GP Hotels
Global Premium Hotels - GPH - (SGX Code: P9J)
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Global Premium Hotels
UOBKayhian on 25 Jan 2013
Valuation
· We initiate coverage on Global Premium Hotels (GPH) with a BUY recommendation and a target price of S$0.34, pegged to our dividend discounted cashflow model (DDM). Currently, the stock is trading at 14.2x 2012F consensus earnings with a dividend yield of 5.5%.
Investment Highlights
· Buoyant tourism to drive hotels demandSingapore experienced
a strong growth in tourist arrivals and tourism receipts between 2004
and 2011, registering a CAGR of 6.8% and 12.4% respectively. This was
driven by new attractions such as the Integrated Resorts (IR), F1 Grand
Prix and major MICE events. We have assumed tourist arrivals CAGR at 6%
in 2013-15. For the longer term, the Singapore Tourism Board (STB) has
set a tourist visitor arrival goal of 17m and tourism receipts of S$30b
by 2015. This is likely to drive demand for hotel rooms.
· LCC carrier to bring in a new segment of tourists Low-cost carriers (LCC) have gained much popularity in Singapore and
we expect these airlines to bring in a new group of budget travellers,
in particular from neighbouring countries such asMalaysia and Indonesia.
We think GPH’s portfolio of economic hotels will also complement the
sector and cater to budget travelers in the region.
· Resilient portfolio with strong track record.We
view that the economy-tier hotels are more resilient in any downturn.
For example, during the global financial crisis, we saw average room
rate and occupancy levels decline 22.3% and 10% respectively to S$191
per night and 77%, as travellers became more cost-conscious in terms of
accommodation. GPH’s group of hotels’ average room rates only declined
18.6% to S$87.50, outperforming the general market in 2009.
Financial Highlights
· GPH’s
net profit after tax grew at a CAGR of 11.9% over 2008-11 to S$22.6m in
2011 as the group added Fragrance Hotel-Bugis, Royal in 2010, and Parc
Sovereign and Fragrance Hotel- Riverside in 2011. We expect GPH to
report a net profit of S$19.9m in 2013, backed largely by improvement in
average room rates and occupancy rates, but eroded by higher interest
expenses.
Risks
· Largely dependent on the Singapore hospitality industry As
GPH runs a chain of hotels, financial performance will be dependent on
demand of rooms and the average occupancy rate. Some of the risks
pertaining to the hospitality sector mainly include changes in the
domestic, regional and global economies, environmental conditions and
viral epidemics threat of terrorism and natural disasters etc.
· High debt financing for its hotels The
current net debt to equity remains high at 1.42X with interest cover at
4.7X. As GPH is able to obtain bank financing secured by its
properties, interest rates remain low ranging from 2-3% p.a.. However,
any increase in the interest rate and interest payment is likely to
erode their profits. We estimate that a 0.5 ppt rise in interest rate
will reduce profit by 10%. However, we do expect any rate increase till
2015.
you see.. wahaha CANT GO UP.. FAKE signal.
5k lots Q @ 0.26 for sell, and few thousand lots Q @ 0.25. mostly Buyers and sellers were done at 0.255 since few weeks ago.
I think want to break 0.26 will be very hard the next few days. and on tuesday vol up 17,500k highest hit 0.265. Now back
to normal.
edwinjup ( Date: 23-Jan-2013 13:28) Posted:
| Bought some .gp.hotel.today..mainly due to it belong to koh family...they always know how to rewards shareholder..look.at maxi cash..fragrance group..etc...result.out end of the month..hope for one cent.dividen .at least...mid term.investment..now.belong.ipo .price |
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Bought some .gp.hotel.today..mainly due to it belong to koh family...they always know how to rewards shareholder..look.at maxi cash..fragrance group..etc...result.out end of the month..hope for one cent.dividen .at least...mid term.investment..now.belong.ipo .price
FV is so close to closing price... r u sure this is good investment?
