GP Hotels
Global Premium Hotels - GPH - (SGX Code: P9J)
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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.
|
|
| 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 |
|
Congrats to al who buy GP HOTEL last week $0.24
woa! surge in volumn this morning - 14,880,000 ......
As Singapore Reinvents Itself, Hoteliers Reap Windfall
By CNBC | CNBC –
Even
as Singapore's trade-dependent economy faces risks in the wake of a
global slowdown, one sector in this Southeast Asian island state stays
upbeat.
In this year's Forbes rich list for Singapore
released in July, 10 of the 40 wealthiest individuals were either
hoteliers or property tycoons with a growing stake in the hospitality
business - an indicator of the robustness of the industry.
The
owner of budget chain, Hotel 81, Choo Chong Ngen made his debut on the
list at No. 25 with a net worth of $690 million. Snapping at his heels
at spot 26 was another newcomer Michael Kum with a net worth of $670
million. His M& L Hospitality Trust has many hotels in its
portfolio.
The largest listing in the city state's otherwise
lackluster market for new issuances was also from the hospitality sector, with Ascendas Hospitality Trust raising $600 million in July.
The
hotel industry has had a great year so far with total room revenues
over the first half hitting $1.1 billion, according to the Singapore
Tourism Board, a jump of 6.6 percent year on year.
The sector is
reaping the benefits of a growing number of visitors, who continue to
flock the tiny island for leisure and business. A financial hub and
gateway to the Far East, Singapore has continuously been reinventing
itself to attract visitors. From 2008 it has been hosting the Formula
One's only night race and in 2010 opened its first casino. It is also
increasingly positioning itself as a medical tourism and educational
hub.
" Singapore's unique proposition is that it has a good mix of
demand drivers like medical, convention and education tourism that
insulate it from the vagaries of leisure tourism. There is no one reason
that draws visitors here," says Robert McIntosh, Executive Director of
CBRE Hotels, advisors to the hospitality industry.
Nearly 6
million people visited Singapore over January to May 2012, an increase
of 12.3 percent year on year, boosting daily room rents and occupancy
rates at its hotels, according to the Singapore Tourism Board.
In
the first quarter of the year average daily room (ADR) rates rose more
than 11 percent year on year to $206 and revenue per available room
(RevPar) grew 14.7 percent to $178, according to CBRE Hotels.
The
occupancy rate in the first quarter was 87 percent, the same as last
year, but industry experts expect full year occupancy rates to beat
that.
" The historic high RevPar is an indication that the
hospitality industry is performing very well. This reverses our earlier
assessment that global events may cast a shadow on hotel performance in
Singapore," says McIntosh.
Singapore's average room rents have
beaten those of other big Asian cities. In June, for example, Singapore
hotels were commanding an average daily room rent of $230, while in
Seoul the rents were $185.
In the first six months daily room
tariffs have fallen 0.1 percent in neighboring Kuala Lumpur, while in
Shanghai they are down 3.2 percent, according to CBRE Hotels.
Year-End Boost
As
the global economic uncertainty worsens, there are doubts whether the
sector will continue to deliver on good growth. The Ministry of Trade
and Industry had
said in August that tourism had begun to slow, according to a Reuters report.
But
Derek Tan, Hotel Industry Analyst at DBS Vicker Research, says the
second half of the year could be even better for Singapore's hotel
industry as it is traditionally the peak period." With a
pick-up in conference activity and events, we believe the overall
industry has room to catch up with industry leaders like Marina Bay
Sands and Resort World Sentosa commanding occupancy above 90 percent
despite the average ADR touching a high of $320 a night," Tan said.
Marina
Bay Sands, subsidiary of Las Vegas Sands, Singapore's iconic landmark
of three hotel towers topped by a floating sky park that opened in 2010
has grown into its hottest tourist destination with its Las Vegas-style
casino, while Resorts World Sentosa's key attraction include the
Universal Studios theme park besides a casino.
Singapore is
targeting 13.5 million to 14.5 million visitor arrivals in 2012, more
than the 13.2 million people who visited Singapore last year, according
to the Singapore Tourism Board.
