SHR: 1Q22 Results Indicate Rapid Recovery in 2022

SHR: Operations to Regain Momentum in 2H22

SHR: World Class Resorts at a Deeply Discounted Price

SHR: Stock Price Recovered to Pre-Covid Level

SHR: Hiccup in 2Q21 Before Recover Strongly in 2H21

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

S Hotels & Resorts PCL / Equity Bottom-Up

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<li>We believe that SHR's portfolio has an advantage from strong recovery performance in Europe and overseas as 87% of its total hotel portfolio, which located in United Kingdom, Maldives, Fiji</li>
<li>Strong recovery of tourism industry in UK and Maldives after easing in COVID-19 restrictions, resulted in an increase in occupancy rate of 68% and 57% in UK and Maldives, respectively </li>
<li>However, we revised down our 2021E earnings from net loss of Bt464m into net loss of Bt1.4bn to factor in higher depreciation costs.</li>
</ul>


We believe that SHR's portfolio has an advantage from strong recovery performance in Europe and overseas as 87% of its total hotel portfolio, which located in United Kingdom, Maldives, Fiji
Strong recovery of tourism industry in UK and Maldives after easing in COVID-19 restrictions, resulted in an increase in occupancy rate of 68% and 57% in UK and Maldives, respectively 
However, we revised down our 2021E earnings from net loss of Bt464m into net loss of Bt1.4bn to factor in higher depreciation costs.


SHR: Expect Earnings Turn to Profit in Late 2022