Thursday, November 20, 2014


王馨平2001年与金融才俊Stephen Lee结婚后,便淡出娱乐圈,直到2011年以专辑《馨情》复出。2014年,王馨平再出发,推出专辑“Truly”,重新演绎10首她最爱的国、粤语经典,包括黎明《今夜你会不会来》、张信哲《爱如潮水》、陈奕迅《单车》等等。
此趟来新,王馨平将在12月20日(7:30pm)在Bookfest举办个人签唱会,并于12月21日(2pm)在Popular@Causeway Point举行另一场见面会。

Wednesday, November 05, 2014

OUE Hospitality Trust - Room to grow amid stability

Strong quarter 
OUE Hospitality Trust (OUE-HT) delivered S$21.7m distributable income and DPU of 1.64Scts, beating forecast made during its IPO by 2.7% and 2.5% respectively. On a qoq basis, Mandarin Orchard Singapore (MOS) recorded better room revenue, achieving higher RevPAR of S$252 (vs.S$242 in 2Q14), while occupancy remained above 90%. The higher room rates were mainly a result of i) the 160 refurbished rooms that was completed in 2Q ii) higher corporate patronage and iii) stronger food & beverage sales. Mandarin Gallery’s (MG) similarly contributed higher gross revenue, achieving average rental reversion of 4.7% and registering a passing rent of S$23.9 psf/mth (vs S$23.7 psf/mth in 2Q14). 

Further room to grow both organically and inorganically
Looking ahead, with i) the decline in visitor arrival stabilizing; ii) Singapore is scheduled to host more major international sporting events and iii) the government’s effort in revitalising Orchard Road into a vibrant lifestyle destination, OUE-HT is well-positioned to benefit from the stronger outlook. Given its locality coupled with the continual demand for prime Orchard road space, we believe management could continue to achieve positive rental reversion when renewing the 44% (by gross rent) of lease in MG that is due to expire in FY15. Inorganically, Crowne Plaza Hotel at Changi Airport is expected to be the next acquisition target. 

Maintain Add
With c.62% of income attributed from fix rent, OUE-HT’s earnings are more defensive than its peers. Currently, offering dividend yield of 7.7% for FY15 while trading at 1.0x P/BV vs. yield of 7.3% and 1.0x P/BV for its peers, we continue to see value in OUE-HT and have maintained our Add rating.