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帝盛(02266.HK)内地业务逐步改善

02266.HK 's mainland business is gradually improving

金利豐證券 ·  Aug 9, 2013 00:00  · Researches

Di Shing Hotel (2266) has a total of 24 medium and developing hotels in Hong Kong, the mainland, Singapore and Malaysia. As of the first quarter of the end of June this year, the average rent in the market was flat at 750 yuan, while the occupancy rate fell slightly by 2 percentage points to 80%.

Hong Kong is the main source of revenue for the market, but the occupancy rate dropped in the first quarter, but some of it was offset by an increase in inland services. The renovation of the Emperor Hotel in Wuwei was completed in the second half of 2011, similar to the Di Sheng Hotel in Shanghai. during the stimulus period, the average revenue per room recorded an increase of 11%. Inland transactions have been recorded in the past, and last year, the branch paid 55.4% to 4367.5 million yuan, but it is believed that with the implementation of the newly completed Chengdu project, it is expected to be gradually narrowed. A few days ago, a total of 180 million yuan was spent on Jiangxi property, which is located in a famous tourist area. After it is possible to get a formal hotel, it will help to increase the number of sports in the future.

The new hotel in London opened in 2014 and 2016 respectively, and the business version has been extended to Asia. In April, the fair cooperated with the international tourist resort agency, and the latter has a large customer network with 1.4 million members, and the cooperation is expected to expand the promotion channels of the fair, with a view to attracting more beautiful tourists, which is worthy of hope. However, the holding of funds has made a certain contribution to the composition of collective investment, which has reached 3.87 billion yuan, and the interest cost is also at a very high level.

For the whole of last year, a dividend of 12 cents per share was paid, with a dividend yield of 37% and a current interest rate of 6.6%. The dividend is attractive. Since the stock market started in March this year, the stock market has shown a downward trend of one wave after another. At present, it has lost all the main average lines, and the gap between MACD bears is very large. The STC%K market continues to fall below the% D line, and it is desirable to absorb it at a low level of 1.75 yuan. If it does not fall below 1.65 yuan, it can continue to hold.

The translation is provided by third-party software.


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