The Thai retail sector is expected to recover from the pandemic, with earnings growth expected to accelerate to 85% for 2Q22E-4Q22E. Retailers are well-positioned to capture new consumer behavior, and their omni-channel execution is strong and competitive. The sector's 2023E P/E of ~24x, -1SD below average, reflects the risk of macro uncertainty. CRC and CPALL are expected to perform well.
