SHR: 1Q22 Results Indicate Rapid Recovery in 2022

SHR: Operations to Regain Momentum in 2H22

SHR : Benefit from Its Well-Diversified Hotel Portfolio

SHR: Stock Price Recovered to Pre-Covid Level

SHR: Expect Earnings Turn to Profit in Late 2022

SHR: Hiccup in 2Q21 Before Recover Strongly in 2H21

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 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 


S Hotels & Resorts PCL

SHR: Expect Rapid Recovery in 2022