辉立证券-旅游服务业-services tourism＆leisure sector (tourism) overweight-20170721-phillip securities

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1、21July17SectorServices/Tourism&LeisureSector(TOURISM)OverweightEstimatedRating/earningsTicker2QFY17E1QFY172QFY16%y-y%q-qReasonsFV(Bt)announcementdateCENTELB/43Netprofit343783354(3)(56)9/8/17MaldiveshotelsoperationsstartedtoshowapositivesignandtheirEPS0.250.580.26(3)(57)RevParis

2、expectedtoinchuptonearly0%froma12%yydropin1QFY17.Infoodbusiness,SSSGmaynotbesomewhatfavorableasconsumerspendinghasnotfullyrecovered.‐ERWB/6Netprofit322081789(85)10/8/17Eventhough2QFY17earningsareexpectedtobestrongdespitelowEPS0.010.080.0189(85)seasonalityafteritopened3newHopInn

3、hotelsinlinewithitsbranchexpansionandmaintainedan80%occupancyrate.WeexpecttoseeagradualriseinADRgrowthratefortheremainderoftheyear.MINTB/48Netprofit7761,9247326(60)11/8/17TherecoverymomentuminhotelbusinesscontinuesastheexpectedEPS0.180.440.176(60)double-digitgrowthfromTivolihot

4、elsinPortugalandBrazilaftercompleterenovationatmostofselectedTivolihotelswouldboostRevParandcompensateapotentialslowdowninitsrestaurantservicesbusinessfollowingaslowerSSSGgrowthinThailandhubandcontinued,althoughlower,negativeSSSGinSingaporehub.Total1,1512,9151,1034(61)SectorCom

5、ment2QFY17earningsfortourismsectorwillcontinuetorecoverinlinewithdomestictourismwhichnearlyreturnstonormality.InternationaltouristarrivalstoThailandinthefirstsixmonthsofFY17rose4.4%y-yespeciallyinAprwhenaninfluxofvisitorsledbythosefromEuropeandRussiatooktheirEasterholiday.AsChi

6、nesetouristvolumesstarttoreturntonormalityafterthezero-dollartourcrackdown,thenumbersgrew6%y-yinJun2017.InMaldives,hoteloperationshaveshownabetterperformancefromaYTD5.8%riseintouristtrafficwhichwouldpartiallyhelpadsorbanoversupplyofrooms.Growthinhotelbusinesswouldoffsetfoodbusi

7、nesswhichhasfelttheshort-termpinchofaslowdownindomesticbuyingpower.Webelieveoverallperformanceoftourismsectorwillrecoverinwhatremainsoftheyearduetoalow-baseeffectin2HFY16.MINTisourtoppickinthetourismspaceonviewsthatearningsfromitshotelbusinessinPortugalareexpectedtobestrongduri

8、nghighseasonin3QFY17anditsrestaurantservicesbusinesswi