Added to YB: 2026-04-13
Pitch date: 2026-04-09
0045.HK [bullish]
The Hongkong and Shanghai Hotels, Limited
-11.82%
current return
Author Info
No bio for this author
Company Info
The Hongkong and Shanghai Hotels, Limited, an investment holding company, engages in the ownership, development, and management of luxury hotels and commercial and residential properties in China, Europe, the United States, and the rest of Asia.
Market Cap
HKD 9.4B
Pitch Price
HKD 6.05
Price Target
25.98 (+390%)
Dividend
N/A
EV/EBITDA
13.61
P/E
14.90
EV/Sales
2.79
Sector
Hotels, Restaurants and Leisure
Category
value
Buying the Peninsula Hotels brand for 0.3 times book value
0045.HK: Peninsula Hotels brand at 0.3x NAV ($25.98 PT vs $5.90). FY25 rev $972M (+11%), EBITDA $221M (+42%), CFO $107M (+69%). 12 luxury hotels w/ high brand awareness, low utilization. New CEO from LVMH shifting to asset-light model (management fees vs capex-heavy builds). Targeting Middle East/resorts, branded residences. RevPar: USA +13%, Asia +18%, Europe +14%, China +8%. Debt $1.6B (23% ratio), 3.9% rate. Upside catalysts: dividend resumption, commercial property sale ($2.5B Repulse Bay/offices) to cut debt & pay dividend, spin-off hotels vs commercial to unlock 77% NAV discount. Conservative case: 40% NAV discount = 164% upside on re-rating.
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