After You PCL

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Beat our estimate. AU posted core loss of Bt13m in 3Q21. Bottom-line in 4Q21 will turnaround from two straight loss quarters in 2Q21 and 3Q21.

The management has rationalized SG&A expenses since COVID-19 pandemic in 2Q20, particularly for fixed expenses on personnel and rental comprising about 60% of total SG&A expenses. The expenses have shown YoY downtrend, as SG&A expenses in 2Q21 droppe...

In line. AU posted a core loss of Bt7.4m in 2Q21. Loss in 2Q21 was mainly due to unfavorable sales leading to a rise in SG&A expenses to revenue.

Despite uncertainty over the rebound’s timeframe, we have great confidence that leading restaurants, M and AU, will survive the crisis. We have rolled investment to YE22 target prices of Bt60 for M (DCF, 7.3% WACC), and Bt12 for AU (target PER of 75x...

As of May 30, 2021, Thailand has administered 3.6m doses of COVID-19 vaccines (2.5m for one-dose and 1.1m for two-doses) or 3.6% of total population for 1-dose vaccine. The vaccine rollout strategy is sensible, prioritizing high-risk areas/provinces,...