บทวิเคราะห์ (Research)

SHR : Earnings Result - 2Q25 net profit above expectations We maintain our BUY recommendation on SHR with a target price of Bt2.00. SHR posted 2Q25 core profit of Bt3m, reversing from a Bt81m loss in 2Q24 and beating both our and the market’s expectations, supported by better margins and lower interest expenses. 1H25 core profit accounted for 69% of our full-year forecast, and we maintain our 2025F estimate at Bt327m (+144% yoy). We expect this positive momentum to continue for the rest of the year, with 3Q25F potentially to profit or a narrower loss, driven by solid performance in Thailand and Maldives hotels and the reopening of UK properties, and lower interest expense supporting continued growth into 2H25F.