TH : The Erawan Group - Recovery delayed by third Covid-19 wave

ERW reported a 1Q21 net loss of THB492m, 10% wider than our projection but in line with Bloomberg consensus forecast. We see substantial downside risks to ERW’s RevPAR in 2Q-3Q21F from the third wave of Covid-19 in Thailand. We downgrade ERW from Add to Reduce with a lower ex-rights TP of THB2.70 as earnings recovery is likely to be delayed by at least 6 months.

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