辉立证券旅游服务业ServicesTourismLeisureSectorTOURISMOverwe

1Services/Tourism&LeisureSector(TOURISM)OverweightSector21July17Thisreportisforinformationonlyandshouldnotbeconstruedasanofferorsolicitationforthepurchaseorsaleofanysecuritiesreferredtoherein.PSTacceptsnoliabilitywhatsoeverforanyloss,directorindirectfromtheuseofthisinformation,andrelianceuponthecomments,opinionsoranalysesinthematerialisatthesolediscretionoftheuser.Ref.No.:CO2017_0589ThanatphatSuksrichavalitSecuritiesInvestmentAnalyst#84741TickerRating/FV(Bt)2QFY17E1QFY172QFY16%y-y%q-qEstimatedearningsannouncementdateReasonsCENTELB/43Netprofit343783354(3)(56)9/8/17EPS0.250.580.26(3)(57)ERWB/6Netprofit322081789(85)10/8/17EPS0.010.080.0189(85)MINTB/48Netprofit7761,9247326(60)11/8/17EPS0.180.440.176(60)Total1,1512,9151,1034(61)SectorComment2QFY17earningsfortourismsectorwillcontinuetorecoverinlinewithdomestictourismwhichnearlyreturnstonormality.InternationaltouristarrivalstoThailandinthefirstsixmonthsofFY17rose4.4%y-yespeciallyinAprwhenaninfluxofvisitorsledbythosefromEuropeandRussiatooktheirEasterholiday.AsChinesetouristvolumesstarttoreturntonormalityafterthezero-dollartourcrackdown,thenumbersgrew6%y-yinJun2017.InMaldives,hoteloperationshaveshownabetterperformancefromaYTD5.8%riseintouristtrafficwhichwouldpartiallyhelpadsorbanoversupplyofrooms.Growthinhotelbusinesswouldoffsetfoodbusinesswhichhasfelttheshort-termpinchofaslowdownindomesticbuyingpower.Webelieveoverallperformanceoftourismsectorwillrecoverinwhatremainsoftheyearduetoalow-baseeffectin2HFY16.MINTisourtoppickinthetourismspaceonviewsthatearningsfromitshotelbusinessinPortugalareexpectedtobestrongduringhighseasonin3QFY17anditsrestaurantservicesbusinesswilldeliverthebestoperatingresultsfortheyearin4QFY17.MaldiveshotelsoperationsstartedtoshowapositivesignandtheirRevParisexpectedtoinchuptonearly0%froma12%y‐ydropin1QFY17.Infoodbusiness,SSSGmaynotbesomewhatfavorableasconsumerspendinghasnotfullyrecovered.Eventhough2QFY17earningsareexpectedtobestrongdespitelowseasonalityafteritopened3newHopInnhotelsinlinewithitsbranchexpansionandmaintainedan80%occupancyrate.WeexpecttoseeagradualriseinADRgrowthratefortheremainderoftheyear.Therecoverymomentuminhotelbusinesscontinuesastheexpecteddouble-digitgrowthfromTivolihotelsinPortugalandBrazilaftercompleterenovationatmostofselectedTivolihotelswouldboostRevParandcompensateapotentialslowdowninitsrestaurantservicesbusinessfollowingaslowerSSSGgrowthinThailandhubandcontinued,althoughlower,negativeSSSGinSingaporehub.2CorporateGovernance-20163ThaiCAC(AsofOctober