Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Research from SooChow CSSD Capital Markets (Asia)

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

<ul><li>Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the pack</li><li>Freehold boutique project Baywind Residences to launch with prices starting from S$1,950psf</li><li>Demand for co-working spaces rising as corporates explore hybrid work</li></ul>

Surge in new supply could slow down industrial price and rental growth; Prime logistics leading the packFreehold boutique project Baywind Residences to launch with prices starting from S$1,950psfDemand for co-working spaces rising as corporates explore hybrid work

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

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

<ul>
<li>We maintain BUY rating with TP Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.</li>
<li>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.</li>
<li>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 </li>
</ul>


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 


SHR: 1Q22 Results Indicate Rapid Recovery in 2022

<ul><li><a href="https://www.smartkarma.com/entities/ec-world-reit" target="_blank" data-smartkarma-citation="entities:22842" rel="noopener">EC World Reit (ECWREIT SP)</a> in final stages of refinancing negotiations</li><li><a href="https://www.smartkarma.com/entities/frasers-hospitality-trust" target="_blank" data-smartkarma-citation="entities:913" rel="noopener">Frasers Hospitality Trust (FHT SP)</a> exploring strategic options to enhance and unlock value</li><li><a href="https://www.smartkarma.com/entities/guocoland-ltd" target="_blank" data-smartkarma-citation="entities:17467" rel="noopener">GuocoLand (GUOL SP)</a> Midtown Modern penthouse fetches new price high of S$4,278psf</li></ul>

EC World Reit (ECWREIT SP) in final stages of refinancing negotiationsFrasers Hospitality Trust (FHT SP) exploring strategic options to enhance and unlock valueGuocoLand (GUOL SP) Midtown Modern penthouse fetches new price high of S$4,278psf

ASEAN Builder's Scoop (8Apr22) - ECWREIT Final Stages of Refinancing

<ul>
<li>We maintain BUY rating and raise TP by +25% to Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.</li>
<li>About 98%of its hotel properties have already resumed operation by the late last year.This along with complete opening up of international borders will be the key earnings drivers for 2022 </li>
<li>Maldives and Thailand international demand has shown growing trend since 2Q21 and been in continuing growth in 1Q22 following reopening countries especially in UK and Maldives.We expect strong earnings recovery </li>
</ul>


We maintain BUY rating and raise TP by +25% to Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.
About 98%of its hotel properties have already resumed operation by the late last year.This along with complete opening up of international borders will be the key earnings drivers for 2022 
Maldives and Thailand international demand has shown growing trend since 2Q21 and been in continuing growth in 1Q22 following reopening countries especially in UK and Maldives.We expect strong earnings recovery 


<ul>
<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

Thailand

S Hotels And Resorts Public Company Limited operates as a holding company. The Company, through its subsidiaries, engages in management of hotels and resorts, as well as investments in properties. S Hotels And Resorts serves customers worldwide.

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S Hotels & Resorts PCL (SHR TB)

ASEAN Builder's Scoop (17May22) - New Supply Could Slow Down Industrial Rent/Price Growth

Baywind Residences start from S$1,950psf; Co-working space demand rising; ALI maintain BUY; FLI POGO terminations hurt bottom line; MEG posts +40%...

SCCM Asia Research

SHR: 1Q22 Results Indicate Rapid Recovery in 2022

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...

Pi Securities PCL, Thailand

ASEAN Builder's Scoop (8Apr22) - ECWREIT Final Stages of Refinancing

FHT exploring strategic options; North Gaia EC to fetch new record price; KPIG focuses on 3,000ha MNC Lido City; SHR aims to double revs in 2022

SCCM Asia Research

SHR: Expect Rapid Recovery in 2022

We maintain BUY rating and raise TP by +25% to Bt4.50 derived from 1x PBV’22E, to reflect better outlook post-COVID crisis.

Pi Securities PCL, Thailand

SHR: Expect Earnings Turn to Profit in Late 2022

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...

Pi Securities PCL, Thailand

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