M’s 1Q21 earnings fell by 74% yoy to come in 10% below our forecast. Earnings were dragged by Thailand’s second wave of the Covid-19 outbreak. We expect M’s bottomline to slip into the red in 2Q21F as more than 55% of its stores are located in dark red Covid-19 zones that disallow dine-in service. Maintain Add as we expect strong hoh recovery in 2H21F but lower our DCF-based TP to THB55 to reflect the impact from the third wave of Covid-19.
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