bua_centel@tb_012715_22812

See disclaimer at the end of report

SECTOR UPDATE

TOURISM & LEISURE

27 January 2015

To post YoY & QoQ growth for 4Q14 Sector: Tourism&Leisure Overweight

Recommendations and valuations

Investment thesis Our coverage will post YoY and QoQ earnings growth for 4Q14 following YoY slippage in 1Q-3Q14. Bangkok hotel operations have recently normalized after missing 4Q13-1Q14 high season. Chinese New Year in Feb 2015 will boost hotel performances. FY15 sector core earnings growth will outperform the SET (27% for our coverage against a 16% for the SET, BLS coverage). The stock prices of CENTEL, ERW and MINT should rise further during 1Q15 in anticipation of bumper numbers.

To post resumed YoY and QoQ core earnings growth for 4Q14 We estimate an aggregate coverage core profit of Bt2.1bn for 4Q14 (the best of FY14), up by 12% YoY and 159% QoQ. MINT will post record core earnings, CENTEL will report YoY and QoQ growth and ERW will see a QoQ turnaround. CENTEL may also realize a Bt100m one-time gain from boosting its stake in Centara Kata Phuket in 4Q14.

CENTEL is expected to post a core profit of Bt398m for 4Q14, up by 40% YoY and 137% QoQ. Hotel RevPar rose 5% YoY, driven by an occupancy rate of 81% (80% in 4Q13) and a 4% YoY mean room rate rise, led by 11% room rate increases for two hotels in the Maldives. Excluding the Maldives properties, RevPar was up 1% YoY. RevPar for hotels in Bangkok resumed 7% YoY growth, driven by an occupancy rate rise from 74% in 4Q13 to 83% in 4Q14. Food SSSG was 1.7% TSSG was 9.4%.

ERW will post a turnaround from a core loss of Bt91m for 3Q14 to a core profit of Bt51m for 4Q14 (but down 13% YoY, due to renovations at Renaissance Samui in Oct-Nov 2014 and additional depreciation of hotels in Pattaya). RevPar rose 1% YoY, led by 2% mean room rate growth (occupancy declined 1% to 77%). RevPar for luxury hotels in Bangkok bounced 11% YoY, which offset the effect of weak RevPar for other hotels (slippage of 8% YoY for luxury resorts, 4% for the mid-range and 1% for economy hotels). Room inventory rose 16% YoY with the openings of the Holiday Inn and Mercure Pattaya.

MINT will report a record core profit of Bt1.69bn, up by 8% YoY and 126% QoQ. Strong expansion of franchised food outlets drove high TSSG of 16.5% for 4Q14. Assumed SSSG of only 0.4% was due to SSS slippage in China and Singapore against 3% SSSG in Thailand. System-wide hotel RevPar rose 1% YoY (a 3% higher room rate but a 1% lower occupancy to 70%). Residential income dived YoY and QoQ, we believe, due to much lower St.Regis condo revenue and no residential sales at The Estate Samui (one unit was sold in 3Q14).

1Q15 high season will see a full recovery (even in Bangkok) 1Q15 aggregate core profit will rise YoY and QoQ (strong earnings for all three firms under our coverage), driven by occupancy. Hotels in Bangkok will bounce YoY from the very low base set by political conflict in 1Q14. Low single-digit room rate growth is also expected.

Rec. Target

PriceYE15(Bt)

PER (x)

FY14

PER (x)

FY15

Core profit growth FY14

Core profit growth FY15

PBV (x)

FY14

PBV (x)

FY15

ROE (%)

FY14

ROE (%)

FY15

CENTEL BUY 43.0 40.8 30.3 -16% 35% 3.8 3.5 10.4 13.0

ERW BUY 6.0 n.m. 83.0 n.m. turnaround 2.5 2.4 -2.3 3.1

MINT BUY 41.5 30.4 26.3 7% 18% 4.5 4.0 16.8 17.3

Hotel performances comparisons

1%

-1%-1%

4%

2%3%

5%

1% 1%

-2%

0%

2%

4%

6%

CENTEL ERW MINT

YoYOccupancy rate Room rate RevPar

Aggregate core profit, by quarter

4Q14e

Occupancy rate Room rate RevPar SSS TSS 4Q14e YoY QoQ

(YoY) (YoY) (YoY) (YoY)

