Key Indices
Top Stories
Initiate Coverage | Dusit Thani (DUSIT TB/BUY/Bt10.70/Target: Bt13.50)
- We believe DUSIT is well positioned as it has achieved earnings turnaround. DUSIT’s earnings recovery is underpinned by the faster-than-expected ramp-up of Dusit Thani Bangkok, with strong occupancy in Jul-Aug 26 and higher ADR, and Dusit Residence transfers, which should boost earnings and support deleveraging. Growth in managed hotels, catering and education further supports the outlook. Initiate coverage with a BUY rating and a target price of Bt13.50, based on 1.1x 2027F P/B.
Company Update | Delta (Thailand) (DELTA TB/BUY/Bt263.00/Target: Bt300.00)
- We expect DELTA to report a 3Q26 net profit of Bt8.97b (+21% yoy, +48% qoq), improving significantly qoq from a low base. Sales are projected to remain strong, especially during the high season, while gross margin could recover qoq. We maintain BUY with an unchanged target price of Bt300.00. We believe the valuation has already priced in the weak gross margin from 2Q26 earnings.
Top Stories
Initiate Coverage | Dusit Thani (DUSIT TB/BUY/Bt10.70/Target: Bt13.50)
- We believe DUSIT is well positioned as it has achieved earnings turnaround. DUSIT’s earnings recovery is underpinned by the faster-than-expected ramp-up of Dusit Thani Bangkok, with strong occupancy in Jul-Aug 26 and higher ADR, and Dusit Residence transfers, which should boost earnings and support deleveraging. Growth in managed hotels, catering and education further supports the outlook. Initiate coverage with a BUY rating and a target price of Bt13.50, based on 1.1x 2027F P/B.
Company Update | Delta (Thailand) (DELTA TB/BUY/Bt263.00/Target: Bt300.00)
- We expect DELTA to report a 3Q26 net profit of Bt8.97b (+21% yoy, +48% qoq), improving significantly qoq from a low base. Sales are projected to remain strong, especially during the high season, while gross margin could recover qoq. We maintain BUY with an unchanged target price of Bt300.00. We believe the valuation has already priced in the weak gross margin from 2Q26 earnings.
Key Indices
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