บทวิเคราะห์ (Research)

SHR : Company update - Strong operation with lower debt We maintain our BUY rating for SHR with a revised target price of Bt2.10, following the upward revision of our earnings forecasts and roll-over to 2026F. We remain positive on SHR, supported by RevPAR growth in 4Q25F of over 5%, driven by strong performance in Thailand and the Maldives, as well as the reopening of hotels in the UK after renovations. This growth momentum is expected to continue into next year. In addition, benefits from debt reduction and lower interest expenses, combined with effective cost management, are expected to support profitability. We have therefore raised our net profit forecasts for 2025–26F to Bt608m (more than double yoy) and Bt664m in 2026F (+9% yoy). Currently, SHR is trading at 0.3x PBV and 10x PER 2026F, below both historical and sector averages. We maintain our BUY rating for SHR.