CENTEL 81% 4% 5% 1.7% 9.4% 398 40% 137%

ERW 77% 2% 1% - - 51 -13% turnaround

MINT 70% 3% 1% 0.4% 16.5% 1,686 8% 126%

Total 2,136 12% 159%

Hotel performances Core profit (Btm)Food

Narumon Ekasamut Securities Fundamental Investment Analyst [email protected] +66 2 618 1345

Tourism & Leisure - 2

Figure 1 : 4Q14E earnings previews Btm 4Q14e 4Q13 YoY% 3Q14 QoQ%

BLS Consensus BLS ConsCENTEL Core profit 398 284 40% 168 137% 1,110 1,188 100% 93%

Net profit 398 284 40% 168 137% 1,110 1,188Revenue 5,083 4,520 12% 4,285 19%Gross profit 1,923 1,793 7% 1,667 15%Gross margin 37.8% 39.7% 38.9%

ERW Core profit 51 59 -13% -91 turnaround -169 -74 nm nmNet profit 53 64 -17% -83 turnaround -109 -74Revenue 1,398 1,263 11% 1,008 39%Gross profit 718 671 7% 452 59%Gross margin 51.4% 53.1% 44.9%

MINT Core profit 1,686 1,556 8% 746 126% 4,400 4,453 100% 99%Net profit 1,686 1,556 8% 746 126% 4,400 4,453Revenue 11,996 9,748 23% 8,500 41%Gross profit 6,873 5,916 16% 4,488 53%Gross margin 57.3% 60.7% 52.8%

Total Core profit 2,136 1,899 12% 823 159% 5,341 5,567 100% 96%Net profit 2,138 1,905 12% 831 157% 5,400 5,567Revenue 18,477 15,532 19% 13,792 34%Gross profit 9,514 8,380 14% 6,607 44%Gross margin 51.5% 54.0% 47.9%

2014e

Figure 2 : 4Q14E operational performance indicators 4Q14e 4Q13 2Q14

Hotel occpancy rate YoY Chg. QoQ Chg.MINT 70.0% 71.0% 66.0% -1% 4%CENTEL 81.1% 80.3% 73.2% 1% 8%ERW 77.0% 77.8% 62.0% -1% 15%Hotel ADR (Bt/night)MINT 6,281 6,098 5,321 3% 18%CENTEL 4,925 4,749 4,136 4% 19%ERW 2,689 2,634 2,351 2% 14%Hotel RevPar (Bt/night)MINT 4,399 4,355 3,486 1% 26%CENTEL 3,993 3,814 3,029 5% 32%ERW 2,062 2,048 1,458 1% 41%Food SSS: YoY changeMINT 0.4% 0.9% 1.2%CENTEL 1.7% -2.9% 4.9%Food TSS: YoY changeMINT 16.5% 14.3% 13.9%CENTEL 9.4% 5.4% 13.2%

4Q14e

Figure 3 : CENTELs Food performance Figure 4 : MINTs Food performance

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35.0%

1Q08

2Q08

3Q08

4Q08

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2Q09

3Q09

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3Q10

4Q10

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e

SSS TSSYoY

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4Q12

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4Q13

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2Q14

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4Q14

e

SSS TSSYoY

Sources: Company data, Bualuang Research


Figure 5 : Occupancy rate hikes for all three names Figure 6 : The mean room rate in 2014

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e

MINT CENTEL ERW

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MINT ERW CENTEL

YoY 1Q14 2Q14 3Q14 4Q14

Figure 7 : The 4Q14E core profit contribution to FY14E Figure 8 : Our coverage core earnings profile, by quarter

36% proift in 4Q14e

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CENTEL ERW MINT Sector

Btm

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9M14

0

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1Q 2Q 3Q 4Q

Btm 2013 2014e FY06-13 mean

*ERW = core losses in 2Q14-3Q14

Figure 9 : Our coverage will post YoY and QoQ core profit growth for 4Q14

Figure 10 : Our Tourism coverage index versus the SET

-100%

-50%

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150%

1Q14 2Q14 3Q14 4Q14e 1Q15e

YoY QoQ

recovery

60.0

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130.0

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Broad SET Hotel coverage index

high seasonhigh season

high season in 4Q4-1Q5

Figure 11 : Our Tourism coverages core profit profile versus the SET (BLS coverage)

