Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

Value-focused bottom-up Asian equity research

NVB Asia Pte Ltd

Equity Bottom-Up

Luxury hotel chain operator <a href="https://www.smartkarma.com/entities/18141" target="_blank" data-smartkarma-citation="entities:18141:1">Banyan Tree Holdings Ltd (BTH SP)</a> saw an improvement in underlying net profit versus the same period last year. EPS was 0.16 (SGD cents) vs 0.07 (SGD cents) one year ago. NAV per share at 31/3/17 was 0.73 SGD.<figure class="editor-figure mceNonEditable"><img class="editor-image img-responsive" src="https://static-prod.smartkarma.com/images/media/000/025/891/original/1Q17%20nrs.jpg?1494541836" data-smartkarma-image-id="25891"></figure>Revenues were down as property sales at Cassia Phuket and Laguna Park Phuket were lower in the last quarter versus one year ago. Profits however went up mainly because reversal of bad debt provision following payments by several hotel owners in China.Hotel…

Luxury hotel chain operator Banyan Tree Holdings Ltd (BTH SP) saw an improvement in underlying net profit versus the same period last year. EPS was 0.16 (SGD cents) vs 0.07 (SGD cents) one year ago. NAV per share at 31/3/17 was 0.73 SGD.Revenues were down as property sales at Cassia Phuket and Laguna Park Phuket were lower in the last quarter versus one year ago. Profits however went up mainly because reversal of bad debt provision following payments by several hotel owners in China.Hotel…

Banyan Tree 1Q17 Results Show Bottom Line Improvement; NAV Per Share at 0.73 SGD

<ul><li><a href="https://www.smartkarma.com/entities/18141" target="_blank" data-smartkarma-citation="entities:18141:1">Banyan Tree Holdings Ltd (BTH SP)</a> is a homegrown Singapore brand</li><li>Operating luxury hotels since 1994</li><li>Strong asset backing but profitability track record is dismal</li><li>Entry of industry giants <a href="https://www.smartkarma.com/entities/21372" target="_blank" data-smartkarma-citation="entities:21372:1">Accor SA (AC FP)</a> and <a href="https://www.smartkarma.com/entities/18368" target="_blank" data-smartkarma-citation="entities:18368:1">China Vanke Co Ltd (H) (2202 HK)</a> in last 6 months could be transformational</li><li>Banyan Tree is potential next domino in industry consolidation</li><li>Brand value is key attraction to potential suitors</li><li>Fair Value: 20% upside in bear case, 50% upside in base case and 110% upside in bull case scenario</li></ul>

Banyan Tree Holdings Ltd (BTH SP) is a homegrown Singapore brandOperating luxury hotels since 1994Strong asset backing but profitability track record is dismalEntry of industry giants Accor SA (AC FP) and China Vanke Co Ltd (H) (2202 HK) in last 6 months could be transformationalBanyan Tree is potential next domino in industry consolidationBrand value is key attraction to potential suitorsFair Value: 20% upside in bear case, 50% upside in base case and 110% upside in bull case scenario

Discover Singapore: Banyan Tree (BTH SP) Luxury Hotel Group Catching Attention of Industry Giants

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

Thematic (Sector/Industry)

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular: i) subdued global growth to continue in the next few years ii) rapid technological changes that can give way to new global value chains and production patterns  iii) Political uncertainties with the rising support for protectionism Below is the summary of seven key strategies presented by the Committee:1. Deepen and…

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting Singapore's economy, in particular: i) subdued global growth to continue in the next few years ii) rapid technological changes that can give way to new global value chains and production patterns  iii) Political uncertainties with the rising support for protectionism  Below is the summary of seven key strategies presented by the Committee:1. Deepen and…

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

Chairman, sgtradex

Tan Chin-Hwee

Chairman

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/019/992/original/Pisatest.jpg?1485928080" class="editor-image img-responsive" data-smartkarma-image-id="19992"></figure><div class="content-caption">By Theo Müller - Own work, <a href="https://commons.wikimedia.org/w/index.php?curid=837159" target="_blank">CC BY-SA 2.5</a>
</div>I was excited to read about Singapore's top ranking in the Pisa (<a href="https://en.wikipedia.org/wiki/Programme_for_International_Student_Assessment" target="_blank">Programme for International Student Assessment</a>) tests and the perfect score of our IB (International Baccalaureate) achievers.We should be proud of what we have achieved in such a short time as a country. Our position among the best today in educational terms is the result of the hard work and leadership of the Singapore Government and teachers. There are not many things from Singapore that…

By Theo Müller - Own work, CC BY-SA 2.5
I was excited to read about Singapore's top ranking in the Pisa (Programme for International Student Assessment) tests and the perfect score of our IB (International Baccalaureate) achievers.We should be proud of what we have achieved in such a short time as a country. Our position among the best today in educational terms is the result of the hard work and leadership of the Singapore Government and teachers. There are not many things from Singapore that…

Singapore's Education System Must Embrace the Frontier Beyond Academic Achievement

Freelance Research Analyst

Tay Hock Meng

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016).

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230 units in December 2014. Including ECs, developers sold a total of 508 new units in December 2015, compared to 945 new units in November 2015, and 406 new units in December 2014. The December 2015 results brings the total number of new private residential units sold by developers to around 7,460 to 7,490 in 2015, about 2% higher than 2014 (Comprehensive property sales results for 4Q and whole of 2015  is scheduled to be released by the government on January 22, 2016). 

Singapore

Banyan Tree Holdings Limited owns and manages hotels. The Company also operates spas, galleries and golf courses, and invests in property. Banyan Tree offers design and project management services as well.

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Banyan Tree Holdings (BTH SP)

Discover Singapore: Banyan Tree (BTH SP) Luxury Hotel Group Catching Attention of Industry Giants

Banyan Tree Holdings Ltd (BTH SP) is a homegrown Singapore brand Operating luxury hotels since 1994 Strong asset backing but profitability track...

Nicolas Van Broekhoven

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting...

Valerie Law, CFA

Singapore's Education System Must Embrace the Frontier Beyond Academic Achievement

I was excited to read about Singapore's top ranking in the Pisa (Programme for International Student Assessment) tests and the perfect score of our...

Tan Chin-Hwee

Modest Rise in New Home Sales in 2015

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230...

Tay Hock Meng

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Banyan Tree 1Q17 Results Show Bottom Line Improvement; NAV Per Share at 0.73 SGD

Luxury hotel chain operator Banyan Tree Holdings Ltd (BTH SP) saw an improvement in underlying net profit versus the same period last year. EPS...

Nicolas Van Broekhoven

Discover Singapore: Banyan Tree (BTH SP) Luxury Hotel Group Catching Attention of Industry Giants

Banyan Tree Holdings Ltd (BTH SP) is a homegrown Singapore brand Operating luxury hotels since 1994 Strong asset backing but profitability track...

Nicolas Van Broekhoven

Singapore: Top Ten Words in CFE Report Highlight the Future of Education

In the recent release of The Committee On Future Economy (CFE) Report, the Singapore government brought up a few key trends that are affecting...

Valerie Law, CFA

Singapore's Education System Must Embrace the Frontier Beyond Academic Achievement

I was excited to read about Singapore's top ranking in the Pisa (Programme for International Student Assessment) tests and the perfect score of our...

Tan Chin-Hwee

Modest Rise in New Home Sales in 2015

Developers managed to sell 384 new units, excluding executive condominiums (ECs) in December 2015, compared to 759 units in November 2015, and 230...

Tay Hock Meng