1Q21 core net profit beat our/Bloomberg consensus forecasts by 28/23% on better-than-expected GPM and contribution from Red Lobster (RL). We turn more positive on TU’s earnings as RL seems to be recovering faster than previously expected. Upgrade to Add with higher TP of THB18.8.
- 1 Macro Analysis/Global G7 reiterates support for SDR allocation and seeks to boost its impact
- 2 Strategy Note/Global G7's 'Build Back Better World' is not an answer to China's Belt and Road
- 3 Strategy Note/Vietnam Vietnam: The best emerging market is still spoilt by foreign ownership limits
- 4 Macro Analysis/Pakistan Pakistan's FY22 Federal Budget – Serious push on growth
- 5 Strategy Note/Global Egypt's military spend is not securing the Nile in its dispute with Ethiopia
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