HPL: Our own house has maintained Buy with TP$3.38 citing 1) recovery in tourism to pre-crisis levels and projected growth of 4-5% in 2011 and 2) development income from The Interlace d’Leedon. Sales at 70-unit Tomlinson Heights project has been slow but is expected to pick up in 2011...
Lower valuations from 21st Century Tower in Shanghai to be offset by higher valuations (+20%) from hotels. Co valued at 20% to RNAV. HPL is trading approx 1.16x P/B, other hotel owners UOL at 0.86x P/B and OUE at 1.42x P/B.
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