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14-05-2013, 01:48 PM
With many of the SGX listed Hotels' share price going up recently, Banyan Tree Holdings is one of them which is under-performed. At current price of 63 cents and expected strong Q1 of FY2013 result due to the disposal gain (S$14 million) of "Angsana Velavaru" (Maldives) and strong forward +33% hotel booking, banyan tree holdings may be a good investment at current price. The Q1 result is very likely going to exceed last year full year result of S$14.8 million and hence may be a good catalyst for the share price. If political situation in Thailand is stable, this company can be a good long term investment.
The following are the data I had for your reference.
Banyan Tree Holdings
Total Current Asset ('000) $349,304.00 Current Non-Current
Total Liability('000) $679,151.00 $231,875.00 $447,276.00
Net Asset ('000) ($329,847.00)
Total Number of shares('000) 760,147.28
Net Current Asset Per Share ($0.4339)
Margin Of Safety ($0.2893)
Mkt Price $0.630 Equtiy
NAV $0.7163 $544,484.00
Price/BV 0.880 Goodwill Intangible
Intangible Asset (Goodwill) $26,903.00 $0.00 $26,903.00
NTA $0.681
Price/NTA 0.9253
Cash On Hand Fixed Deposit
Cash $120,824.00 $120,824.00 $0.00
Cash Per share $0.1589
Secured UnSecured
Debt < 1 Year $75,466.00 $54,035.00 $129,501.00
Debt > 1 Year $156,143.00 $148,817.00 $304,960.00
Total ('000) $434,461.00
(Net Debt)/Cash ($313,637.00)
Net Gearing -57.60%
Net Debt/Cash per share ($0.41260)
FY2012 FY2011 FY2010
Revenue $338,416.00 $329,492.00 $321,300.00
Profit $14,863.00 $1,554.00 $35,900.00
EPS $0.0196 $0.0020 $0.0472
Dividend 1.03% 0.00% 2.06%
PE 32.22 308.17 13.34
Prospect FY2012
The Group continues to see recovery in our key markets with 4Q12 profit attributable to shareholders (“PATMI”)
significantly higher than last year. Although there remains economic uncertainties in the USA and Europe in 2013, we
believe Asia, particularly China will continue to mitigate the current weakness of the European market which was one
of our major markets.
Currently, the forward bookings for 1Q13 for owned hotels in Thailand and outside of Thailand on same store basis is
ahead of last year by 47% and 12% respectively. Overall, the Group’s forward bookings is ahead by 33%.
In Property sales segment, improved sales momentum continues in 4Q12 with 5 units of S$9.7 million sold compared
to 3 units of S$3.3 million in 4Q11. Our recently launched Laguna Shores project in Phuket also received good
response. Deposits for 89 units with total sale value of S$21.2 million were received as at mid February 2013. We
are hopeful that this trend will continue in 2013.
The Group will continue with its asset rebalancing strategy to unlock values and redeploy capital to high yielding
markets. In January 2013, we completed the sale and lease back of Angsana Velavaru. Profit arising from this sale
is estimated at about S$14 million and will contribute positively to the Group’s PATMI in 1Q13.
New Openings
We expect to open the following 7 new resorts in the next 12 months:
i. Banyan Tree Yangshuo, Guilin, China
ii. Banyan Tree Huangshan, Anhui, China
iii. Banyan Tree Tianjin Riverside, Tianjin, China
iv. Banyan Tree Kerala, India
v. Banyan Tree Chongqing Beibei, Chongqing, China
vi. Banyan Tree Shanghai Riverside, Shanghai, China
vii. Angsana Tengchong - Hot Spring Village, Yunnan, China
Also in the next 12 months, we expect to launch 9 spas under management.
We have also signed the following new hotel management contracts in the recent months:
i. Banyan Tree Yangcheng Lake, Jiangsu, China, is situated in China-Singapore Suzhou Industry Park which is
near to Suzhou Old Town and Shanghai City. Yangcheng Lake is well-known for its natural scenery and
Chinese mitten crabs.
ii. Banyan Tree Nanjing Tangshan, Jiangsu, China, is located in Nanjing which is the second-largest commercial
centre in the East China region and a popular tourist destination with a vast number of cultural sites and
natural spots.
iii. Banyan Tree Jilin Riverside, Jilin, China, is located by Songhua River which is the only river in the region that
does not freeze during winter. Jilin is a popular destination for viewing the magnificent rime ice on trees and
engage in winter sports during winter time.
iv. Angsana Kunming North, Yunnan, China, is situated in Kunming, capital of Yunnan province and is also a
transport hub for tourists heading to other parts of Yunnan such as Dali, Lijiang and Shangri La.
