Bank of America Merrill Lynch reported that 00045-HK had 5.178 billion yuan in revenue last year, which was consistent with the bank's expectations, with earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.201 billion, down 1 per cent year-on-year and 3 per cent higher than the bank's expectations. Profit margin was 23.2 per cent, 40 percentage points higher than the bank's expectations, but fell by 1 percentage point year-on-year due to refurbishment. The company is currently seeking to sell up to 49 per cent of peninsula apartments, which BofA Merrill Lynch believes will have little impact on the company's potential profits. Bank of America Merrill Lynch raised its 2013 and 14 EBITDA forecasts by 4% and 5% respectively, mainly due to an increase in hotel room rates after the renovation is completed. However, the stock is currently trading at the highest level in the industry, which is also higher than the long-term historical average. BofA Merrill Lynch reiterated that the hotel "outperformed the market" rating, with the target price unchanged at 13.2 yuan.

Bank of America Merrill Lynch said commercial property revenue and EBITDA fell 1 per cent and 4 per cent respectively as a result of the renovation of the hotel's serviced residence "de Ricou" in Repulse Bay. The club and service division EBITDA grew strongly, growing at an annual rate of 16% in the first half of last year, helping to make up for the loss of EBITDA, the commercial property business of the hotel industry.