Europe has started lifting movement controls, but we believe that tourism recovery is fragile as several regions face new waves of Covid-19 outbreak. The third wave of Covid-19 in Thailand has caused the government to reinstate the 14-day quarantine for all incoming travellers. We reiterate our Reduce call with a higher THB23 target price (2.4x FY21F P/BV, 0.5 s.d. below its 5-year mean).
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