Earnings Report /
Thailand

Central Plaza Hotel PCL: Deep miss!

  • 3Q22 result was far short of our estimate and the consensus

  • CENTEL reported a 3Q22 core profit of Bt27m

  • Given the very low 3Q21 base

Bualuang Securities
14 November 2022

We like CENTEL for its solid fundamentals, strong balance sheet, hotel business turnaround story, and profitable QSR operation. BUY!

3Q22 result was far short of our estimate and the consensus

CENTEL reported a 3Q22 core profit of Bt27m (excluding an unrealized FX loss of Bt105m), against a core loss of Bt803m for 3Q21 and core earnings of Bt22m for 2Q22. The result was far below our estimate of a Bt105m profit and the consensus projection of a Bt140m profit.