Guocoleisure - Ride on UK tourism boom | I3investor

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Guocoleisure - Ride on UK tourism boom

StockFanatic

Publish date: Mon, 12 May 2014, 02:37 PM

At 90% of our FY14 forecast, Guocoleisure's (GLL) 9MFY6/14 core net profit of US$29.1m was above our expectation, in view of the seasonally stronger 4Q expected. The strong 9M results were mainly attributable to the strongest 3Q in the past three years, benefiting from the booming UK tourism sector. We revise up our FY14-16 EPS estimates by 19.1-31.2% to reflect the bright UK tourism outlook and the weaker-than-expected negative impact of the refurbishment work at certain London hotels.

We keep our Add rating with a higher target price of S$1.22, based on a 30% discount to CY14 RNAV. The key catalysts include the UK's booming tourism sector, potential new hotel management contracts and possible disposal of non-core assets.

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