Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Equity Bottom-Up

Hongkong and Shanghai Hotels / Equity Bottom-Up

<ul>
<li>Great portfolio of assets, most notably 10 hotels under the Peninsula brand name</li>
<li>Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.</li>
<li>NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.</li>
</ul>


Great portfolio of assets, most notably 10 hotels under the Peninsula brand name
Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.
NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.


Asia Real Estate News Tracker, Asia Real Estate Tracker

Asia Real Estate Tracker

Asia Real Estate News Tracker

Tracking developments across Asia's regional real estate markets

Thematic (Sector/Industry)

<ul><li>Bain Capital has raised $10.5 billion for its sixth Asia-Pacific fund, focusing on data centers.</li><li>Justin Gabbani from Lendlease Fund Management is leaving amid executive changes in the company.</li><li>DayOne has announced a $5 billion dual listing in Singapore and New York, impacting the APAC market.</li></ul>

Bain Capital has raised $10.5 billion for its sixth Asia-Pacific fund, focusing on data centers.Justin Gabbani from Lendlease Fund Management is leaving amid executive changes in the company.DayOne has announced a $5 billion dual listing in Singapore and New York, impacting the APAC market.

Asia Real Estate Tracker (19-May-2026): Bain Capital raises $10.5B for sixth APAC fund.

<ul>
<li>DayOne plans a $5 billion dual listing in Singapore and New York amid APAC real estate growth.</li>
<li>Bagmane REIT in India has risen 3.7% after a successful $360 million IPO, indicating market strength.</li>
<li>Singapore's home sales have reached a six-month high, driven by strong demand for suburban properties.</li>
</ul>


DayOne plans a $5 billion dual listing in Singapore and New York amid APAC real estate growth.
Bagmane REIT in India has risen 3.7% after a successful $360 million IPO, indicating market strength.
Singapore's home sales have reached a six-month high, driven by strong demand for suburban properties.


Asia Real Estate Tracker (18-May-2026): DayOne plans $5B dual listing in Singapore, NY.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Trip.com paid out US$770M in fines, illegal profits, and deposits to resolve investigation</li>
<li>The penalty is equivalent to ~9% of 2025 Net Revenue -- larger than Alibaba's 2021 case (4%)</li>
<li>In this insight we look at <em>why</em> the company engaged in anti-competitive practices</li>
</ul>


Trip.com paid out US$770M in fines, illegal profits, and deposits to resolve investigation
The penalty is equivalent to ~9% of 2025 Net Revenue -- larger than Alibaba's 2021 case (4%)
In this insight we look at why the company engaged in anti-competitive practices


Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

HK/China Equity Long-Short

Osbert Tang, CFA

China Travel International Investment Hong Kong / Equity Bottom-Up

China Travel International Investment Hong Kong (308 HK)

China Travel International Investment Hong Kong

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-travel-international-investment-hong-kong-limited" target="_blank" data-smartkarma-citation="entities:3879:1" rel="noopener">China Travel Intl Invest (308 HK)</a>'s spin-off of CTG HK and Macao Culture and Tourism (CTCT) is value-enhancing. Its adjusted net profit growth of 101% in 1Q26 is encouraging.</li>
<li>We valued CTCT at HK$2.8bn, using the 17.8x average FY26 PER of the HK-listed hotel companies. </li>
<li>Implied valuation of the new CTII is HK$4.1bn, or just 0.6x P/B. There are good growth prospects, and a re-rating to 0.7x P/B will give 16% upside to CTII.</li>
</ul>



China Travel Intl Invest (308 HK)'s spin-off of CTG HK and Macao Culture and Tourism (CTCT) is value-enhancing. Its adjusted net profit growth of 101% in 1Q26 is encouraging.
We valued CTCT at HK$2.8bn, using the 17.8x average FY26 PER of the HK-listed hotel companies. 
Implied valuation of the new CTII is HK$4.1bn, or just 0.6x P/B. There are good growth prospects, and a re-rating to 0.7x P/B will give 16% upside to CTII.


China Travel Intl Inv (308 HK): Assessing the Spin-Off

Hong Kong

The Hongkong and Shanghai Hotels is a luxury hospitality and real estate group that owns and operates prestigious hotels under The Peninsula brand. It also manages commercial and residential properties, and provides tourism and leisure services, including The Peak Tram. The company was incorporated in 1866 and is headquartered in Central, Hong Kong.

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Hongkong and Shanghai Hotels (45 HK)

The Hongkong & Shanghai Hotels (45 HK)

Article highlights Hongkong & Shanghai Hotel's valuable assets, including 10 Peninsula hotels, with focus on reducing debt and unlocking value...

Asian Century Stocks

Asia Real Estate Tracker (19-May-2026): Bain Capital raises $10.5B for sixth APAC fund.

Bain Capital raised $10.5 billion for its sixth APAC fund focused on data centers, while Lendlease's Justin Gabbani departs amid executive changes,...

Asia Real Estate Tracker

Asia Real Estate Tracker (18-May-2026): DayOne plans $5B dual listing in Singapore, NY.

DayOne plans a $5 billion dual listing in Singapore and New York amid a booming APAC real estate sector, highlighted by Bagmane REIT's IPO success...

Asia Real Estate Tracker

Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

Last week Trip.com announced the resolution of an investigation into anti-competitive practices in China's domestic hotel segment. This is the...

Tracking Traffic

China Travel Intl Inv (308 HK): Assessing the Spin-Off

CTII's spin-off of CTG HK and Macao Culture and Tourism enhances value and clarifies business separation. CTCT is valued at HK$2.7bn, giving the...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Hongkong & Shanghai Hotels (45 HK)

​Article highlights Hongkong & Shanghai Hotel's valuable assets, including 10 Peninsula hotels, with focus on reducing debt and unlocking value...

Asian Century Stocks

Asia Real Estate Tracker (19-May-2026): Bain Capital raises $10.5B for sixth APAC fund.

Bain Capital raised $10.5 billion for its sixth APAC fund focused on data centers, while Lendlease's Justin Gabbani departs amid executive changes,...

Asia Real Estate Tracker

Asia Real Estate Tracker (18-May-2026): DayOne plans $5B dual listing in Singapore, NY.

DayOne plans a $5 billion dual listing in Singapore and New York amid a booming APAC real estate sector, highlighted by Bagmane REIT's IPO success...

Asia Real Estate Tracker

Trip.com Pays US$770M in Fines, Illegal Profits, Deposits To Resolve Investigation into Abuses

Last week Trip.com announced the resolution of an investigation into anti-competitive practices in China's domestic hotel segment. This is the...

Tracking Traffic

China Travel Intl Inv (308 HK): Assessing the Spin-Off

​CTII's spin-off of CTG HK and Macao Culture and Tourism enhances value and clarifies business separation. CTCT is valued at HK$2.7bn, giving the...

Osbert Tang, CFA

Article highlights Hongkong & Shanghai Hotel's valuable assets, including 10 Peninsula hotels, with focus on reducing debt and unlocking value...

CTII's spin-off of CTG HK and Macao Culture and Tourism enhances value and clarifies business separation. CTCT is valued at HK$2.7bn, giving the...