HOTEL PROPERTIES LTD
H15.SI
Hotel Properties Limited - 2Q profits up 8.5% YoY
- 2Q16 PATMI increased 8.5% YoY to S$13.2m despite revenues for the quarter dipping 20.8% to S$129.7m.
- The weaker topline was mainly due to lower contributions from Tomlinson Heights, softer demand seen at the group’s Maldives resorts and on-going refurbishment works at Four Seasons Resorts Maldives at Kuda Huraa. This was more than offset by lower costs and a stronger profit from associates and JVs in 2Q16 given strong contributions from the d’Leedon development at Farrer Road.
- Over the quarter, HPL also invested in an associate which completed the acquisition of two properties in London while another JV acquired The Nam Hai, a five-star beachfront resort in Vietnam.
- We judge this set of results to be broadly in line with expectations.
- Maintain BUY with an unchanged fair value estimate of S$4.83.
Eli Lee
OCBC Investment
|
http://www.ocbcresearch.com/
2016-08-12
OCBC Investment
SGX Stock
Analyst Report
4.830
Same
4.830
