Last Traded Price (25 Jun 2021): HK$3.12 (HSI : 29,288)
Price Target 12-mth: HK$3.83 (23% upside) (Prev HK$3.49)
Jeff YAU CFA, +852 36684180

Poised for post-pandemic recovery
Investment Thesis
BUY with HK$3.83 TP. The stock is trading at a 74% discount to our assessed current NAV with an estimated dividend yield of 6.1%. Valuation is undemanding. The mass vaccination roll-out offers hopes of resumption of cross-border travel which should benefit the company’s core businesses such as hotel operations.