ERW : Much Quicker Recovery Relative to Peers but Mostly Priced In

ERW: Spike in International Tourists Will Speed up the Recovery

ERW : EBITDA Turned Positive in 2Q22 Supported by Solid Recovery in All

ERW: Operational Losses Continued to Decline in 1Q22

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

Pi Research

Thai Equity - Bottom-up - Equities

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Pi Securities PCL, Thailand

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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

<ul>
<li>We downgrade ERW to HOLD while cut target price to Bt4.20. (Previous TP:4.60) after earnings downgrade in 22-23E chiefly from rising cost pressure.The stock price rallies 25% in the past</li>
<li>Expect loss to be reduced by almost 60%QoQ in 3Q22 We expect the company to report 3Q22 net loss of Bt57m(vs. Bt623m loss in 3Q21 and Bt139m loss in 2Q22)</li>
<li>EBIT margin is assumed to turn positive for the first time since pandemic, thanks to recovery in traffic at hotels and well-managed cost control.</li>
</ul>


We downgrade ERW to HOLD while cut target price to Bt4.20. (Previous TP:4.60) after earnings downgrade in 22-23E chiefly from rising cost pressure.The stock price rallies 25% in the past
Expect loss to be reduced by almost 60%QoQ in 3Q22 We expect the company to report 3Q22 net loss of Bt57m(vs. Bt623m loss in 3Q21 and Bt139m loss in 2Q22)
EBIT margin is assumed to turn positive for the first time since pandemic, thanks to recovery in traffic at hotels and well-managed cost control.


ERW : Expect Turnaround in 4Q22, but Has Mostly Priced In

Erawan Group

ERW : Expect Turnaround in 4Q22, but Has Mostly Priced In