Professional
Added to YB: 2024-04-11
Pitch date: 2024-04-09
0045.HK [bullish]
The Hongkong and Shanghai Hotels, Limited
-15.99%
current return
Author Info
No bio for this author
Company Info
The Hongkong and Shanghai Hotels, Limited, an investment holding company, engages in the ownership, development, and management of luxury hotels and commercial and residential properties in China, Europe, the United States, and the rest of Asia.
Market Cap
HKD 9.4B
Pitch Price
HKD 5.92
Price Target
24.95 (+402%)
Dividend
N/A
EV/EBITDA
13.61
P/E
14.90
EV/Sales
2.79
Sector
Hotels, Restaurants and Leisure
Category
value
East 72 Dynasty Trust New Portfolio Holding: The Hongkong and Shanghai Hotels, Limited
0045.HK: Peninsula hotel owner at 76% NAV discount. Portfolio of 10 trophy hotels (2400 rooms) incl. HK, Paris, Beverly Hills + new London & Istanbul. Non-hotel assets (HK offices, retail, residential) cover entire market cap at 50% discount. Hotels for free at HK$5.95 share price vs HK$24.95 fair value. 2023 EBITDA margins rising to 17% in 2024 on room rate increases. Debt tripled since 2017 for new hotels. 72% Kadoorie control an obstacle, but M&A or asset sales possible catalysts.
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