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倪国权先生 (Alex Ni)
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Miramar Hotel (71.HK)

2018年12月5日 星期三 观看次数1765

Stock Commentary                                            Date: 04/12/2018

         

Stock:                                                     Miramar Hotel

Closing price:                                      $16.38 (04/12/2018)

52 weeks range:                                         $13.32 – 16.54

Shares outstanding:                               690,959,695

Market Capitalisation (H Shares):              HK$ 10.060 Billion

Target Price (12 months):                        Neutral

 

Summary :

Miramar Hotel & Investment Co. Ltd. is a conglomerate that runs a diversified portfolio of serviced oriented business. The portfolio comprised of hotels and serviced apartments, property rental, food and beverage as well as travel services in Hong Kong and Mainland China. The current price multiple of the stock is 5.8 times, while the annual yield return is 4.1% (based on the 2017 EPS). Business of the group is stable and offered a steady return to investors. Also, the Chairman of Henderson land (0012.HK) increased its holding for the past year. Such action stabilized the price of the stock. On the other hand, the group is conservative in its pursuit of new area of business as well as expanding to other part of Asia. I expect the stock will trade within the 14-16 dollar range, given the fact that the Chairman of Henderson land kept buying the shares of this company and offered a strong backing to the price of the stock.

 

Overview – Half Yearly 2018 :

 

  1. The group operated 2 hotels in Hong Kong, The Mira Hong Kong and Mira Moon. The Mira Hong Kong was re-branded in 2008, prior to the period mentioned, it was known as Miramar Hotel. The Hotel was first launched in 1966 and first one that joined the international hotel network. The hotel group went public in 1970. The group later acquired by Henderson Land Group in 1993 and in 2002 diversified its business into different segment, ie Travel, Property Investment and Food and Beverage. The group later launched its second hotel, Mira Moon, in Causeway Bay, Hong Kong. The Hotels and serviced apartments segment of the group's business contributed around 20% to its total revenue. The interim report of 2018 showed a 12% increase with this segment to HK$343,000,000 in comparison to the same period last year. The management highlighted the improvement with the tourist industry in general as well as various strategies implemented by the company to achieve such result.
  2. The Travel operation is one of the main revenue driver of the group's business. According to their half yearly report of 2018, the revenue generated in Travel operation was HK$ 636,000,000 up 147% in comparison to last year.
  3. Property rental was the second largest contributor to the group's revenue. According to the 2018 half yearly report, the group held 13 properties throughout Hong Kong and China. These properties were composed of commercial, residential as well as car park; the majority of these properties were commercial. According to the half yearly report of 2018, the revenue from properties rental was HK$457,000,000, EBITDA approximately HK$406,000,000, up 9% in comparison to last year.This component of the group's business contributed a stable income.
  4. The last segment of the group's main business is Food and Beverage. Although this segment did not contribute as much as the other operations, Food and Beverage is an important integral to the group's overall business as well as complement to their group's Hotel as well as commercial properties operation. The group continued to run one of the most popular Cantonese restaurant chain brand, “Tsui Hang Village” and “Cuisine Cuisine” The revenue from this segment was HK$ 164,000,000 in the half yearly report of 2018,

 

 

 

SWOT ANALYSIS:

 

Strength :

  1. One of the most well-known Hotel brand in Hong Kong. The Mira Mall was one of the most popular malls in Kowloon district.
  2. Apart from Hotel operation, the group diversified its business into Food and Beverage, Travel as well as property rental. The diversification enables the group to utilize its resources fully; while each operation can complement each other.
  3. The group held various properties in prime location throughout Hong Kong as well as China. These properties had increased value over the years and offered a stable rental income.

 

Weakness :

  1. The group is conservative and slow in expanding its business to other part of Asia.
  2. Largest income came from Hong Kong; if the economy slowdown in Hong Kong, it affects its income.

 

Opportunities :

 

  1. Food and Beverage – the group had been successful with its dining brand and they might seek further opportunities to expand this part of operation by introducing more popular dining brand from other parts of the world.
  2. The chairman of Henderson land (0012.HK) increased the holding of Miramar Hotel over the past year.

 

 

Threat :

 

  1. Economic downturn worldwide and in China may deter people from travelling and spending.
  2. Slowdown in Hong Kong economy may hurt the group's overall business

 

「注:本人倪国权为证监会持牌人士。截至本评论文章发表日止,本人及/或其有联系者并无持有全部提及之证券的所有相关财务权益。」; Or
” I, Ni Kwok Kuen Alex, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto. “

 

研究报告由辉立证券集团旗下于香港证监会持牌的辉立证券(香港)有限公司及/或辉立商品有限公司(「辉立」)所发报。本文所包含的资料均为辉立从相信为准确的来源搜集。辉立对有关报告所引致之任何损失或亏损概不负责。本报告所载的资料只供参考用途,并没有法律约束力,亦不构成投资建议,邀约,购入,出售任何产品。
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