The city plans to achieve this by
continuously adding to its list of attractions. In May 2012, Asia's
largest $400 million Marina Bay Cruise Center was completed raising
Singapore's potential as a cruise gateway to Southeast Asia. In June
2012 the Gardens By the Bay, a horticulture sanctuary of forest clouds
and flower domes on 250 acres of reclaimed land was also launched.
As Singapore prepares to welcome even more tourists, the number
of hotel rooms are expected to increase 26 percent by 2016 according to
data from CBRE Hotels. But industry experts see no danger of a glut in
the market.
" The market has experienced tight room inventory
recently. The additional supply would alleviate the room crunch
experienced by Singapore," says David Ling, Chairman, China and
Southeast Asia at hotel consultancy HVS.
Asok Hiranandani,
proprietor of the real estate and hotel firm Royal Group Holdings, who
also made it to the Forbes rich list this year, says, " For another five
years, at least, I see the hotel boom continuing. Asia is poised to be
the engine of growth and this will keep hotels in robust health."
GP HOTEL $0.24 do look out for
Source: SGX - 21 August 2012
(Incorporated in the Republic of Singapore)
(Company Registration No. 201128650E)
PROPOSED ACQUISITION OF THE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL OF
FRAGRANCE HERITAGE PTE. LTD. (“FHPL”)
Unless otherwise defined herein, capitalised terms used herein shall bear the same meaning ascribed
to them in the announcements dated 25 May 2012, 11 July 2012, 2 August 2012 and 10 August 2012
(the “Announcements”) issued by Global Premium Hotels Limited (the “Company”).
Completion of Acquisition
Further to the Announcements, the Directors of the Company are pleased to inform the shareholders
of the Company that the Company has today completedthe Acquisition upon satisfaction of all the
conditions precedent contained in the Share Transfer Agreement dated 24 May 2012.
Use of Proceeds
The Company wishes to announce that of the net proceeds of S$125.3 million raised from the IPO
(the “Proceeds”):
(a) an amount of S$S$15,128,233 has been utilised to repay the Vendor the remaining balance
of the purchase consideration for the Acquisition and
(b) an amount of S$16,800,000 has been utilised to repay the Vendor the outstanding loans
owing by FHPL to the Vendor as at 31 March 2012, pursuant to the terms of the Share Transfer Agreement dated 24 May 2012.
An update on the utilisation of the Company’s IPO Proceeds is provided below:
Intended Use
Amount Allocated (S$) Amount Utilised (S$) Balance Amount (S$)
Partial repayment of the purchase consideration
74.8 million 74.8 million - Development and expansion of hotel business and operations in Singapore and overseas
30.0 million 25.1 million 4.9 million
Working Capital purposes
20.5 million 16.8 million 3.7 million
Total 125.3 million 116.7 million 8.6 million
Note:
(1) includes net proceeds of S$13.2 million arising from the exercise of the Over-allotment Optionby the Stabilising
Manager (both terms as defined in the prospectus of the Company registered by the Monetary Authority of
Singapore on 18 April 2012).
The utilisation is in accordance with the intended use of Proceeds and in accordance with the
percentage allocated, as stated in the Prospectus.
The Company will continue to make further announcements via SGXNET when the remaining
proceeds of the Company’s initial public offering are materially disbursed.
After facebook lock out period end, its stock tumble further.
Do you think, it will happen to this counter? I think the lock out period for this counter is approaching...
Name of holders of New Shares (’000) Circumstances giving rise to the Allotment under the Placement
2G Capital Pte Ltd - 38,000 Allotted
Eastspring Investments (Singapore) Limited - 38,000 Allotted.
JF Asset Management Limited - 36,300 Allotted.
DWS Investment GMBH - 22,500 Allotted.
James Caird Asset Management - 22,500 Allotted.
Trafalgar Capital Management Ltd - 22,500 Allotted
Lim Chee Chong, CEO of Global Premium Hotels
BUY - OPEN MARKET - 100,000 Shares - 0.240 Cents - 15-Aug-2012 (Yesterday)
Ai Yo Yo!!! jerk up in split seconds from 0.235 to 0.245 Cents.