-50%

-25%

0%

25%

50%

75%

100%

2008 2009 2010 2011 2012 2013 2014e 2015e

YoYSET Tourism sector

Thai political stability

Sources: Company data, Bualuang Research


CENTEL : Financial Tables Year PROFIT & LOSS (Btm) 2012 2013 2014E 2015E 2016ERevenue 14,504 17,096 18,428 20,812 22,697Cost of sales and services (8,679) (10,219) (10,985) (12,303) (13,419)Gross profit 5,825 6,877 7,444 8,509 9,278SG&A (4,407) (5,024) (5,824) (6,570) (7,132)EBIT 1,418 1,853 1,620 1,939 2,146Interest expense (486) (507) (529) (478) (417)Other income/exp. 511 461 420 431 441EBT 1,442 1,808 1,510 1,891 2,170Corporate tax (331) (453) (389) (388) (445)After-tax net profit (loss) 1,111 1,355 1,121 1,503 1,725Minority interest (23) (55) (57) (60) (63)Equity earnings from affiliates 66 22 45 51 54Extra items 443 0 0 0 0Net profit (loss) 1,596 1,322 1,110 1,493 1,716Reported EPS 1.18 0.98 0.82 1.11 1.27Fully diluted EPS 0.85 0.98 0.82 1.11 1.27Core net profit 1,153 1,322 1,110 1,493 1,716Core EPS 0.85 0.98 0.82 1.11 1.27EBITDA 3,764 3,859 3,857 4,208 4,427KEY RATIOSRevenue growth (%) 28.6 17.9 7.8 12.9 9.1Gross margin (%) 40.2 40.2 40.4 40.9 40.9EBITDA margin (%) 26.0 22.6 20.9 20.2 19.5Operating margin (%) 9.8 10.8 8.8 9.3 9.5Net margin (%) 11.0 7.7 6.0 7.2 7.6Core profit margin (%) 8.0 7.7 6.0 7.2 7.6ROA (%) 6.4 4.6 3.8 5.1 5.9ROCE (%) 8.5 6.0 4.9 6.6 7.7Asset turnover (x) 0.6 0.6 0.6 0.7 0.8Current ratio (x) 0.3 0.4 0.6 0.5 0.3Gearing ratio (x) 1.2 1.0 0.9 0.8 0.6Interest coverage (x) 2.9 3.7 3.1 4.1 5.1BALANCE SHEET (Btm)Cash & Equivalent 297 723 707 536 144Accounts receivable 857 936 996 945 850Inventory 473 615 654 739 805PP&E-net 22,769 23,418 23,589 23,542 23,593Other assets 3,753 3,520 3,501 3,501 3,501Total assets 28,149 29,212 29,447 29,262 28,893Accounts payable 1,997 2,332 2,207 2,271 2,477ST debts & current portion 4,957 3,419 1,751 2,201 2,801Long-term debt 6,912 7,943 9,344 7,544 5,200Other liabilities 4,354 4,366 4,280 4,436 4,527Total liabilities 18,220 18,060 17,581 16,453 15,005Paid-up capital 1,350 1,350 1,350 1,350 1,350Share premium 970 970 970 970 970Retained earnings 3,990 4,907 5,563 6,447 7,462Shareholders equity 8,965 10,344 11,001 11,884 12,899Minority interests 965 807 865 925 988Total Liab.&Shareholders' equity 28,149 29,212 29,447 29,262 28,893CASH FLOW (Btm)Net income 1,596 1,322 1,110 1,493 1,716Depreciation and amortization 1,351 1,578 1,829 1,848 1,849Change in working capital 107 (815) 27 (98) (178)FX, non-cash adjustment & others (345) 1,828 (193) 190 475Cash flows from operating activities 2,709 3,913 2,773 3,432 3,862Capex (Invest)/Divest 1,900 2,100 2,000 1,800 1,900Others (3,851) (3,941) (3,981) (3,600) (3,800)Cash flows from investing activities (1,951) (1,841) (1,981) (1,800) (1,900)Debt financing (repayment) 157 (466) (267) (1,350) (1,744)Equity financing 0 0 0 0 0Dividend payment (203) (405) (540) (453) (610)Others (3,851) (3,941) (3,981) (3,600) (3,800)Cash flows from financing activities (690) (1,646) (807) (1,803) (2,354)Net change in cash 69 426 (15) (171) (393)Free cash flow (Btm) 4,609 6,013 4,773 5,232 5,762FCF per share (Bt) 3.4 4.5 3.5 3.9 4.3KEY ASSUMPTIONS 2012 2013 2014E 2015E 2016EHotel occupancy rate 70.5 80% 75% 80% 82%Room rate change 3.2 16% 5% 5% 6%RevPar change 6% 25% 4% 10% 8%SSS growth 6.2 0.9 1.0 2.0 2.0TSS growth 27% 10% 9% 10% 10%

