Dao Securities stated in today’s analysis (March 23, ’23), Central Plaza Hotel Public Company Limited or CENTEL maintains a “buy” CENTEL recommendation and a 2023 target price of 60.00 baht from the update. With the company, we have a positive view on Rev Par and SSSG in Jan.-Feb. The hotel business recovered well with Rev Par increasing 119% YoY and growing 24% QoQ.
2. The food business continued to grow strongly, in January-February 2023 (QTD), SSSG continued to increase at 9% compared to the same period last year from the 10th quarter of 1/22. % compared to the same period last year because of the recovery of consumption and 3. On the cost side, there is a chance to be affected by the price of food raw materials and the increase in electricity costs. But there will be an increase in food prices. Therefore, we expect GPM to drop slightly compared to the previous year. compared to the previous quarter
Still forecast net profit in 2023 at 1,309 million baht, an increase of 229% compared to the same period last year. mainly from the recovery of the hotel business While it is expected that profit in the first quarter of 2023 will recover well compared to both Compared to the same period of the previous year and compared to the previous quarter continued due to the high season in Thailand and the Maldives.
Stock prices outperform the SET by 3% and 13% in 1 and 3 months due to the continuous increase in the number of tourists. While the trend of Chinese tourists (12% share of income from China) will come in more following more relaxation of tourism. It is expected to clearly see the arrival of Chinese tourists from the 2nd quarter of 2023 onwards, which has a chance to see profit growth. Compared to the same period last year every quarter in the year ’23
