บทวิเคราะห์ (Research)

Following the analyst briefing, we are cautious of ERW: (i) the management has signaled slower growth ahead after trimming occupancy and revenue targets; (ii) we cut 2024-26F earnings after adjusting for weak 2Q24 results and ongoing renovations; and (iii) the share price has dropped on concerns over the expired lease for Grand Hyatt Erawan. ERW is trading at 19x 2025F P/E and 11x EV/EBITDA, or -1SD of its historical mean multiples, suggesting the negatives have been priced-in. Maintain BUY rating and Bt4.30 TP.