Thailand’s Dusit Thani Shares May Stay Weak as Family Fight Grows: Analyst

Dusit Thani’s shares may continue to struggle after falling about 30% this year. The company is still losing money, and the late founder’s children are locked in a power struggle over the hotel chain.

After founder Chanut Piyaoui died in 2020, her son Chanin Donavanik and his sisters, Sinee Thienprasiddhi and Sunong Salirathavibhaga, inherited most of the family’s 49.7% stake in Dusit Thani. Since then, the siblings have been fighting for control.

The conflict escalated this week when Chanut and Children—a company owned mostly by Chanin’s sisters—rejected Dusit Thani’s 2024 financial report and blocked the re-appointment of four directors, including board chairman Arsa Sarasin, at the shareholders’ meeting. Chanin, meanwhile, serves as vice-chairman of the board.

The sisters said they opposed the financial report because management failed to clearly explain the company’s assets, debts, and investments.

Dusit Thani was badly hurt by the Covid-19 pandemic. The hotel group has lost more than 3.3 billion baht ($100.8 million) over the past five years and has not paid shareholders any dividends since 2020.

“The family dispute among major shareholders may hurt the stock in the short term,” said Wijit Arayapisit, strategist at Bangkok-based Liberator Securities.

The conflict comes at an important time for Dusit Thani. The company’s $1.3 billion Dusit Central Park project—a mix of hotel, offices, and homes in Bangkok’s business district—is set to open this year. In 2024, Dusit Thani cut its net loss to 237 million baht from 570 million baht in 2023, as revenue almost doubled to 10.1 billion baht.

“Dusit is clearly recovering and has passed its toughest period,” Wijit said. “I believe the family issues will eventually be resolved. For long-term investors who can wait, now could be a good time to buy.”

Dusit Thani runs nearly 300 hotels and resorts in 18 countries. Central Pattana, part of the billionaire Chirathivat family’s Central Group, owns 17% of the company.

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