We hosted management of Banyan Tree Holdings (BTH) at a recent marketing event. Key issues discussed include updates on the partnerships with Accor and Vanke, future growth pillars and outlook for the Group’s key markets. Below are some highlights.
Outlook is positive as we expect the strong RevPAR growth in the Group’s biggest market in Thailand to be sustainable, underpinned by the ongoing recovery in the tourism industry. Other growth catalysts include management contracts from the Accor/Vanke partnerships. Maintain Accumulate with target price of S$0.73, translating to 0.94x FY18 P/NAV.