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China Travel shares rise on resort revenue boost
Alman Loong
Wednesday, January 31, 2007
Shares of China Travel International (0308), the Hong Kong-listed arm of the state-owned mainland travel service, soared more than 21 percent after its Zhuhai Ocean Spring Resort project recorded higher than expected revenue.
China Travel shares rose 21.74 percent to close at HK$ 3.36 Tuesday.
The hot-spring facility opened in January 2006 and, according to resort senior management who announced the results to visiting analysts, the resort recorded three million visitors in 2006, generating 360 million yuan (HK$361.58 million) in revenue. This is well in excess of the first-year target of 2.3 million.
The resort is targeting business and leisure travelers from Shanghai, Beijing and nearby Asian countries.
"Room rates start at 1,080 yuan for a standard room to 22,800 yuan for a 10-room villa. It is much higher when compared to the 400 yuan to 600 yuan charged at local five-star hotels," said JPMorgan analyst Frank Gong, in a report.
The occupancy rate was more than 90 percent for weekends, and 60 percent to 70 percent during weekdays. A second phase is under construction and is expected to be ready early 2008.
According to statistics from the World Tourism Organization, by 2020 China will be the world's largest tourist destination and the fourth-largest source of global leisure travelers.
China Travel International Investment said early 2006 it plans to buy 17 mainland travel agencies from its parent, China Travel Service (Holdings) HK, in a bid to cash in on China's burgeoning tourism market.
JPMorgan has also raised its target price on China Travel International Investment to HK$4.60 from HK$3, given the travel industry's strong positive growth and the company's own prospects.
The investment house said the strong growth trend in the travel industry remains intact, with China recording an increase in travel revenue of 16.3 percent year on year to 894 billion yuan in 2006.
Wachstum durch Innovation
see article:
China Travel shares rise on resort revenue boost
Alman Loong
Wednesday, January 31, 2007
Shares of China Travel International (0308), the Hong Kong-listed arm of the state-owned mainland travel service, soared more than 21 percent after its Zhuhai Ocean Spring Resort project recorded higher than expected revenue.
China Travel shares rose 21.74 percent to close at HK$ 3.36 Tuesday.
The hot-spring facility opened in January 2006 and, according to resort senior management who announced the results to visiting analysts, the resort recorded three million visitors in 2006, generating 360 million yuan (HK$361.58 million) in revenue. This is well in excess of the first-year target of 2.3 million.
The resort is targeting business and leisure travelers from Shanghai, Beijing and nearby Asian countries.
"Room rates start at 1,080 yuan for a standard room to 22,800 yuan for a 10-room villa. It is much higher when compared to the 400 yuan to 600 yuan charged at local five-star hotels," said JPMorgan analyst Frank Gong, in a report.
The occupancy rate was more than 90 percent for weekends, and 60 percent to 70 percent during weekdays. A second phase is under construction and is expected to be ready early 2008.
According to statistics from the World Tourism Organization, by 2020 China will be the world's largest tourist destination and the fourth-largest source of global leisure travelers.
China Travel International Investment said early 2006 it plans to buy 17 mainland travel agencies from its parent, China Travel Service (Holdings) HK, in a bid to cash in on China's burgeoning tourism market.
JPMorgan has also raised its target price on China Travel International Investment to HK$4.60 from HK$3, given the travel industry's strong positive growth and the company's own prospects.
The investment house said the strong growth trend in the travel industry remains intact, with China recording an increase in travel revenue of 16.3 percent year on year to 894 billion yuan in 2006.
