not vested
Sunny Turnaround Just Ahead
A global hospitality giant and born-and-bred Singapore brand, BT is executing a comprehensive strategy for a sunny turnaround.
We believe the Accor and Vanke deals as well as its own internal improvements will bring about revenue growth, improved margins and a healthy balance sheet.
This puts the BT turnaround story firmly in place with 35.4% 2016-19 EBITDA CAGR and deep book value.
Initiate coverage with BUY and SOTP-based target price of S$0.93.
Source: UOBKH
https://research.uobkayhian.com/content ... 3b9d5c7f2e