บทวิเคราะห์ (Research)

ERW : Company Quick Comment - Positive guidance for 4Q24 We maintain a Trading Buy rating for ERW with a target price of Bt4.30, underpinned by strong guidance for 4Q24 at the latest analyst briefing. That would be supported by robust tourism activity in both Thailand and Japan and recovering operations at Grand Hyatt Erawan and Holiday Inn Pattaya. The anticipated drop in interest rates would be an additional tailwind for earnings. We are keeping 4Q24F and FY24F earnings, which are projected to improve qoq and yoy. Valuation remains reasonable with ERW trading at 24x FY25F P/E and 12x EV/EBITDA, in line with its historical average multiples.