Earnings Report /
Thailand

Central Plaza Hotel PCL: 1Q22 miss!

  • 1Q22 result missed our estimate and the street

  • CENTEL reported a 1Q22 net loss of Bt44m

  • Hotel revenue was Bt1,249m in 1Q22, up 149% YoY

Kalvalee Thongsomaung
Kalvalee Thongsomaung

Equity Research Analyst

Bualuang Securities
18 May 2022

The weaker-than-expected 1Q22 result prompted us to cut our 2022 earnings forecast, but we still expect a bottom-line turnaround this year. Our BUY call stands to a YE22 DCF-derived target price of Bt47.

1Q22 result missed our estimate and the street

CENTEL reported a 1Q22 net loss of Bt44m (against a loss of Bt476m for 1Q21 and a profit of Bt152m for 4Q21). The red ink was a surprise to us (and to the consensus)—we had expected a net profit for the quarter. The loss was due to a deeper-than-assumed loss at the hotel business and a lower-than-assumed profit at the food operation.