tonylim ( Date: 24-Nov-2012 10:54) Posted:
Personally I think hotels business will thrive in Singapore. So investing in hotel shares like Fragrance, Roxy etc should be good and safe bet
sanuks ( Date: 24-Nov-2012 10:43) Posted:
Global Premium Hotels: Maintain FV of S$0.29
By Sarah Ong
Fri, 9 Nov 2012, 10:22:33 SGT
Global Premium Hotels (GPH) registered 3Q12
results that were below our expectations. 3Q12 revenue increased by 8.1%
YoY to S$14.9m. EBITDA margin fell 6.6 ppt to 59.8% (excluding one-off
expenses of S$0.5m for 3Q12). 9M12 EPS of 1.34 S cents equaled 72% of
our prior FY12F estimate of 1.87 S cents, which we now lower to 1.75 S
cents. GPH has begun construction of its new mid-tier Parc Sovereign
Hotel located at Tyrwhitt Road in Aug 2012. An independent valuer has
estimated a gross development value S$150m, implying a potential fair
value gain of S$42m. We have incorporated the Tyrwhitt site development
into our RNAV model. We maintain our fair value of S$0.29 (using a 10%
discount to RNAV) and a BUY rating. GPH intends to distribute at least
80% of net profit after tax for FY12 we estimate an attractive FY12F
dividend yield of 5.8%. Lowering our FY12F EPS estimate
Global
Premium Hotels (GPH) registered 3Q12 results that were below our
expectations. 3Q12 revenue increased by 8.1% YoY to S$14.9m. Gross
profit margin declined 1.7 ppt versus 3Q11 to 86.6%. EBITDA margin fell
6.6 ppt to 59.8% (excluding one-off expenses of S$0.5m for 3Q12). 9M12
EPS of 1.34 S cents equaled 72% of our prior FY12F estimate of 1.87 S
cents, which we now lower to 1.75 S cents.
Admin. and finance expenses climb
Hotel
room revenue increased by S$1.4m or 10.5% YoY. There was a contribution
of S$1.7m from hotels that opened in 2011 (Parc Sovereign, Fragrance
Riverside and Fragrance Elegance) or underwent upgrades in 2011
(Fragrance Emerald). These were partially offset by lower room revenue
at Fragrance Ruby which is temporarily closed for asset enhancement.
Ruby is expected to launch on 1 Dec with first-of-a-kind facilities for
an economy-tier hotel, e.g. free Wi-Fi and Smart TV. Administrative
expenses rose by S$2.0m, or 52% YoY, chiefly due to general increase in
wages and additional staff needed for Riverside and Elegance. 3Q12
finance costs climbed S$1.6m, or 228% versus 3Q11. This was mainly due
to the drawdown of S$453.5m in term loans in 1H12 for partial payment of
the purchase consideration in connection with the 2Q12 IPO.
Started construction at Tyrwhitt
GPH
has begun construction of its new mid-tier Parc Sovereign Hotel located
at Tyrwhitt Road in Aug. The 265-room hotel situated on a freehold land
will become GPH's largest hotel, increasing the portfolio by 15% to
2,003 rooms. An independent valuer has estimated a gross development
value S$150m, implying a potential fair value gain of S$42m.
Maintain BUY
We
have incorporated the Tyrwhitt site development into our RNAV model. We
maintain our fair value of S$0.29 (using a 10% discount to RNAV) and a BUY
rating. GPH intends to distribute at least 80% of net profit after tax
for FY12 we estimate an attractive FY12F dividend yield of 5.8%.
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Source: SGX
Global Premium Hotels Limited wishes to announce that the Company will release its
unaudited financial results for its full year ended 31 December 2012 on 31 January 2013 after
trading hours.
17 January 2013
Anyone invest in this counter???
