บทวิเคราะห์ (Research)

We resume coverage of SHR with a BUY rating and Bt2.20 TP, premised on the following: (i) earnings recovery in 2H24F driven by peak season and higher rates, following smaller core loss of Bt72m in 2Q24, (ii) new growth phase; we expect core profit to grow by 50% p.a. CAGR over 2024-26F under a revised strategy and following reopening of renovated hotels; and (iii) the stock is trading at only 7x 2024F EV/EBITDA, far below sector average, suggesting limited downside from current level.