We expect the heightened geopolitical tensions between Russia and Ukraine to not only affect tourists from Russia but also those from Europe. While we believe Centel’s food business will continue to provide some cushion, it will be insufficient to put Centel in the black in FY22F. We downgrade from Hold to Reduce with an unchanged THB36 target price (16x FY23F EV/EBITDA, -0.5 s.d. from 5-year mean).

Equity Analysis /
ThailandTH : Central Plaza Hotel - From Russia with no love
Kasem Prunratanamala
Head of Thailand Research @ CGS-CIMB
30 March 2022

30 March 2022
Published by