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05

101520253035

10 11 12 13 14E 15E 16E

Revenue growth (%) (LHS)Asset turnover (x) (RHS)

% x

020406080

100120

10 11 12 13 14E 15E 16E

AR / Sales (days)AP / Cost of Goods (days)

0102030405060

10 11 12 13 14E 15E 16E

Gross margin (%)EBIT margin (%)

%

(20)

(15)

(10)

(5)

0

(2.5)

(2.0)

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(0.5)

0.010 11 12 13 14E 15E 16E

Capex (Bt,bn)Capex / Net PPE (%)

Bt,bn %

01234567

10 11 12 13 14E 15E 16E

(ST debt + Interest) / EBITDA(Debt + Interest) / EBITDA

0.05 0.15

0.30 0.40

0.34

0.45 0.52

(60)(40)(20)0204060

0.00.10.20.30.40.50.6

10 11 12 13 14E 15E 16E

Dividend (Bt)Payout ratio (%)

%

Revenue growth and asset turnover

A/C receivable & A/C payable days

Profit margins

Capital expenditure

Debt serviceability

Dividend payout


ERW : Financial Tables Year PROFIT & LOSS (Btm) 2012 2013 2014E 2015E 2016ERevenue 4,302 4,702 4,279 5,737 6,372Cost of sales and services (1,966) (2,215) (2,243) (2,581) (2,867)Gross profit 2,336 2,487 2,037 3,155 3,505SG&A (1,775) (1,913) (1,857) (2,527) (2,794)EBIT 561 574 180 628 711Interest expense (393) (368) (393) (444) (486)Other income/exp. 38 26 26 26 26EBT 206 231 (187) 210 251Corporate tax (111) (91) 34 (45) (54)After-tax net profit (loss) 94 141 (153) 165 197Minority interest (60) (30) (33) (34) (36)Equity earnings from affiliates 0 16 17 17 18Extra items 13 811 60 0 0Net profit (loss) 46 938 (109) 148 180Reported EPS 0.02 0.38 (0.04) 0.06 0.07Fully diluted EPS 0.01 0.05 (0.07) 0.06 0.07Core net profit 34 127 (169) 148 180Core EPS 0.02 0.05 (0.07) 0.06 0.07EBITDA 1,202 1,281 872 1,333 1,424KEY RATIOSRevenue growth (%) 14.6 9.3 (9.0) 34.1 11.1Gross margin (%) 54.3 52.9 47.6 55.0 55.0EBITDA margin (%) 27.9 27.2 20.4 23.2 22.3Operating margin (%) 13.0 12.2 4.2 11.0 11.2Net margin (%) 1.1 19.9 (2.6) 2.6 2.8Core profit margin (%) 0.8 2.7 (4.0) 2.6 2.8ROA (%) 0.4 7.1 (0.8) 1.0 1.2ROCE (%) 0.4 7.9 (0.9) 1.1 1.4Asset turnover (x) 0.3 0.4 0.3 0.4 0.4Current ratio (x) 0.4 0.6 0.2 0.2 0.2Gearing ratio (x) 2.1 1.3 1.7 1.6 1.5Interest coverage (x) 1.4 1.6 0.5 1.4 1.5BALANCE SHEET (Btm)Cash & Equivalent 481 477 478 479 480Accounts receivable 195 209 152 204 227Inventory 49 52 123 141 157PP&E-net 10,122 10,558 11,609 11,904 12,191Other assets 1,994 2,420 1,942 1,790 1,673Total assets 12,840 13,715 14,304 14,519 14,729Accounts payable 228 244 258 283 291ST debts & current portion 1,080 1,002 2,037 2,182 2,155Long-term debt 6,794 6,028 5,986 5,782 5,851Other liabilities 1,050 1,213 1,213 1,213 1,213Total liabilities 9,152 8,486 9,494 9,460 9,509Paid-up capital 2,245 2,475 2,478 2,503 2,503Share premium 360 776 778 779 779Retained earnings 879 1,773 1,316 1,505 1,630Shareholders equity 3,494 5,035 4,584 4,799 4,923Minority interests 194 194 226 260 296Total Liab.&Shareholders' equity 12,840 13,715 14,304 14,519 14,729CASH FLOW (Btm)Net income 46 938 (109) 148 180Depreciation and amortization 641 707 692 705 713Change in working capital (178) (183) 1 46 31FX, non-cash adjustment & others (13) (811) (60) 0 0Cash flows from operating activities 497 652 524 898 923Capex (Invest)/Divest (1,040) (1,158) (1,727) (983) (982)Others 0 0 0 0 0Cash flows from investing activities (1,040) (1,158) (1,727) (983) (982)Debt financing (repayment) (16) (844) 993 (59) 41Equity financing 2 646 5 26 0Dividend payment (180) (17) (347) 41 (55)Others 0 0 0 0 0Cash flows from financing activities (235) (210) 651 8 (14)Net change in cash (779) (716) (552) (76) (72)Free cash flow (Btm) (544) (507) (1,203) (84) (59)FCF per share (Bt) (0.2) (0.2) (0.5) (0.0) (0.0)

