市況評論

作者

倪國權先生 (Alex Ni)
輝立証券助理經理

曾任職鋼材交易員及廣告公司主任,所以特別喜歡研究資源類及消費類股票。歡迎來電賜教或交流心得。
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Shanghai Jin Jiang International Hotels (Group) Co. Ltd.

2016年5月12日 星期四 觀看次數2806

Stock Commentary                                                            Date: 11/5/2016

         

Stock:                                         Shanghai Jin Jiang International Hotels (Group) Co. Ltd.

Closing price:                            $3.15 (11/05/2016)

52 weeks range:                         $2.02 – $4.077

Shares outstanding:                      1,391,500,000 (H shares)

Market Capitalisation:                    HK$4,383,225,000 (11/05/2016)

Target Price (12 months):           $ 3.60     

 

Summary :

Shanghai Jinjiang International Hotels (Group) Co.Ltd. (Jinjiang Hotel) Is one of the largest hotel operator in the world. With its largest operation basing in Beijing as well as Shanghai, the group owned or managed 3,090 hotels with a total of 374,120 guest rooms located in 61 countries around the world. It operates 1,451 hotels with 195,339 guest rooms throughtout China. It is expected the group will grow especially with the opening of Shanghai Disney in June and the rising demand for travel by the middle class of China. We expect that the company will trade around 20x PE due to continual growth in hotel room demand especially with the opening of Shanghai Disney. The 12 months target price is $3.60 and forecast a 15% upside from the last closing price.

 

Overview :

  1. The group operated approximately three thousands hotels with over three hundred thousands guest rooms throughout 61 countries in different part of the world.
  2. Jinjiang Hotel continued to expand its operation through acquisition in 2015:
    1. Acquired 100% equity interest in GDL. Groupe Du Lourve (or GDL) is a European well known hotel brand. The group had over one thousands hotels throughout 51 countries with over ninety seven thousands guest rooms. The group reported USD 1.6 billion turnover in 2015.
    2. The group's investment arm entered into an agreement for a strategic investments into “Plateno Group”. Plateno Group is founded in 2005 and now is running 3000 hotels in over 300 destinations all over the globe.
  3. Revenue generated by the group in 2015 was RMB 12,160,429,000, representing 29.9% growth in comparison to 2014. The company's adjusted EBITDA also grew by 28.3% to RMB 3,394,995,000 in 2015. Profit attributable to shareholders of the Company amounted to RMB 865,523,000, apprximately 39.3% increase in comparison to the same period last year.
  4. The group's Passenger transportation services and logistics contributed 18% revenue to the group in 2015. Also, Travel agency service also contributed over 18% of revenue to the group; in 2015 it amounted upto RMB 2,280,187,000, approximately 5.4% increase in comparison to last year.

 

Strength :

  1. One of the largest Hotel chain operators in China and worldwide
  2. Pro-active management in acquiring quality hotel groups around the world and form strategic alliance with other hotel groups in China and other parts of the world.
  3. Exceptional quality hotel around the globe.

 

Weakness :

  1. High gearing. The group's borrowing amounted to RMB 5.2 billion due to its acquistion of GDL group from Starwood Capital Group in 2013 and Keystone Lodging Holdings in 2015

     

Opportunities :

  1. Shanghai Disney : The group owned and operated largest amount hotels in Shanghai, it is estimated that 35% of the group's revenue came from Shanghai operation
  2. Increasing demand for high quality hotel by the middle class of China. Also, the group's travelling arm has steady increase in its revenue due to rising demand in both outbound and domestic travels.

 

Threat :

  1. Economic downturn worldwide and in China may deter people from travelling.

 

 

「註:本人倪國權為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之証券的所有相關財務權益。」; 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. “

 


本文所包含的意見、預測 及其他資料均為本公司從相信為準確的來源搜集。但本公司對任何因信賴或參考有關內容所導致的損失, 概不負責。 輝立証券(香港)有限公司,及其附屬公司,均隨時可能替報告內容所述及的公司提供投資、顧問或其他服務,或買賣 (不論是否以委託人身份)及擁有報告中所述及公司的證券。本文並不存有招攬任何證券買賣的企圖。

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