What’s changed?
Core profit in 9M15 comprised 42% of our FY15 model (45% of the street
forecast), as we maintain our projection unchanged with a bottom-line
turnaround from a loss of Bt112m for FY14 to a core profit of Bt225m for
FY15. The YoY revenue expansion target is 28%. The RevPar growth
target of 8% for FY15 will be achievable proven by YoY strong RevPar
growth of 12% in 1Q15, 16% in 2Q15 and 5% in 3Q15 despite the
August bombings