2012 2013 2014E 2015E 2016ERoom rate change 2% 2% -1% 2% 2%RevPar change 6% 7% -15% 15% 4%Gain from asset sales (Btm) 19 805 0 0 0Hotel GM 52.3% 50.8% 45.4% 53.6% 53.7%

0.00

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(20)(10)

010203040

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Revenue growth (%) (LHS)Asset turnover (x) (RHS)% x

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10 11 12 13 14E 15E 16E


x

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0.15

(0.02)

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020406080100

-0.050.000.050.100.150.20

10 11 12 13 14E 15E 16E

Dividend (Bt)Payout ratio (%) %



Profit margins

Capital expenditure

Debt serviceability

Dividend payout


MINT : Financial Tables Year PROFIT & LOSS (Btm) 2012 2013 2014E 2015E 2016ERevenue 31,310 34,669 38,698 43,826 47,649Cost of sales and services (13,790) (14,549) (17,006) (19,458) (21,180)Gross profit 17,520 20,120 21,692 24,369 26,469SG&A (14,315) (16,504) (17,353) (19,340) (20,718)EBIT 3,205 3,616 4,339 5,029 5,750Interest expense (1,085) (1,027) (1,348) (1,206) (1,058)Other income/exp. 1,237 1,738 1,824 1,916 2,012EBT 3,356 4,327 4,815 5,738 6,704Corporate tax (556) (675) (854) (1,004) (1,164)After-tax net profit (loss) 2,801 3,652 3,961 4,735 5,540Minority interest (4) (80) (84) (88) (93)Equity earnings from affiliates 446 530 523 534 573Extra items 0 0 69 0 0Net profit (loss) 3,243 4,101 4,469 5,180 6,020Reported EPS 0.88 1.02 1.12 1.29 1.50Fully diluted EPS 0.88 1.02 1.12 1.29 1.50Core net profit 3,243 4,101 4,400 5,180 6,020Core EPS 0.88 1.02 1.10 1.29 1.50EBITDA 6,643 7,819 8,972 10,141 11,178KEY RATIOSRevenue growth (%) 19.8 10.7 11.6 13.3 8.7Gross margin (%) 56.0 58.0 56.1 55.6 55.5EBITDA margin (%) 21.2 22.6 23.2 23.1 23.5Operating margin (%) 10.2 10.4 11.2 11.5 12.1Net margin (%) 10.4 11.8 11.5 11.8 12.6Core profit margin (%) 10.4 11.8 11.4 11.8 12.6ROA (%) 7.0 7.3 7.4 8.3 9.2ROCE (%) 8.1 8.6 8.7 9.9 11.1Asset turnover (x) 0.7 0.6 0.6 0.7 0.7Current ratio (x) 1.1 1.0 0.8 0.7 0.7Gearing ratio (x) 1.3 0.9 0.7 0.6 0.5Interest coverage (x) 3.0 3.5 3.2 4.2 