DUSIT A new round of growth is taking place. When the business is pushing for outstanding recovery | WEALTHY THAI

Dusit Thani Public Company Limited or DUSIT It is another stock in the hotel group whose business trend is growing. And will reflect on the operating results will be able to return to net profit again. After the quarter 1/66 turnover of DUSIT have a net profit

The explanation in the financial statements for the quarter 1/23 Management stated that The company has a profit from the core business. 11 million baht, a significant growth Compared to –126 million from the same period last year as a result of the continuous recovery of the hotel business and the growth of the food business. Increased travel of tourists and tourist season

as well as the success in increasing the average room rate resulting in the average revenue per room Highest quarter since the outbreak of Coronavirus 2019 (COVID-19) and made the company’s quarterly revenue from the hotel business the highest in the past 3 year

While the company’s food business has grown significantly. Both from the food handling business for international schools and the bakery production and pastry shop franchise business, which are new businesses that the company has invested in mid-2022. This is in line with the strategy of expanding growth and diversifying business risks.

by DUSIT’s business plan What will it be like in the year ’66? And how much growth opportunities will there be? Including how analysts have views and advice. Wealthy Thai will lead you to find the answer

Business Trends of DUSIT in year 66 The company has a positive view on the recovery of businesses under the group. It is expected to continue to recover and to increase the proportion of revenue from the food business. The Company has assumptions that the growth rate of total revenue from current business is approximately 30-35% from year 65 and expected rate EBITDA year 66 will be about 15-18% of gross income

For important project progress of DUSIT is the Dusit Central Park project, which is a mixed-use real estate project that the company jointly invests with CPN The construction is still going according to plan. which plans to open the current project The first phase will open in the middle of the year. 67 Starting with hotels, followed by office buildings, shopping centers and residential buildings will be the last part by the year. 68

while in the view of analysts of both Both from Finansia Syrus Securities Public Company Limited and Trinity Securities Company Limited stated in the same voice that the results of DUSIT in the year 66 This will be able to turn back to net profit again. and will grow exponentially after the Dusit Central Park project is completed.

by Finansia Syrus Securities Public Company Limited stated that from attending the analyst meeting of DUSIT on 15 June and received positive information. The core business turned profitable in 1Q23.

In addition, the management expects that revenue (including other income) will grow well by 30-35%. in year 66 which is quite close to our estimation, which DUSIT Plan to open your own hotel 1 of (ASAI Bangkok Sathorn) quarter 2/66 and other managed hotels 13 this year, which will add more hotels to the portfolio. 62 Location (Own by yourself) 10 and other management 52 of)

At the same time, the food business is also recovering from The return of the catering business Let the school which has resumed the new semester. While the pastry shop Bonjour Currently in the process of expanding the business by opening 20 new branch this year

for the development of the Dusit Central Park (DCP) project according to plan, the hotel project is scheduled to open in the middle of the year 67 while the office building Retail and residential space should open in 2018. 68

In addition, the management also gave news that the sales of residential projects still increased to 62%. in May and expects that number to touch 70% by the end of this year in the hotel business The management expects that the average daily room rate (ADR) have Upside from the original target 10,000 baht with the assumption from the repressed demand in the luxury hotel market.

Expected normal profit in 2023 at 51 million baht, such profits should touch 450 million baht in 2015, consisting of 200 million from current and future businesses 250 million baht from the project DCP Including the extra profit from the transfer of residential projects, the profit should touch 2.5 billion baht in the year 68 which may contain Upside from the plan to bring the food business to the IPO

However, the stock is trading at an attractive valuation level, maintaining profit forecasts for 2013-2016. and target price for 2023 at 18 baht (DCF) byThe price includes 1.Value of main business 16.1 baht and2.residential project value (DCP) another 1.9 baht

DUSIT trades at an attractive valuation of 21x 2025 P/E (based on 2025 normalized profit of Bt450mn, excluding housing sales). Up from a turnaround in the year ’66 before jumping more in the year 67 from the launch of the DCP project and the highest in 68 from housing sales