Personally I think hotels business will thrive in Singapore. So investing in hotel shares like Fragrance, Roxy etc should be good and safe bet
sanuks ( Date: 24-Nov-2012 10:43) Posted:
Global Premium Hotels: Maintain FV of S$0.29
By Sarah Ong
Fri, 9 Nov 2012, 10:22:33 SGT
Global Premium Hotels (GPH) registered 3Q12
results that were below our expectations. 3Q12 revenue increased by 8.1%
YoY to S$14.9m. EBITDA margin fell 6.6 ppt to 59.8% (excluding one-off
expenses of S$0.5m for 3Q12). 9M12 EPS of 1.34 S cents equaled 72% of
our prior FY12F estimate of 1.87 S cents, which we now lower to 1.75 S
cents. GPH has begun construction of its new mid-tier Parc Sovereign
Hotel located at Tyrwhitt Road in Aug 2012. An independent valuer has
estimated a gross development value S$150m, implying a potential fair
value gain of S$42m. We have incorporated the Tyrwhitt site development
into our RNAV model. We maintain our fair value of S$0.29 (using a 10%
discount to RNAV) and a BUY rating. GPH intends to distribute at least
80% of net profit after tax for FY12 we estimate an attractive FY12F
dividend yield of 5.8%. Lowering our FY12F EPS estimate
Global
Premium Hotels (GPH) registered 3Q12 results that were below our
expectations. 3Q12 revenue increased by 8.1% YoY to S$14.9m. Gross
profit margin declined 1.7 ppt versus 3Q11 to 86.6%. EBITDA margin fell
6.6 ppt to 59.8% (excluding one-off expenses of S$0.5m for 3Q12). 9M12
EPS of 1.34 S cents equaled 72% of our prior FY12F estimate of 1.87 S
cents, which we now lower to 1.75 S cents.
Admin. and finance expenses climb
Hotel
room revenue increased by S$1.4m or 10.5% YoY. There was a contribution
of S$1.7m from hotels that opened in 2011 (Parc Sovereign, Fragrance
Riverside and Fragrance Elegance) or underwent upgrades in 2011
(Fragrance Emerald). These were partially offset by lower room revenue
at Fragrance Ruby which is temporarily closed for asset enhancement.
Ruby is expected to launch on 1 Dec with first-of-a-kind facilities for
an economy-tier hotel, e.g. free Wi-Fi and Smart TV. Administrative
expenses rose by S$2.0m, or 52% YoY, chiefly due to general increase in
wages and additional staff needed for Riverside and Elegance. 3Q12
finance costs climbed S$1.6m, or 228% versus 3Q11. This was mainly due
to the drawdown of S$453.5m in term loans in 1H12 for partial payment of
the purchase consideration in connection with the 2Q12 IPO.
Started construction at Tyrwhitt
GPH
has begun construction of its new mid-tier Parc Sovereign Hotel located
at Tyrwhitt Road in Aug. The 265-room hotel situated on a freehold land
will become GPH's largest hotel, increasing the portfolio by 15% to
2,003 rooms. An independent valuer has estimated a gross development
value S$150m, implying a potential fair value gain of S$42m.
Maintain BUY
We
have incorporated the Tyrwhitt site development into our RNAV model. We
maintain our fair value of S$0.29 (using a 10% discount to RNAV) and a BUY
rating. GPH intends to distribute at least 80% of net profit after tax
for FY12 we estimate an attractive FY12F dividend yield of 5.8%.
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Global Premium Hotels: Maintain FV of S$0.29
By Sarah Ong
Fri, 9 Nov 2012, 10:22:33 SGT
Global Premium Hotels (GPH) registered 3Q12
results that were below our expectations. 3Q12 revenue increased by 8.1%
YoY to S$14.9m. EBITDA margin fell 6.6 ppt to 59.8% (excluding one-off
expenses of S$0.5m for 3Q12). 9M12 EPS of 1.34 S cents equaled 72% of
our prior FY12F estimate of 1.87 S cents, which we now lower to 1.75 S
cents. GPH has begun construction of its new mid-tier Parc Sovereign
Hotel located at Tyrwhitt Road in Aug 2012. An independent valuer has
estimated a gross development value S$150m, implying a potential fair
value gain of S$42m. We have incorporated the Tyrwhitt site development
into our RNAV model. We maintain our fair value of S$0.29 (using a 10%
discount to RNAV) and a BUY rating. GPH intends to distribute at least
80% of net profit after tax for FY12 we estimate an attractive FY12F
dividend yield of 5.8%.