5.4BALANCE SHEET (Btm)Cash & Equivalent 3,702 3,370 2,483 2,918 3,326Accounts receivable 2,955 3,332 3,511 3,603 3,969Inventory 1,616 1,675 1,693 1,830 2,182PP&E-net 20,397 23,432 25,624 27,427 29,011Other assets 23,050 28,127 28,127 28,127 28,127Total assets 51,721 59,936 61,438 63,905 66,616Accounts payable 4,640 4,998 5,917 6,770 7,369ST debts & current portion 910 971 2,000 3,500 4,900Long-term debt 24,063 23,196 19,596 15,997 12,397Other liabilities 3,045 3,897 3,897 3,897 3,897Total liabilities 32,659 33,062 31,410 30,163 28,563Paid-up capital 3,687 4,001 4,001 4,001 4,001Share premium 7,332 7,332 7,332 7,332 7,332Retained earnings 10,641 13,558 16,627 20,253 24,471Shareholders equity 17,864 25,090 28,159 31,785 36,004Minority interests 1,198 1,784 1,868 1,957 2,050Total Liab.&Shareholders' equity 51,721 59,936 61,438 63,905 66,616CASH FLOW (Btm)Net income 3,243 4,101 4,469 5,180 6,020Depreciation and amortization 2,201 2,465 2,808 3,196 3,416Change in working capital 2,303 (1,649) (2,639) (1,689) (872)FX, non-cash adjustment & others (3,702) 264 3,555 2,363 783Cash flows from operating activities 4,046 5,181 8,194 9,050 9,346Capex (Invest)/Divest (4,170) (5,127) (5,000) (5,000) (5,000)Others (2,159) (1,847) 0 0 0Cash flows from investing activities (6,329) (6,974) (5,000) (5,000) (5,000)Debt financing (repayment) 4,532 (948) (2,571) (2,100) (2,200)Equity financing 912 3,602 0 0 0Dividend payment (493) (1,185) (1,400) (1,554) (1,801)Others (2,159) (1,847) 0 0 0Cash flows from financing activities 4,834 1,445 (3,887) (3,566) (3,908)Net change in cash 2,551 (348) (693) 484 438Free cash flow (Btm) (125) 54 3,194 4,050 4,346FCF per share (Bt) (0.03) 0.01 0.80 1.01 1.09KEY ASSUMPTIONS 2012 2013 2014E 2015E 2016EHotel occupancy rate 69% 70% 66% 70% 75%Room rate change 4% 0% 9% 0% 4%RevPar change 11% 1% 3% 6% 12%SSS growth 4.5% 4.1% 3.2% 2.9% 2.9%TSS growth 15.1% 13.8% 10.5% 9.5% 9.5%Residential income (Btm) 2,899 3,320 2,532 3,132 3,612

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20

30

40

50

0.00.10.20.30.40.50.6

10 11 12 13 14E 15E 16E

Dividend (Bt)Payout ratio (%)

