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Hotel Royal
Bloomberg: HRY SP Reuters: HTRS.SI Price: SGD2.31
Pr i ce 30 Day Movi ng Aver age
Date: February 27, 2012
Price (SGD)
2.80 2.60 2.40 2.20 2.00 1.80 1.60 1.40
GICS: Consumer Discretionary/Hotels, Resorts & Cruise
Lines
a hotelier with a chain of three 4-star hotels in Singapore and Penang, and a portfolio of investment properties in New Zealand, Singapore and Penang.
Business Summary: Incorporated in 1968, Hotel Royal is
Country of Incorporation: Singapore Head Office Location: Hotel Royal, 36 Newton Road,
Singapore 307964 Zealand
Vol ume
Vol ('000)
4,000 3,000 2,000 1,000 0
Place of Operations: Singapore, Malaysia and New Website: www.hotelroyal.com
+65-64260101
IR Contact: Lee Chou Hock | chlee@hotelroyal.com.sg | Analyst: Sharon Wong, CFA / Ching Wah, Tam
Feb 09 May 09 Jul 09 Sep 09 Nov 09 Jan 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Feb 12
Results Review
4Q11 results below expectations. Hotel Royal posted a net loss of SGD1.1 mln in 4Q11 vs. a net profit of SGD4.1 mln in 4Q10, due mainly to a number of one-off items: (i) expenses relating to the acquisition of White Orchid Hotel (SGD0.3 mln); (ii) withholding tax on interest receivable from Grand Complex (SGD1.1 mln); and (iii) impairment loss on an investment property (MYR2.46 mln). The withholding tax was recognized on interest receivable from subsidiary in New Zealand. Nevertheless, after adjusting for the one-off items, Hotel Royal posted a 6.1% YoY rise in recurring net profit to SGD9.89 mln in 2011 vs. SGD9.32 mln in 2010. Strong growth in hotel operations. F&B revenue and rental income rose 27.2% YoY and 22.1% YoY in 2011, respectively on the back of higher room rates, hotel occupancy, additional contribution from Hotel Royal in Kuala Lumpur, which was acquired in October 2010, and better performance from Hotel Royal in Penang. The jump in rental income was due mainly to commencement of a new major tenancy in Grand
Bloomberg: HRY SP Reuters: HTRS.SI Price: SGD2.31
Pr i ce 30 Day Movi ng Aver age
Date: February 27, 2012
Price (SGD)
2.80 2.60 2.40 2.20 2.00 1.80 1.60 1.40
GICS: Consumer Discretionary/Hotels, Resorts & Cruise
Lines
a hotelier with a chain of three 4-star hotels in Singapore and Penang, and a portfolio of investment properties in New Zealand, Singapore and Penang.
Business Summary: Incorporated in 1968, Hotel Royal is
Country of Incorporation: Singapore Head Office Location: Hotel Royal, 36 Newton Road,
Singapore 307964 Zealand
Vol ume
Vol ('000)
4,000 3,000 2,000 1,000 0
Place of Operations: Singapore, Malaysia and New Website: www.hotelroyal.com
+65-64260101
IR Contact: Lee Chou Hock | chlee@hotelroyal.com.sg | Analyst: Sharon Wong, CFA / Ching Wah, Tam
Feb 09 May 09 Jul 09 Sep 09 Nov 09 Jan 10 Apr 10 Jun 10 Aug 10 Oct 10 Dec 10 Mar 11 May 11 Jul 11 Sep 11 Nov 11 Feb 12
Results Review
4Q11 results below expectations. Hotel Royal posted a net loss of SGD1.1 mln in 4Q11 vs. a net profit of SGD4.1 mln in 4Q10, due mainly to a number of one-off items: (i) expenses relating to the acquisition of White Orchid Hotel (SGD0.3 mln); (ii) withholding tax on interest receivable from Grand Complex (SGD1.1 mln); and (iii) impairment loss on an investment property (MYR2.46 mln). The withholding tax was recognized on interest receivable from subsidiary in New Zealand. Nevertheless, after adjusting for the one-off items, Hotel Royal posted a 6.1% YoY rise in recurring net profit to SGD9.89 mln in 2011 vs. SGD9.32 mln in 2010. Strong growth in hotel operations. F&B revenue and rental income rose 27.2% YoY and 22.1% YoY in 2011, respectively on the back of higher room rates, hotel occupancy, additional contribution from Hotel Royal in Kuala Lumpur, which was acquired in October 2010, and better performance from Hotel Royal in Penang. The jump in rental income was due mainly to commencement of a new major tenancy in Grand