not vested
Shangri-La Asia (HK:69)This is an investment holding company which owns and operates hotels and associated properties, and provides hotel management and related services. Its associates are engaged in leasing of office, commercial, residential and exhibition hall space and serviced apartments, as well as the ownership and operation of hotels.
The company operates in three segments: Hotel operations, hotel management and property rentals throughout mainland China, Hong Kong, Singapore, Malaysia and other countries.
Due to its early entrance into the rapidly urbanising Chinese cities, the company has been able to secure premier hotel sites significantly cheaper than its competitors.
In last year or so, its earnings have been impacted by escalating construction costs and the government’s crackdown on lavish expenditure by government officials and state company employees. However, Lai expects pricing power to mirror the country’s rapidly growing urbanisation.
To take advantage of the strong outbound tourism trend, Shangri-La is also expanding outside of China. With all the properties still in the operating entity, Lai says there’s also ample room for spinning off into a REIT sector into the future.
For the fiscal year ended 31 December 2013, Shangri-La Asia’s
revenues increased 1% to $2.08 billion, while
net income increased 9% to $392.3 million.
”This stock is cheap relative to stated net asset value (0.8xbook). Net asset value is also under-stated, so it’s doubly cheap. The company has experienced strong long term cash flow relative to profits, and EPS growth has been exceptional over the last five years,” says Lai.
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