CENTEL: Hotel Business Recovery Drives 1Q22 EBITDA Growth

CENTEL : Expect CENTEL to Make Profit in 2Q22

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CENTEL: The Seventh Consecutive Quarter Loss in 3Q21

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CENTEL: Losses Continue into 1Q21 Earnings

Thai Equity - Bottom-up - Equities, Pi Securities PCL, Thailand

Pi Research

Thai Equity - Bottom-up - Equities

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Equity Bottom-Up

<ul>
<li>Analyst meeting came out with a positive tone. We expect 2022 EBITDA to grow by 78%YoY supported by strong recovery in hotel businesses especially in Maldives and Dubai.We maintain BUY</li>
<li>4Q21 EBITDA reached the highest level since 1Q20 at Bt977m (+113%YoY, +307%QoQ) backed by strong recovery of hotel performance especially in Maldives and Dubai.</li>
<li>The company plans to open39 new hotels with 8,038 rooms by 2025 and 200-250 new food stores of existing brands and JV brands in 2022 which could support earnings momentum</li>
</ul>


Analyst meeting came out with a positive tone. We expect 2022 EBITDA to grow by 78%YoY supported by strong recovery in hotel businesses especially in Maldives and Dubai.We maintain BUY
4Q21 EBITDA reached the highest level since 1Q20 at Bt977m (+113%YoY, +307%QoQ) backed by strong recovery of hotel performance especially in Maldives and Dubai.
The company plans to open39 new hotels with 8,038 rooms by 2025 and 200-250 new food stores of existing brands and JV brands in 2022 which could support earnings momentum


CENTEL: Brighter Outlook in 2022 and Beyond

Central Plaza Hotel

CENTEL: Brighter Outlook in 2022 and Beyond