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Comprehensive Analysis of the Hotel Sector based on Room Ownership

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God Father


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Comprehensive Analysis of the Hotel Sector based on Room Ownership Hotel_10

Hotel Rooms
Above analysis takes into consideration the number of hotel rooms directly and indirectly controlled by each hotel entity. This include Hotel rooms under construction as well, which is stated separately.

Equity Value Per Room (EQ per Room)
Equity Value or Shareholder Value per room is derived by dividing total shareholders funds (NAV)/BV) inclusive of minority interest by the available number of rooms directly and indirectly controlled by the each hotel. Higher EQ Value per Room indicates the revenue earning capability of each room. Cost of the replacement value per each type of star class hotel room are given in the table 2.

Market Capitalisation Per Room
Market Value or Market Capitalisation per room is determined by dividing the total Market Capitalisation of the respective share by the number of hotel rooms directly and indirectly controlled by the each hotel. This will indicate how investors have perceived the value of the each hotel room from the perspective of stock market.

Price To Book Value (PBV) Per Hotel Room
Price to Book Value of each hotel room is determined by dividing the Market Capitalisation per Room by the Equity Value Per Room. Lower this indicator the more likely be an attractive investment opportunity.

City Hotels

Comprehensive Analysis of the Hotel Sector based on Room Ownership Scree125

Accordingly AHPL and RENUK seems the most attractive city hotel from the perspective of the valuation.

Comprehensive Analysis of the Hotel Sector based on Room Ownership Scree127

The total room inventory recorded up to December 2019 was 40,365. Classified tourist hotels (1-5 star) had the highest inventory of 14,093 rooms while Guest houses had 11,661 rooms. Tourist hotels had an inventory of 9,636 rooms.


Comprehensive Analysis of the Hotel Sector based on Room Ownership Image_13
Comprehensive Analysis of the Hotel Sector based on Room Ownership Scree123
Comprehensive Analysis of the Hotel Sector based on Room Ownership Scree124

rajini likes this post

rajini


Manager - Equity Analytics
Manager - Equity Analytics

Good work. Thanks for sharing with forum members. I have one question for you. Some hotels have other kind of properties.

Asian hotels owns Crescat Boulevard, apartments
Renuka has T bills and investments in companies

Citrus owns beachfront properties in pasikudah and kalpitiya tourism zones and 2.5 billion investments in liberty plaza holding company.
Is the value for the room calculated by excluding the value of other properties ?

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