Lowering our FY12F EPS estimate
Global
Premium Hotels (GPH) registered 3Q12 results that were below our
expectations. 3Q12 revenue increased by 8.1% YoY to S$14.9m. Gross
profit margin declined 1.7 ppt versus 3Q11 to 86.6%. EBITDA margin fell
6.6 ppt to 59.8% (excluding one-off expenses of S$0.5m for 3Q12). 9M12
EPS of 1.34 S cents equaled 72% of our prior FY12F estimate of 1.87 S
cents, which we now lower to 1.75 S cents.
Admin. and finance expenses climb
Hotel
room revenue increased by S$1.4m or 10.5% YoY. There was a contribution
of S$1.7m from hotels that opened in 2011 (Parc Sovereign, Fragrance
Riverside and Fragrance Elegance) or underwent upgrades in 2011
(Fragrance Emerald). These were partially offset by lower room revenue
at Fragrance Ruby which is temporarily closed for asset enhancement.
Ruby is expected to launch on 1 Dec with first-of-a-kind facilities for
an economy-tier hotel, e.g. free Wi-Fi and Smart TV. Administrative
expenses rose by S$2.0m, or 52% YoY, chiefly due to general increase in
wages and additional staff needed for Riverside and Elegance. 3Q12
finance costs climbed S$1.6m, or 228% versus 3Q11. This was mainly due
to the drawdown of S$453.5m in term loans in 1H12 for partial payment of
the purchase consideration in connection with the 2Q12 IPO.
Started construction at Tyrwhitt
GPH
has begun construction of its new mid-tier Parc Sovereign Hotel located
at Tyrwhitt Road in Aug. The 265-room hotel situated on a freehold land
will become GPH's largest hotel, increasing the portfolio by 15% to
2,003 rooms. An independent valuer has estimated a gross development
value S$150m, implying a potential fair value gain of S$42m.
Maintain BUY
We
have incorporated the Tyrwhitt site development into our RNAV model. We
maintain our fair value of S$0.29 (using a 10% discount to RNAV) and a BUY
rating. GPH intends to distribute at least 80% of net profit after tax
for FY12 we estimate an attractive FY12F dividend yield of 5.8%.
Global Premium Hotels Q3 profit down 37%
Updated 09:38 PM Nov 08, 2012
SINGAPORE - Global Premium Hotels (GPH), the
owner and operator of Singapore's second largest budget hotel chain, on
Thursday reported net profit fell 36.9 per cent in the third quarter
from the corresponding period a year earlier to S$4.2 million despite
revenue rising 8.1 per cent to S$14.9 million.
Administrative expenses for 3Q 2012 increased by S$2 million, or 51.9
per cent, mainly due to the increase in staff costs arising from higher
wages as well as additional employees required for Fragrance
Hotel-Riverside and Fragrance Hotel-Elegance, it said. Finance costs
surged by 228.2 per cent to $1.6 million, due to the drawdown of term
loans of S$453.5 million by GPH subsidiaries, it added.
The
occupancy in the Singapore hotel market has remained resilient thus
far, GPH said, but it warned that " the on-going euro crisis and global
economic uncertainty might weigh down on accommodation demand over the
next 12 months."
" Business and leisure travellers might cut
back on travelling, in turn affecting visitor arrivals and the overall
hospitality sector," it said.
Global Premium Hotels Limited wishes to announce that the Company will release its
unaudited financial results for its third quarter ended 30 September 2012
on 8 November 2012 after trading hours.
