Stock Name: BanyanTree
Company Name: BANYAN TREE HOLDINGS LIMITED
Research House: DBS Vickers
DBS Vickers Securities in a May 12 research report says: "1Q11 revenue of $114.3 million was 8% higher y-o-y, boosted by sale of a development site in Lijiang to its China Fund for $24.7 million.
"Stripping this out, the group's operating performance would be 16% lower y-o-y at $89.5 million due to (i) lower recognition of property sales - 62% y-o-y from sale of 1 unit Laguna Village bungalow and Banyan Tree Phuket double pool villa vs several units a year ago and (ii) loss of income from the divestment of Dusit Thani hotel back in 4Q10.
"However, BTH's hotel investment segment remained stable on same-store basis. Group's RevPAR declined 3% y-o-y to $245 per night. $200 million war-chest; substantially earmarked to build "branded" residential homes. Target price of $1.09. MAINTAIN HOLD."
Company Name: BANYAN TREE HOLDINGS LIMITED
Research House: DBS Vickers
DBS Vickers Securities in a May 12 research report says: "1Q11 revenue of $114.3 million was 8% higher y-o-y, boosted by sale of a development site in Lijiang to its China Fund for $24.7 million.
"Stripping this out, the group's operating performance would be 16% lower y-o-y at $89.5 million due to (i) lower recognition of property sales - 62% y-o-y from sale of 1 unit Laguna Village bungalow and Banyan Tree Phuket double pool villa vs several units a year ago and (ii) loss of income from the divestment of Dusit Thani hotel back in 4Q10.
"However, BTH's hotel investment segment remained stable on same-store basis. Group's RevPAR declined 3% y-o-y to $245 per night. $200 million war-chest; substantially earmarked to build "branded" residential homes. Target price of $1.09. MAINTAIN HOLD."
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