Ar!!! I see. Dividend is the culprit here.
Fragrance has run up quite a lot. Will wait at the sidelines. " Yim Kopi and wait....." .
commando ( Date: 14-Aug-2012 12:40) Posted:
| Div not good la.....buy fragrance better |
|
Div not good la.....buy fragrance better
GP Hotels falls to .235 Cents. Despite the dividend announcement. Anyone know the possible reason
why the share price weaken?
That is a very good question. Probably there is something going on that we do not know. Anyone out there, who know, please share your 2 cents.
My guess is probably due a news headline :-
Global Premium Hotels’ 2Q earnings fall 44% to $3.6m Global Premium Hotels, the owner and operator of the second largest
economy-tier hotel chain in Singapore, said for the three months ending
June 30 (2Q2012), earnings fell 43.7% to $3.6 million from $6.4 million a
year ago even though revenue increased 11.8% to $15.2 million from
$13.6 million.
For the six months ended 30 June 2012 (1H 2012), it reported earnings
of $10 million from $10.77 million a year ago (1H 2011), a drop of
7.1%.
The group achieved 1H 2012 revenue of $30.1 million, an increase of
19.6% year-on-year as compared to the corresponding period last year.
Revenue rose mainly due to stable operations of the 3 hotels that
commenced operations in 2011-Parc Sovereign, Fragrance Hotel-Elegance
and Fragrance Hotel-Riverside. These three hotels along with the better
performance of Fragrance Hotel-Emerald, contributed an aggregate
increase of $4.8 million for 1H 2012. Consequently, the group’s Average
Occupancy Rate (AOR), surged 10.5p.p to 90.7% for 1H 2012.
In tandem with the increase in revenue, gross profit improved 18.1%
y-o-y to $26.2 million for 1H 2012. However, gross profit margin felt
1.2 percentage point to 87.1% from 88.3%.
The board has declared an interim dividend of 0.2 cents per share.
tedsokny ( Date: 12-Aug-2012 10:04) Posted:
Any idea why share px lower after declare div?
1H NP-7%, 2Q NP -43%
Outlook
Singapore tourism arrivals in 2012 are expected to increase with the line-up of new attractions
including Gardens by the Bay, River Safari, and Marine Life Park. Supported by enhanced tourism
infrastructure with the opening of the Singapore International Cruise Terminal, the terminal has
effectively doubled berth capacity, further advancing cruise tourism in Singapore. In line with these
initiatives, Singapore visitor arrival grew 12.3% yoy from January to May 2012 to reach 5.9 million
visitors1, on track to meet the Singapore Tourism Board’s forecast of 13.5-14.5 million visitor arrivals for 2012.
Despite the tourism statistics pointing towards a positive outlook for 2012 in Singapore, global
economic conditions continue to remain volatile, weighed down by the European debt crisis and
slowing economic growth in the United States and China. Consequently, this may have an impact on
visitor arrivals and the overall hospitality sector. Hence, the Group remains cautiously optimistic for 2H2012.
– |
|
Any idea why share px lower after declare div?
1H NP-7%, 2Q NP -43%
Outlook
Singapore tourism arrivals in 2012 are expected to increase with the line-up of new attractions
including Gardens by the Bay, River Safari, and Marine Life Park. Supported by enhanced tourism
infrastructure with the opening of the Singapore International Cruise Terminal, the terminal has
effectively doubled berth capacity, further advancing cruise tourism in Singapore. In line with these
initiatives, Singapore visitor arrival grew 12.3% yoy from January to May 2012 to reach 5.9 million
visitors1, on track to meet the Singapore Tourism Board’s forecast of 13.5-14.5 million visitor arrivals for 2012.
Despite the tourism statistics pointing towards a positive outlook for 2012 in Singapore, global
economic conditions continue to remain volatile, weighed down by the European debt crisis and
slowing economic growth in the United States and China. Consequently, this may have an impact on
visitor arrivals and the overall hospitality sector. Hence, the Group remains cautiously optimistic for 2H2012.
–
