SHR : Benefit from Its Well-Diversified Hotel Portfolio

SHR : Bright Earnings Recovery Outlook in 2023

SHR: Expect Earnings Turn to Profit in Late 2022

SHR: 1Q22 Results Indicate Rapid Recovery in 2022

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>Analyst meeting came out with a positive tone regarding 2022 outlook.We maintain BUY rating  while roll out the new 2023 TP of Bt4.8 (+7% from previous TP),pegged to 1x PBV’23E.</li>
<li>We expect  its 2022 EBITDA to grow 4 times, in-line with management target with 61% growth in revenue backed by global tourism recovery.</li>
<li>UK portfolio will grow steady from a dull 1Q22 performance owing to low season and will ramp up to pre-Covid levels by the end of2022 while Maldives portfolio will enter </li>
</ul>


Analyst meeting came out with a positive tone regarding 2022 outlook.We maintain BUY rating  while roll out the new 2023 TP of Bt4.8 (+7% from previous TP),pegged to 1x PBV’23E.
We expect  its 2022 EBITDA to grow 4 times, in-line with management target with 61% growth in revenue backed by global tourism recovery.
UK portfolio will grow steady from a dull 1Q22 performance owing to low season and will ramp up to pre-Covid levels by the end of2022 while Maldives portfolio will enter 


SHR: Operations to Regain Momentum in 2H22