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

Laguna Resorts & Hotels Public Company Limited conducts hotel and resort business.  The Company operates Banyan Tree Phuket Hotel, Dusit Laguna Resort Hotel, Allmanda Laguna Phuket Hotel, Laguna Beach Resort Hotel, Sheraton Grande Laguna Beach Hotel, all of which are located on Phuket Island.  Additionally, the Company operates golf courses and property development business.

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Laguna Resorts & Hotels (LRH 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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