The Q1 was slightly disappointing with revenues up by only 0.5% yoy and lfl while the EBITDA was down by 2.5%. Although the group still remains affected by the drop in tourism in Asia and particularly in Thailand, 2022 could be better than the poor outlook suggests but above all 2023 should be a year of solid growth. And, given the solid expansion via the mergers expected in Asia over the coming years, we maintain our Buy on the stock.