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

Dusit Thani Public Company Limited owns and operates the Dusit and the Royal Princess chain of hotels and resorts.  Its hotels are located in Bangkok and provinces famous for tourist attractions.  Dusit Thani also operates hotels in Indonesia, Manila, and Dubai.  Additionally, the Company develops condominiums for sale and rental.

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Dusit Thani Public Co Ltd (DTC 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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