TH : CP All - Lotus dampened 1Q21 net profit

1Q21 net profit missed our forecast by 24% and Bloomberg consensus’ by 32% due to weaker-than-expected profit sharing from Lotus. 2Q21F will likely remain weak due to the third wave of Covid-19 outbreak in Thailand, but we expect a strong recovery in 2H21F. Reiterate Add, with a lower DCF-based TP of THB75.5.

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