 Goh Han PengGL Limited (GLL SP) (formerly known as GuocoLeisure), has recently put up its west London hotel, Thistle Kensington Gardens Hotel, for sale and has appointed Jones Lang LaSalle to assist in the process. The 175-room hotel was highlighted as one of the two hotels within GL's portfolio that has redevelopment potential in an independent valuation report by Christie + Co two years ago, and valued at £42m on its current use basis. We expect any potential sale to generate a handsome profit given the site's prime location and re-development potential. Separately, GL is also reviewing its plans for its mega hotel, the 800-room Tower Hotel, whether to go ahead with refurbishment plans or consider a re-development of the site. We expect the group to review its other non-core assets this FY (Clermont Club casino license, Molokai property interest and Bass Straits oil royalty) and any divestment on this front to redeploy capital to the core hotel business will drive a share price re-rating, in our view. Maintain BUY and SGD1.43 TP based on SOTP valuation. |
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