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Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Equity Bottom-Up

Hongkong & Shanghai Hotels / Equity Bottom-Up

<ul>
<li>Great portfolio of assets, most notably 10 hotels under the Peninsula brand name</li>
<li>Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.</li>
<li>NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.</li>
</ul>


Great portfolio of assets, most notably 10 hotels under the Peninsula brand name
Capex has been excessive over the past 10 years, especially in London, but the company is now focused on execution and paying back debt. Both London and Istanbul ramping up.
NAV per share of HK$24 per share, putting at the HK$6.2 price at a 74% discount to NAV. Key is whether Philip Kadoorie will unlock value once he takes over.


Hongkong & Shanghai Hotels

The Hongkong & Shanghai Hotels (45 HK)