Guocoleisure - Results spot on | I3investor

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Guocoleisure - Results spot on

StockFanatic

Publish date: Fri, 29 Aug 2014, 09:42 AM

Our FY6/14 revenue and core earnings forecasts for GuocoLeisure were spot on. The only deviation was a one-off impairment loss of US$4.3m for its gaming segment, which has only one casino in London. We raise our FY15-17 core EPS estimates by 7.5-8.4% as we factor in slightly faster margin expansion in the hotel segment.

We keep our Add rating, with our target price nudged up slightly to S$1.23, still based on a 30% discount to CY14 RNAV. Potential catalysts include the UK's booming hospitality sector, potential new hotel management contracts and value unlocking from the possible disposal of non-core assets.

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