CENTEL is Thailand's leading operator in the hospitality and quick-service restaurant (QSR) segment, with an EBITDA of 60:40 between hotel and food. The company is moving to an asset-light model over the long term, planning to roll out 38 managed hotels but only one owned and JV hotel over the next three years.
Cyborg Score Rationale
CENTEL lifted earnings forecasts for FY25/26 by 29%/27% after strong results, with expected impressive core profit growth of 32% y/y. The company has a strong balance sheet with net gearing of 0.8x to support significant capex. CENTEL maintains an A ESG rating from the SET.
Top Insights
Management guides for firm revenue growth in 2025F with hotel revenue growth exceeding 20%, boosted by completed renovations and fast-growing Japan assets
The company is investing THB 26 billion over three years for renovations and new hotel/food expansions, including major renovations of flagship properties
The food business operates over 1,600 outlets nationwide covering multiple food types and joint venture brands
Recent partnership with Nakheel Group for a 4-star hotel in Dubai signals expansion into the Middle East alongside existing Maldives and ASEAN growth
Named Competitors
International Hotel Management — Global hospitality leader with presence in Thailand and Southeast Asia
Regional Hotel Operations — Thai-based hospitality company with regional presence
Quick Service Restaurants — Competing food and beverage operations in Thailand
Recent Developments
(Feb 2026) Stock trading at 39.00 THB with recent analyst upgrade to BUY rating