Ya! understand your concern. Sometimes, its value trap. Well! never trust analyst reports.
They actually meant it is undervalued at its current price. Anyway, just bought some just in case.
phil1314 ( Date: 04-Oct-2012 22:38) Posted:
I am always weary when analyst highlight shares trading below its fair value when there is no liquidity in the counter. Roxy Pacific, GuocoLeisures plus many others are all in the same category and prices hardly move above the fair value for many years
sanuks ( Date: 17-Sep-2012 09:35) Posted:
DBS Vickers, first to cover GLOBAL PREMIUM HOTELS, says its fair value is 29 cents
Source: DBS Vickers
Analyst: Derek TAN CPA
• Household name in the Economy hotel space
• Resilient operating model with portfolio expansion from the development of a new 265-room hotel
• Fair value of S$0.29 based on 20% discount to RNAV
Fair
value of S$0.29. Given GPHL’s leading position in the economy tier
segment of the Singapore hotel sector, we derive a fair value of S$0.29,
based on a 20% discount to its RNAV of S$0.36.
This implies FY14F EV/EBITDA of 17x, in line with hospitality peers.
Earnings
upgrade will be a price catalyst. Better than expected performance from
its hotel segment in the coming quarters or acquisitions not factored
in our forecasts are likely to drive profitability and stock price.
Balance
sheet is relatively highly geared. GPHL’s net debt to equity ratio is
relatively high at 1.4x, due to acquisition of its initial portfolio
upon listing.
We noted that other metrics, such as interest cover, is comfortable at c.4-5x.
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I am always weary when analyst highlight shares trading below its fair value when there is no liquidity in the counter. Roxy Pacific, GuocoLeisures plus many others are all in the same category and prices hardly move above the fair value for many years
sanuks ( Date: 17-Sep-2012 09:35) Posted:
DBS Vickers, first to cover GLOBAL PREMIUM HOTELS, says its fair value is 29 cents
Source: DBS Vickers
Analyst: Derek TAN CPA
• Household name in the Economy hotel space
• Resilient operating model with portfolio expansion from the development of a new 265-room hotel
• Fair value of S$0.29 based on 20% discount to RNAV
Fair
value of S$0.29. Given GPHL’s leading position in the economy tier
segment of the Singapore hotel sector, we derive a fair value of S$0.29,
based on a 20% discount to its RNAV of S$0.36.
This implies FY14F EV/EBITDA of 17x, in line with hospitality peers.
Earnings
upgrade will be a price catalyst. Better than expected performance from
its hotel segment in the coming quarters or acquisitions not factored
in our forecasts are likely to drive profitability and stock price.
Balance
sheet is relatively highly geared. GPHL’s net debt to equity ratio is
relatively high at 1.4x, due to acquisition of its initial portfolio
upon listing.
We noted that other metrics, such as interest cover, is comfortable at c.4-5x.
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| 2012-10-03 |
| GLOBAL PREMIUM HOTELS LIMITED | Lim Chee Chong |
| Buy | Open Market Purchase | 80000 | 0.250 |
DBS Vickers, first to cover GLOBAL PREMIUM HOTELS, says its fair value is 29 cents
Source: DBS Vickers
Analyst: Derek TAN CPA
• Household name in the Economy hotel space
• Resilient operating model with portfolio expansion from the development of a new 265-room hotel
• Fair value of S$0.29 based on 20% discount to RNAV
Fair
value of S$0.29. Given GPHL’s leading position in the economy tier
segment of the Singapore hotel sector, we derive a fair value of S$0.29,
based on a 20% discount to its RNAV of S$0.36.
This implies FY14F EV/EBITDA of 17x, in line with hospitality peers.
Earnings
upgrade will be a price catalyst. Better than expected performance from
its hotel segment in the coming quarters or acquisitions not factored
in our forecasts are likely to drive profitability and stock price.
