ROXY-PACIFIC HOLDINGS LIMITED
E8Z.SI
Roxy-Pacific Holdings: Impacted by absence of Centropod TOP
- Roxy-Pacific Holdings reported that its 1Q16 PATMI fell 79% YoY to S$9.9m mostly due to the absence of profit recognition from the TOP of Centropod@Changi in the corresponding period last year.
- There was a similar impact on the topline for the quarter as well, which fell 48% YoY to S$103.0m; this was partially offset by higher hotel revenues (up 7% YoY) due to contributions from the newly opened Noku Kyoto.
- We deem this to be broadly within expectations, and year-to-date PATMI now comprises 13% of our full year forecast as we expect a back-loaded year in terms of revenue recognition ahead.
- The group currently sits on total pre-sale revenues of S$341.8m which will be progressively recognized from 2Q16 to 2020.
- Maintain HOLD with an unchanged fair value estimate of S$0.52 per share.
Eli Lee
OCBC Securities
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http://www.ocbcresearch.com/
2016-05-06
OCBC Securities
Analyst Report
0.52
Same
0.52
