Equity Analysis /
Thailand

TH : The Erawan Group - Riding the return of foreign tourists

    CGS-CIMB
    5 July 2022
    Published byCGS-CIMB

    Thailand is gearing up for a strong recovery by easing some travel restrictions and quarantine requirements to allow more tourists to enter. We upgrade ERW to Add and lift our target price to THB4.7, based on 17.7x FY23F EV/EBITDA, +1.0 s.d. from its 2014-2019 mean (pre-Covid-19).