Equity Analysis /
Thailand

TH : Siam Wellness Group - Waiting for signs of tourism recovery

    Tanida Jirapornkasemsuk
    CGS-CIMB
    25 March 2022
    Published by

    We expect SPA to continue to report losses in 1H22F as traffic at branches remains well below its breakeven level. We will wait for stronger signs of recovery in international tourist arrivals before turning positive on the stock. Reiterate Hold with a lower DCF-based TP of THB7 (WACC: 7.3%).