Balance
sheet is relatively highly geared. GPHL’s net debt to equity ratio is
relatively high at 1.4x, due to acquisition of its initial portfolio
upon listing.
We noted that other metrics, such as interest cover, is comfortable at c.4-5x.
Yong, Cheong Beng - (RESIGNED - His last day of service with the Group is 15September 2012.)
Mr. Yong Cheong Beng is Vice President - Sales of Global Premium
Hotels Ltd. He joined the company on 2 June 2010 and his
responsibilities include managing the local and foreign travel agents,
marine companies customer accounts and carrying out marketing activities
at regional travel fairs. Prior to joining the company, from August
2004 to May 2010, Mr. Yong was the sales and marketing manager of
Metropolitan YMCA Singapore where he was responsible for the regional
markets and managed the local travel agents, corporate accounts,
internet portal sales and internet agents. From January 1999 to July
2004, Mr. Yong was the sales and marketing manager at Online Technology
Pte. Ltd. where he was responsible for managing the online portal. From
February 1997 to December 1998, Mr. Yong was a sales and marketing
executive at Pasta Fresca De Salvatore Pte. Ltd. where he was
responsible formanaging the banquet sales. From January 1986 to January
1997, Mr. Yong was the sales and marketing manager at Initial Services
Pte. Ltd. where he was responsible for managing a sales team and
attending to trade fair enquiries. Mr. Yong earned a Diploma in
Marketing from the Chartered Institute of Marketing in 1989. He also
holds a Diploma in Sales and Marketing since 1988 and a Certificate in
Sales and Marketing from the Marketing Institute of Singapore since
1985.
Lim Hwee Leng - (APPOINTED)
Ms.Lim Hwee Leng is our Vice President, Business Development.She joined us in February
2009 and is responsible for the marketing and sales of our hotel rooms.
From February 2002 to January 2009, Ms.Lim was the business development manager of DSL
Design & Contracts Pte. Ltd. and Shwee Realty Pte. Ltd. where she was responsible for its
business development and client servicing. From March 2001 to February 2002, Ms. Lim
worked as an air-traffic control officer for the Civil and Aviation Authority of Singapore.
From June 2000 to February 2001, Ms. Lim was the senior visual merchandiser for OG Pte. Ltd.
where she was responsible for planning and implementing effective visual merchandising
strategies for the stores that she was in charge of.From February1997 to June 2000, Ms.Lim
was the senior visual merchandiser of Lee Hwa Jewellery where she was responsible for
conceptualising and implementing visual ideas in to effective window and in-stored is plays and
decorations for all the island-wide outlets. From November 1995 to February 1997, Ms. Lim
worked as a visual merchandiser of Takashimaya Singapore Ltd. where she was responsible
for planning, developing and implementing the display and visual merchandising strategies for
Takashimaya-Ngee Ann City Shopping Centre.
Ms. Lim holds a Bachelor of Arts (Honours) in Graphic Design degree from The London
Institute—Camberwell College of Arts in 1995 and a Diploma in Graphic Design fromTemasek
Polytechnic of Singapore in 1993.
Ms. Lim is the sister-in-law of our Executive Director, Mr. Lim Chee Chong, who as set out
above, is the brother-in-law of our Non-Executive Director, Mr. Koh Wee Meng.
Announcement: GP Hotels
Source: SGX
The Board of Directors of Global Premium Hotels Limited (“the Company”) wishes to
announce the resignation of Mr Yong Cheong Beng as the Vice President, Sales of the
Group. His last day of service with the Group is 15September 2012. His duties will be
assumed by Ms Lim Hwee Leng, who is the Vice President, Business development of the
Group.
The Board of Directors would like to express its appreciation to Mr Yong for his contributions
to the Group, and wish him the best in his future endeavours.
The details of the resignation of Mr Yong are contained in separate announcement made
today.
10 September 2012
tradehuathuat ( Date: 10-Sep-2012 11:03) Posted:
| Congrats to al who buy GP HOTEL last week $0.24 |
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