28,2016)DeclaredNon-participation2SAABCABICOACAPAAVACCADAMAEONTSAHCAECAFAGEAHAIAFCAITAJAJDAKRAIEAIRAALUCONAMARINAMATAALLAALTAMATAVAMCAPXANANAOTAPAPCOAPCSAQARIPARROWASEFAASNAPUREAQUAASASIAASIANATP30AUCTBABAT‐3KBCPGASIMARASKBCHBEAUTYBFITBDMSBECBEMBGTBIGBHBIGCBJCHIBKDBLANDBIZBJCBLISSBMBOLBROCKBROOKBRRBSBMBTNCBPPBRBRCBSMBTCCENCGHCHARANCHOCHOTIBTWBUICBGCCETCCNCHOWCICMCOLCPALLCCPCGDCHEWACHGCHUOCPFCPLCSCCSRCSSCIGCITYCKCKPCMODELTADNAEAECFEECMRCNTCOLORCOM7COMANEFORLEPCOESTAREVERFCCPHCPRCRANECSPCTWFERFNSFPIFSMARTFVCCWTDAIIDCONDCORPDRACOGCGELGFPTGIFTGLOBALDSGTDTCIEARTHEASONEICGPSCGREENGUNKULHMPROHOTPOTEKHEMCEPGESSOF&DICHIIECIFSILINKINETFANCYFMTFNFOCUSFORTHINOXINSUREIRCJJASGENCOGJSGLGLANDGOLDJMARTJMTJTSJUBILEJUTHAGRAMMYGRANDGSTELGTBGYTKKASETKBSKCKCARHARNHFTHPTHTECHHYDROKSLKTECHKYEL&ELALINIHLIRCPITITDITELLPNLRHLTXLVTMJCTJSPJWDKAMARTKCMMAKROMALEEMBAXMCMCOTKDHKIATKKCKOOLKTISMEGAMFECMIDAMILLMINTKWCKWGLDCLEELHMJDMKMLMPGMTLSLITLOXLEYLPHLSTMACONBCNCHNCLNDRNINEMAJORMANRINMATCHMATIMAXNMGNNCLNPPNTVNUSAM‐CHAIMCSMDXMODERNOCCOGCPACEPAFPCAMPICNCNEPNETBAYNEWPCSGHPDGPDIPIMOPKNEWSNFCNOBLENOKNPKPLANBPLATPRANDAPREBPRGNWRNYTOHTLOISHIORIPRINCPSTCPYLONQHRMLOTOPAEPAPPATOPERMROBINSROCKROHROJNARPPFPICOPJWPLPLERWISAMCOSANKOSAUCESCPMTAPOLARPOMPUIPOSTPPMSCCCSCNSEAOILSE‐EDSENAPRAKITPRECHAPRINPROPSHSGPSITHAISKRSMITSMKPTLQTCRAMRCIRCLSORKONSPALISPCGSPPTSPRCRICHRICHYRJHRPCRSSRSRICHASTASTANLYSUPERSS11SAFARISALEESAMSUSCOSYMCSYNEXSYNTECTAESAMARTSAMTELSAPPESAWADSAWANGTAKUNITASCOTBSPTEAMTFGSCISCPSEAFCOSELICSFTFITHAITICTICONTIPSFPSGFSHANGSIAMSIMTKTTLUXETMCTMITMILLSIMATSIRISLPSMARTSMMTMTTPATPPTRTTRUSMTSOLARSPASPGSPORTTRUETSETSITSTETTWSPVISQSSCSSTSTARTUTVDTVOTVTTWPCSTECSTHAISTPISUCSUTHAUUBISUKEMUNIQUOBKHSVHSVOASWCTTACCUREKAUWCVGIVIBHAVNGTAPACTCTCBTCCTCCCVNTWAVEWHAWICETCJTCOATTFDTGPROTHWIIKWINXOZMICOTHANATHETHIPTHLTIWTKTKNTKSTMTMWCertifiedTNDTTNHTNPTNPCTNRADVANCAKPAMANAHASPAYUDTOPPTPACTPBITPCHTPIPLBAFSBANPUBAYBBLBCPTPOLYTPROPTRTRCTRITNBKIBLABTSBWGCENTELTRUBBTSFTSRTTATTICFRESHCIMBTCNSCPICPNTTLTTTMTUCCTWPTWZCSLDCCDEMCODIMETDRTTYCNUACUECUMIUMSDTACDTCEASTWECLEGCOUPUPAUPFUPOICUTERWFEFSSGBXGCAPUTPUVUVANVAROVIGLOWHANAHTCICCIFECVIHVPOVTEWGWINNERINTUCHIPRCIVLKBANKKCEWORKWORLDWPWRYCIKGIKKPKTBKTCLANNAYNPYUASALHBANKLHKMBKMBKETMFCMINTMONOMOONGMSCMTINKINSIOCEANPBPEPGPHOLPMPPPPPSPRPSLPTPTGPTTPTTEPPTTGCQ‐CONQLTRATCHS & JSABINASATSCBSCCSCGSINGERSISSMPCSNCSNPSPCSPISSFSSISSSCSVITCAPTCMCTFTGCITHANITHCOMTHRETHRELTIPCOTISCOTMBTMDTNITYTNLTOGTOPTPCTPCORPTSCTSTHTTCLTVIWACOAL4IndustryGroup NameSector NameSector IndexAgro & Food Industry[AGRO] AgribusinessAGR