Vested.
The following are the data I had for your reference.
Banyan Tree Holdings
Total Current Asset ('000) $349,304.00 Current Non-Current
Total Liability('000) $679,151.00 $231,875.00 $447,276.00
Net Asset ('000) ($329,847.00)
Total Number of shares('000) 760,147.28
Net Current Asset Per Share ($0.4339)
Margin Of Safety ($0.2893)
Mkt Price $0.630 Equtiy
NAV $0.7163 $544,484.00
Price/BV 0.880 Goodwill Intangible
Intangible Asset (Goodwill) $26,903.00 $0.00 $26,903.00
NTA $0.681
Price/NTA 0.9253
Cash On Hand Fixed Deposit
Cash $120,824.00 $120,824.00 $0.00
Cash Per share $0.1589
Secured UnSecured
Debt < 1 Year $75,466.00 $54,035.00 $129,501.00
Debt > 1 Year $156,143.00 $148,817.00 $304,960.00
Total ('000) $434,461.00
(Net Debt)/Cash ($313,637.00)
Net Gearing -57.60%
Net Debt/Cash per share ($0.41260)
FY2012 FY2011 FY2010
Revenue $338,416.00 $329,492.00 $321,300.00
Profit $14,863.00 $1,554.00 $35,900.00
EPS $0.0196 $0.0020 $0.0472
Dividend 1.03% 0.00% 2.06%
PE 32.22 308.17 13.34
Prospect FY2012
The Group continues to see recovery in our key markets with 4Q12 profit attributable to shareholders (“PATMI”)
significantly higher than last year. Although there remains economic uncertainties in the USA and Europe in 2013, we
believe Asia, particularly China will continue to mitigate the current weakness of the European market which was one
of our major markets.
Currently, the forward bookings for 1Q13 for owned hotels in Thailand and outside of Thailand on same store basis is
ahead of last year by 47% and 12% respectively. Overall, the Group’s forward bookings is ahead by 33%.
In Property sales segment, improved sales momentum continues in 4Q12 with 5 units of S$9.7 million sold compared
to 3 units of S$3.3 million in 4Q11. Our recently launched Laguna Shores project in Phuket also received good
response. Deposits for 89 units with total sale value of S$21.2 million were received as at mid February 2013. We
are hopeful that this trend will continue in 2013.
The Group will continue with its asset rebalancing strategy to unlock values and redeploy capital to high yielding
markets. In January 2013, we completed the sale and lease back of Angsana Velavaru. Profit arising from this sale
is estimated at about S$14 million and will contribute positively to the Group’s PATMI in 1Q13.
New Openings
We expect to open the following 7 new resorts in the next 12 months:
i. Banyan Tree Yangshuo, Guilin, China
ii. Banyan Tree Huangshan, Anhui, China
iii. Banyan Tree Tianjin Riverside, Tianjin, China
iv. Banyan Tree Kerala, India
v. Banyan Tree Chongqing Beibei, Chongqing, China
vi. Banyan Tree Shanghai Riverside, Shanghai, China
vii. Angsana Tengchong - Hot Spring Village, Yunnan, China
Also in the next 12 months, we expect to launch 9 spas under management.
We have also signed the following new hotel management contracts in the recent months:
i. Banyan Tree Yangcheng Lake, Jiangsu, China, is situated in China-Singapore Suzhou Industry Park which is
near to Suzhou Old Town and Shanghai City. Yangcheng Lake is well-known for its natural scenery and
Chinese mitten crabs.
ii. Banyan Tree Nanjing Tangshan, Jiangsu, China, is located in Nanjing which is the second-largest commercial
centre in the East China region and a popular tourist destination with a vast number of cultural sites and
natural spots.
iii. Banyan Tree Jilin Riverside, Jilin, China, is located by Songhua River which is the only river in the region that
does not freeze during winter. Jilin is a popular destination for viewing the magnificent rime ice on trees and
engage in winter sports during winter time.
iv. Angsana Kunming North, Yunnan, China, is situated in Kunming, capital of Yunnan province and is also a
transport hub for tourists heading to other parts of Yunnan such as Dali, Lijiang and Shangri La.
Vested.
