BNP PARIBAS SECURITIES：中国酒店业研究报告（64页）

相似文件 换一批

是 否 +2 论坛币

k人 参与回答

经管之家送您一份

应届毕业生专属福利!

求职就业群

赵安豆老师微信：zhaoandou666

经管之家联合CDA

送您一个全额奖学金名额~ !

立即领取

感谢您参与论坛问题回答

经管之家送您两个论坛币！

+2 论坛币

中国酒店业研究报告

BNP PARIBAS SECURITIES - SHANGHAI JIN JIANG INTERNATIONAL HOTELS GROUP CO LTD

27 February 2007， 64 pages，英文

98471.pdf (533.23 KB, 需要: 6 个论坛币)

2007-3-13 10:22:00 上传

BNP PARIBAS SECURITIES：中国酒店业研究报告（64页）
需要: 6 个论坛币  [购买]

All-star host

Benefiting from China’s travel boom
As China’s largest local hotel operator, Shanghai Jin Jiang International Hotels (Group) Co Ltd (Jin Jiang) is benefiting from the boom in tourism and business travel in China. Hotel refurbishments are also boosting realised room rates at its core star-rated hotel operations. The company is expanding outside its home base in Shanghai, while at the same time disposing of selected hotel properties to fund growth. We expect operating profit for its star-rated hotel investment segment to expand at a CAGR of 10% in 2006-08, despite major refurbishment work at some of its key properties ahead of the 2008 Olympics and 2010 World Expo.

Budget hotels will be major growth driver from 2008
The budget hotel segment is expected to be the principal growth driver for Jin Jiang from 2008 onwards, with a projected 600 budget hotels under the ‘Jin Jiang Inn’ brand by 2010. The budget hotel market in China is underdeveloped and the company’s first-mover advantage, leading position, well recognised brand name and experienced management will enable it to share in the growth of this market. The increasing proportion of franchisees (up from 50% plus to 70% in 2010) will enable the company to expand market share at controllable costs. We forecast operating profit at Jin Jiang’s budget hotel segment to achieve a 45% CAGR in 2006-08 and for this segment to contribute 18% of overall company profits by 2008.

Premium valuation deserved
Jin Jiang’s hotel management business is expanding, along with its investments in flagship hotels outside of Shanghai. Its fast-food JVs and upscale restaurant chain are also expected to profit from rising urban incomes. We expect the company to achieve a 16% profit CAGR in 2006-08. Applying comparables’ multiples, and with reference to the valuation of the company’s properties, our sum-of-the-parts method values Jin Jiang at HKD6.00 per share, representing 18.8x 2008 EV/EBITDA and 56x 2008 P/E. We assume 5% appreciation in the RMB in 2007 and another 5% in 2008.

扫码加我 拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

分享0 收藏0 回帖

关键词：Securities Paribas 研究报告 ties pari Securities BNP 酒店业 Paribas