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>Maintain BUY rating for SHR with a new target price of Bt5.60 (Previous TP:5.20) after revised earnings up by 33% in 2023E due to better cost control.The company hotel performance</li>
<li>Positive earnings outlook in 4Q22 and throughout 1Q23 UK portfolio: Expect hotel RevPar to drop QoQ in 4Q22 amid winter season and an absence of football matches during boxing day. </li>
<li>Self-Managed Thai hotels: Strong rebound momentum for RevPar to persist in 4Q22 and throughout 2023 supported by international tourist inbound,which expected to hit more than 1.5 million arrivals per month</li>
</ul>


Maintain BUY rating for SHR with a new target price of Bt5.60 (Previous TP:5.20) after revised earnings up by 33% in 2023E due to better cost control.The company hotel performance
Positive earnings outlook in 4Q22 and throughout 1Q23 UK portfolio: Expect hotel RevPar to drop QoQ in 4Q22 amid winter season and an absence of football matches during boxing day. 
Self-Managed Thai hotels: Strong rebound momentum for RevPar to persist in 4Q22 and throughout 2023 supported by international tourist inbound,which expected to hit more than 1.5 million arrivals per month


SHR : Bright Earnings Recovery Outlook in 2023