Company Quick Comment
CENTEL (Buy, TP47)  Mispriced concerns creating Buying
•    Falling share price over a month implies Bt10b loss of market cap. Hence, CENTEL is a mispriced stock. Mispriced #1: concern over pre-opening expense in Maldives will cost only Bt250m. Mispriced #2: concern over rising room rate. Current share price implies only 2% growth of room rate from 2024 onward, which we argue is too pessimistic. 1Q24 room rate grew 20% yoy and 13% in 2Q24F (low season). Given no major new supply entering the market, we expect 16% room rate growth in 2024F and 7% in 2025F, supporting a 20% EPS CAGR over 2024-2025


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