Guocoleisure - Operations remain sound | I3investor

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Guocoleisure - Operations remain sound

StockFanatic

Publish date: Sat, 25 Oct 2014, 04:50 PM

At 34% of our full-year forecast, 1QFY15's core earnings are deemed in line with our expectations, as 1Q is seasonally stronger. However, we cut our FY15-17 EPS estimates by 5.0%-8.7% as UK hotel earnings are likely to be affected by the recently-weakened GBP and the Bass Strait O&G royalty income is affected by a sharp drop in oil prices. Apart from the FX translation and oil price impact, operations remain sound.

We roll over our target price to end-CY15 to a lower S$1.18 (based on 30% discount to end-CY15 RNAV) as we incorporate a weaker GBP and lower oil price. Potential catalysts include UK's booming hospitality sector, potential new hotel management contracts, and value unlocking from disposal of non-core assets. Maintain Add.

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