MandarinOriental: Results generally in-line with estimates. FY2010 rev came in at US$513.2m +17.2%yoy and net profit was US$44.4m -46.8%yoy. However excluding one-offs from 09 net profit increased 255.2%yoy. Growth was mainly due to Asia (60% of total rev) with RevPAR rising over 30%yoy in HK and Singapore with total RevPAR growth +18%yoy…
EBITDA margins also increased at 21% up from 16% in 09. However dividends were lower at US$0.03 compared to US$0.05 in 09. Co has 26 hotels currently with further 16 more in the pipeline. Deutsche maintains Hold with no TP given. Co’s current P/E is approx 46.7x and P/B of 2.3x.
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