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Research Report

22/08/2019 17:16

{I-bank focus}Goldman cuts Shangri-La Asia (00069) to HK$13

[ET Net News Agency, 22 August 2019] Goldman Sachs cut its target price for Shangri-La
Asia (00069) to HK$13 from HK$15 and maintained its "buy" rating.
The research house sees Shangri-La's weaker hotel operations were partly offset by
stronger rental growth. RevPAR down by 3.9% on USD basis, driven by 1pp decline in
occupancy (to 66%) and rest from lower room rates.
Goldman sees ample potential for the company to improve the returns of their assets for
not just yield management for rooms (i.e. RevPAR), but also the improvement in offerings
in their hotels' F&B, MICE (meeting, incentives, conferences and exhibition events), and
rental portfolio.
Goldman lowered its 2019-21 EBITDA and EPS forecasts by up to 17%, respectively, mainly
to factor in the latest (weaker) FX assumptions and slower-RevPAR run-rate in HK/China,
while partly offset by strong growth in property rentals. (KL)

Remark: Real time quote last updated: 10/12/2019 18:00
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