บทวิเคราะห์ (Research)

Please click the following link ERW : Earnings preview - Expect profit to hit new high in 4Q24 We upgrade ERW to BUY with a higher target price of Bt4.50. This is premised on core profit hitting a new high of Bt326m (+59% yoy, +168% qoq) in 4Q. And, we raised FY24-26F earnings by 3-8% after imputing higher revenues, room rates and margins, supported by rising tourist arrivals in Thailand. Earnings should exceed 2019 (pre-Covid) level, but the counter is trading at only 18x FY25F PER vs 33x in FY19 and 23x historical trading multiple. This is an opportunity to accumulate ERW.