The group now includes the outlook for its Thai activities in its 2019 guidance. Management currently expects flat revenues and a 3% EBITDA decline (vs revenue and EBITDA growths of 0-2% and 1-3% before, without Thailand). Although Asia is unlikely to pull up growth in 2019 because of Thailand, we are however comfortable with the group’s ability to maintain an annual revenue growth of at least 2% from 2020. The stock seems fully priced and we maintain our Reduce recommendation.
16 Jul 2019
Thailand is weighing on the 2019 outlook
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Thailand is weighing on the 2019 outlook
The group now includes the outlook for its Thai activities in its 2019 guidance. Management currently expects flat revenues and a 3% EBITDA decline (vs revenue and EBITDA growths of 0-2% and 1-3% before, without Thailand). Although Asia is unlikely to pull up growth in 2019 because of Thailand, we are however comfortable with the group’s ability to maintain an annual revenue growth of at least 2% from 2020. The stock seems fully priced and we maintain our Reduce recommendation.