4Q13 hit by Thailand’s political woes
Forward bookings for portfolio of hotels positive despite a weak outlook in Thailand.
BUY, reduced TP to S$0.79 based on SOTP
4Q13 results hit by Thailand’s political unrest.
Banyan Tree Holdings (BTH) reported a marginal uptick in revenues to S$97.9m. While performance was flattish, a main contributor to topline was its property sales segment, which increased 12% y-o-y y. Meanwhile, revenues from its managed and owned hotels saw an uptick of 3% y-o-y,…
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