Accessible version The Erawan Group RevPAR rising, Grand Hyatt Refreshing Reiterate Rating: BUY | PO: 4.20 THB | Price: 3.76 THB We raise 2026E-28E profit by 3-6% to reflect the 2Q26 result and 2H26 outlook. As a result, we raise PO to Bt4.20 from Bt3.80 and reiterate Buy as we expect strong earnings growth in 2H26. In addition, we think ERW is trading at an attractive valuation of 18x 2026E P/E (vs 22x global peers' average). | Estimates (Dec) (Bt) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | -- ...