Brexit Vote Sends Tourists Flocking to London to Buy Buy Buy

[slowandsteady]

http://www.bloomberg.com/news/articles/2...uy-buy-buy

Thinking through a list of SG companies that may be positively impacted:

GL Limited (GuocoLeisure) - this one is super weighted to London tourism, at least 80% of revenue?

CDL Hospitality Reit/ Frasers Hospitality Reit - owns some UK hotels, but % may not be that large.

Ho Bee - owns some UK properties, but need to check which type (office buildings may be negative due to financial sector being net-negative from Brexit, want to focus on hotels)

KSH, Heeton, Lian Beng, Ryobi Kiso - if not mistaken, these guys JV to purchase some UK hotels also.

ComfortDelgro - more tourists means they need to take more cab also?

Any other SG listed London tourism related? Or maybe luxury goods/ tourism services?

Thanks in advance.

[BlueKelah]

http://www.bloomberg.com/news/articles/2...uy-buy-buy

Thinking through a list of SG companies that may be positively impacted:

GL Limited (GuocoLeisure) - this one is super weighted to London tourism, at least 80% of revenue?

CDL Hospitality Reit/ Frasers Hospitality Reit - owns some UK hotels, but % may not be that large.

Ho Bee - owns some UK properties, but need to check which type (office buildings may be negative due to financial sector being net-negative from Brexit, want to focus on hotels)

KSH, Heeton, Lian Beng, Ryobi Kiso - if not mistaken, these guys JV to purchase some UK hotels also.

ComfortDelgro - more tourists means they need to take more cab also?

Any other SG listed London tourism related? Or maybe luxury goods/ tourism services?

Thanks in advance.

tourism for sure will get a boost from the lower pound. however asset values have already devalued 10%+ relative to the rest of the world and look to be on the downtrend. Just like in Aus, the AUD has gone down 30% over last 2 years, means 30% of asset value wiped out in the short term, unlikely that boost to toursim can make up the shortfall so quickly. 

So expect some "paper fair value loss" in the next quarterlies. 
Also as most of the profits from UK are reported in SGD, there should be a corresponding forex loss.
Lastly should the indus/commercial/residential property sectors experience a repricing or even a crash, we could see a massive drop to asset values which were not imaginable had there been no BREXIT.