Goh Han PengGoh Han PengGL Limited (GLL SP) (formerly known as GuocoLeisure), has recently put up its west London hotel, Thistle Kensington Gardens Hotel, for sale and has appointed Jones Lang LaSalle to assist in the process. 

The 175-room hotel was highlighted as one of the two hotels within GL's portfolio that has redevelopment potential in an independent valuation report by Christie + Co two years ago, and valued at £42m on its current use basis.

We expect any potential sale to generate a handsome profit given the site's prime location and re-development potential.

Separately, GL is also reviewing its plans for its mega hotel, the 800-room Tower Hotel, whether to go ahead with refurbishment plans or consider a re-development of the site. 

We expect the group to review its other non-core assets this FY (Clermont Club casino license, Molokai property interest and Bass Straits oil royalty) and any divestment on this front to redeploy capital to the core hotel business will drive a share price re-rating, in our view. 

Maintain BUY and SGD1.43 TP based on SOTP valuation.

Share Prices

Counter NameLastChange
AEM Holdings4.6200.240
Avi-Tech Electronics0.3000.005
Broadway Ind0.150-0.003
China Sunsine0.470-0.005
Food Empire0.550-0.005
Fortress Minerals0.375-
Geo Energy Res0.395-0.015
Golden Energy0.495-0.045
GSS Energy0.053-0.003
ISDN Holdings0.480-0.025
IX Biopharma0.165-0.004
Jiutian Chemical0.091-0.003
KSH Holdings0.3550.005
Leader Env0.061-
Medtecs Intl0.181-0.005
Meta Health0.0300.001
Moya Asia0.060-0.002
Nordic Group0.425-
Oxley Holdings0.180-0.004
REX International0.240-0.005
Sinostar PEC0.220-
Southern Alliance Mining0.670-
Straco Corp.0.390-
Sunpower Group0.385-
The Trendlines0.096-
Totm Technologies0.124-
UG Healthcare0.210-
Uni-Asia Group1.1200.040
Wilmar Intl4.120-0.060
Yangzijiang Shipbldg0.945-0.015

NextInsight RSS

rss_2 NextInsight - Latest News

Online Now

We have 723 guests and no members online