Friday, August 16, 2013

Banyan Tree : On firmer ground (DBSV)

Banyan Tree Holdings Limited,
BUY S$0.70,
On firmer ground
Price Target : 12-Month S$ 0.83  

•Core operations continue to improve
•Positive indicators going forward despite a seasonal lull period; expect stronger profitability
•Maintain BUY rating, S$0.83 TP

Highlights
Decent profit in 2Q13. Core operations continued to improve with Banyan Tree Holdings (BTH) reporting S$1.7m PATMI on the back of a 5.7% increase in revenues to S$83.6m. The improvement was driven by the following: (i) Thailand resorts’ RevPAR rose 8% y-o-y to S$143/night largely led by Angsana Phuket which continue to stabilise post-refurbishment, while Banyan Tree Bangkok saw good corporate bookings, and (ii) RevPAR in the Maldives hotels increased by 59% to S$349/night led by strong demand from the leisure market. However, this was partly offset by softer revenues from property sales (branded residences and existing properties) and fees.


Hotels and property sales to continue in upward trajectory.  The group’s operations remain positive with the “on the books” bookings in 3Q13 for owned hotels outside Thailand, within Thailand and in its overall portfolio have increased by 33%, 16% and 24%, respectively . This is a positive sign, despite 3Q13 being a seasonal lull period for the group. 

Laguna Shores (property development in Phuket) continue to see positive take-up. Its latest project – Laguna Shores - sold another seven units in 3Q13, taking total sales to 130 units (S$33.1m sales value or 57% of total units offered under phase 1). Sales were slower in the quarter but the group expects that to pick-up in the seasonally stronger quarters come end of 2013. Given the positive response to this project, BTH plans to roll out more resorts across the region (Bintan, Lijiang and Sri Lanka).  

Recommendation
Maintain BUY, TP S$0.83. The continued improvement in the group’s operating indicators (hotel outlook  for Thailand looking up and recovering property sales) is a testament of  our positive call on the stock . Looking ahead, we continue to believe that BTH will be able to deliver stronger profits this year. Our SOTP-based TP is intact, based on 14x EV/EBTIDA for its hotel business.



Source/Extract/Excerpts/来源/转贴/摘录: DBSV-Research,
Publish date: 14/08/13

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