F&N: Frasers Hospitality opened Frasers Residence Sudirman, Jakarta in the Central Business District. The investment cost US$30m. They intend to open three more properties in Jakarta over the next three years, adding another 500 units of serviced apartments. The property combines private home and Gold-Standard services, as well as flexible leases to cater for business executives on short to medium-term project work...
Worldwide, they will open 25 new properties with 4.3k serviced residences over the next two years. They are projected to manage 65 properties across 38 cities by end 2012.
Stock currently trades at 10.2X P/E. Analyst recommendations are largely positive with TP $7.16 - 8.54.
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