國賓 Ambassador Hotel 2704 « 傳產 « 研究報告 « Downloads
| Attribute | Value |
|---|---|
| Version | Feb 22-2010-Nomura |
| Date posted | February 23, 2010 |
| Downloaded | 64 times |
| Categories | 傳產, 研究報告 |
| Tags | , |
Description
We initiate on Ambassador Hotel with REDUCE, and a PT of NT$30. Taiwan looks
to be entering a period of hyper-expansion of new hotels, which has not been
factored in by the market. Our main concern is in Hsinchu, where the Ambassador
Hsinchu operates. Our FY10-11F net profit forecasts are 15% and 7% below
consensus, and we expect earnings downside as the market factors in new hotels.
