Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Equity Bottom-Up

<p>We recently took gains on Minor and bought a stake in Erawan, our new top pick in the hotel sector. Unlike the two larger hotel groups, Erawan is stronger in low-cost segment (roughly a quarter of its business) and is a purer play in the hotel sector. Of the smaller operators, we like Laguna Resorts (LRH) as a long-term acquisition target. In this review, we also explain why we are not interested in Dusit Thani (DTC) despite its seemingly compelling valuations.</p>

We recently took gains on Minor and bought a stake in Erawan, our new top pick in the hotel sector. Unlike the two larger hotel groups, Erawan is stronger in low-cost segment (roughly a quarter of its business) and is a purer play in the hotel sector. Of the smaller operators, we like Laguna Resorts (LRH) as a long-term acquisition target. In this review, we also explain why we are not interested in Dusit Thani (DTC) despite its seemingly compelling valuations.

Thailand

Central Plaza Hotel Public Company Limited owns and manages hotels and quick service restaurants. The Company operates its hotels under the banner of Centara Hotels & Resorts and franchises western and Japanese quick service restaurants.

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Central Plaza Hotel (CENTEL TB)

Erawan: Low-Cost Hotel Champion

We recently took gains on Minor and bought a stake in Erawan, our new top pick in the hotel sector. Unlike the two larger hotel groups, Erawan is...

Athaporn Arayasantiparb, CFA

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52-week Range

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