of Bt59m in 1Q21 due to strong recovery of overall hotel operation. However, EBITDA dropped 15%QoQ 
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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... 

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