Equity Analysis /
Thailand

TH : Singha Estate - Recovery pace likely slower

    Pornthipa Rayabsangduan
    CGS-CIMB
    25 March 2022
    Published by

    We estimate S’s backlog will secure 88% of our residential revenue forecast for 2022F. We expect no gains from the asset injections into SPRIME. Maintain Hold on limited upside potential; business recovery largely priced in.