Earnings Report /
Thailand

Central Plaza Hotel PCL: Turnaround to black ink

  • 2Q22 result beat our estimate and the consensus

  • CENTEL reported a 2Q22 core profit of Bt22m

  • Hotel revenue was Bt1,294m in 2Q22, up 386% YoY

Bualuang Securities
16 August 2022

Our BUY call stands to a YE22 DCF-derived target price of Bt45.50.

2Q22 result beat our estimate and the consensus

CENTEL reported a 2Q22 core profit of Bt22m (against core losses of Bt606m for 2Q21 and Bt44m for 1Q22). The result was better than our estimate of a Bt20m loss and the consensus projection of a Bt25m loss.