Centel reported THB576m net loss for 1Q21, 12% wider than our forecast but 17% narrower than Bloomberg consensus. The outlook for both hotel and food businesses is still tough as several countries are facing new waves of Covid-19 outbreak. We reiterate our Reduce call with an unchanged THB26 target price (11.0x FY22F EV/EBITDA, -0.75 s.d.).
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