%



Profit margins

Capital expenditure

Debt serviceability

Dividend payout


Regional Comparisons Bloomberg Price Market Cap

Code (local curr.)(US$

equivalent) 2014E 2015E 2014E 2015E 2014E 2015E 2014E 2015E 2014E 2015E

Banyan Tree Holding BTH SP SGD0.5 300 44.2 18.3 -49.8 141.7 n.a. n.a. n.a. n.a. n.a. n.a.Breadtalk Group BREAD SP SGD1.5 324 30.9 25.8 n.a. n.a. n.a. n.a. 15.8 14.5 1.3 1.3Mandarin Oriental MAND SP SGD1.7 1,656 19.4 17.7 -7.4 -4.5 1.6 1.6 8.0 7.7 4.1 4.4Formosa International Hotels C 2707 TT TWD325.0 1,213 32.5 27.4 5.0 19.0 8.6 7.9 35.0 33.2 2.4 2.6The Ambassador Hotel,Ltd. 2704 TT TWD28.0 328 24.2 24.1 20.1 -1.3 1.1 1.1 4.6 4.8 2.3 2.4Jin Jiang Hotel Group 2006 HK HKD2.6 1,852 16.0 14.9 n.a. n.a. 1.3 1.4 9.0 8.6 2.6 3.4Shangri-La Asia Limited 69 HK HKD10.1 4,673 30.4 25.6 -22.9 6.4 0.7 0.6 2.3 2.0 1.1 1.3The Hongkong&Shanghai Hote 45 HK HKD11.0 2,161 26.5 26.5 51.7 -6.8 n.a. n.a. n.a. 1.9 1.7 1.8Esprit Holding 330 HK HKD8.5 2,140 72.4 32.5 -92.2 122.9 1.0 0.9 2.6 1.4 0.7 1.9Giordano International 709 HK HKD3.7 749 14.2 13.1 -4.0 9.1 1.9 1.9 15.0 13.6 6.7 7.0Berjaya Food BFD MK MYR3.0 310 30.0 19.2 28.2 48.2 2.5 2.4 14.2 12.9 1.6 2.3Bonia Corp BON MK MYR1.0 222 13.2 11.8 48.2 11.8 0.7 0.6 17.1 16.6 2.8 3.0Padini Holdings PAD MK MYR1.5 269 10.1 9.1 8.5 12.0 2.1 1.9 32.5 25.7 7.0 7.7Yoshinoya Holdings Co 9861 JP JPY1,310.0 708 70.6 61.4 36.5 15.1 1.9 1.9 3.2 2.6 1.5 1.5Accor AC FP EUR44.4 11,622 27.8 24.8 141.1 23.0 3.2 3.0 14.1 13.1 2.0 2.2Inter Continental IHG LN GBP2,756.0 9,821 26.5 23.1 23.8 3.3 n.a. n.a. -58.1 -64.1 1.8 2.0Whitbread WTB LN GBP5,065.0 13,872 24.6 21.7 10.6 14.7 3.9 3.4 19.4 19.8 1.5 1.7Host Hotels HST US USD24.1 18,282 20.5 21.2 159.5 -1.4 2.4 2.3 7.9 9.4 2.9 3.4Choice Hotels CHH US USD59.1 3,436 29.3 26.2 4.4 13.1 n.a. n.a. -38.6 -27.4 1.3 1.3Marriott Int'l MAR US USD79.4 22,503 31.0 26.1 22.7 20.3 n.a. n.a. -59.3 -49.6 1.0 1.1Starwood HOT US USD75.3 13,449 26.7 23.7 -14.5 10.3 7.9 6.9 33.6 22.8 1.8 2.0Wyndham Worldwide Corporati WYN US USD87.3 10,756 19.6 17.9 33.8 10.9 5.9 4.7 35.6 37.9 1.6 1.6Domino's Pizza DPZ US USD98.7 5,431 33.9 29.1 12.6 16.3 n.a. n.a. -16.9 -13.3 1.0 1.1Dunkin' Brands Group DNKN US USD47.0 4,915 26.8 24.5 17.8 13.0 13.4 15.3 48.5 46.6 1.9 2.3Mcdonald's Corp MCD US USD90.7 88,240 17.4 16.5 -7.4 6.2 6.5 5.8 38.7 34.6 3.8 4.0The Gap GPS US USD42.4 17,947 15.4 13.8 -0.2 13.4 6.6 5.8 41.8 40.6 2.0 2.0OISHI Group Plc OISHI TB SGD75.0 432 30.6 21.2 -6.2 23.4 3.5 3.6 17.9 13.8 1.7 2.5Central Plaza Hotel CENTEL TB THB33.50 1,390 40.8 30.3 -16.1 34.6 3.8 3.5 10.4 13.0 1.0 1.3The Erawan Group ERW TB THB4.90 373 n.m. 83.1 n.m. n.m. 2.5 2.4 -2.3 3.1 -0.3 0.4Minor International MINT TB THB34.00 4,181 30.4 26.3 9.0 15.9 4.5 4.0 16.8 17.3 1.1 1.3Simple average 28.8 25.2 15.3 21.9 3.8 3.6 9.6 9.1 2.1 2.4

PER (x) EPS Growth (%) PBV (x) ROE (%) Div Yield (%)


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