บทวิเคราะห์ (Research)

SHR : Earnings preview - Expect ops to return to profit in 4Q We maintain a BUY rating for SHR with a target price of Bt2.80. This would be underpinned by (i) core profit reaching new highs in 4Q24F-1Q25F driven by peak tourist season in Thailand and the Maldives, higher margins (cost optimization), smaller interest expense, and smaller equity losses from SO Maldives; (ii) robust 25% earnings growth (CAGR) over FY25-27F, supported by a sustainable recovery in tourism activity and improving operations; and (iii) attractive current valuation, at 7.0x EV/EBITDA and 0.5x P/BV on FY25F numbers; they are trading at a large discount to sector averages. This presents an opportunity to increase exposure in the stock to capture strong earnings growth ahead.