Dr. Andrew Stotz, CFA

A. Stotz Investment Research

Equity Bottom-Up

<ul>
<li>Good growth in core profit and cheap on a gross profit basis relative to companies across its sector</li>
<li>With more than 50% of its luxury hotel brand properties located in Asia, including the Hong Kong flagship, MAND is very well placed for capturing a greater share of the high-growth Chinese traveler market</li>
<li>Although already in the top-10 luxury brands by hotel numbers, MAND’s growth potential will be further enhanced once its room refurbishment program is completed in 18 months</li>
<li>MAND trades below…</li>
</ul>

Singapore

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

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