บทวิเคราะห์ (Research)

(EN) ERW : Tourism Headwinds hits 2Q25F RevPAR We maintain our Neutral rating on ERW with a target price of Bt2.30 as the company's earnings remain under pressure from a slowdown in international tourist arrivals, most notably in April-May 2Q25F. The Economy-Luxury segment (78% of revenue) reported a 10% yoy RevPAR decline, from both lower occupancy and weaker ADRs. While Hop Inn continues its robust growth (supported by room expansion), its 22% revenue contribution isn't enough to offset the softness in the core business. We preliminarily expect 2Q25F net profit to drop sharply yoy and qoq, due to falling revenue and stubborn fixed costs. With no clear tourism recovery in sight for 2H25F, we expect ERW's earnings will remain soft yoy, thus our reiterated Neutral rating.