Bright Horizons: Navigating Tourism's Growth Revival
F
FCR Recommendations: Hotel Sector
First Capital
FIRST CAPITAL RECOMMENDATIONS: HOTEL SECTOR
A Janashakthi Group Company
Stock
Stock Code
Share price
22.08.2023
Target Price Target Price
2023E/FY24E 2024E/FY25E
52-week
High
52-week
Low
Capital gain
(%) FY25E
Annualized
return (%)
FY25E
EPS
FY25E
Forward
PER
No.of
Rooms
EV per
room
FCR
Recommendation
LKR
LKR
LKR
LKR
LKR
LKR
(x)
Aitken, Spence Hotels
AITKEN SPENCE HOTEL HOLDINGS PLC
AHUN.N
79.60
80.00
105.00
90.00
48.00
31.9%
20.1%
7.0
11.4
2,627.00
35.09
BUY
Cinnamon
HOTELS & RESORTS
JOHN KEELLS HOTELS PLC
KHL.N
23.40
26.00
35.00
24.70
14.60
49.6%
30.6%
2.3
10.2
1,476.00
58.95
BUY
Hayleys
LEISURE
Jetwing
LIGHTHOUSE
HAYLEYS LEISURE PLC
CONN.N
25.60
32.00
40.00
28.00
18.00
56.3%
34.4%
5.0
5.1
418.00
11.78
BUY
THE LIGHTHOUSE HOTEL PLC
LHL.N
34.40
40.00
50.00
39.80
23.00
45.3%
28.1%
3.3
10.4
90.00
22.22
BUY
GALLE SRI LANKA
OOO
THE FORTRESS RESORTS PLC
THE FORTRESS RESORT & SPA
RHTL.N
20.40
25.00
32.00
23.50
13.20
56.9%
34.7%
2.1
9.7
53.00
36.58
BUY
ROYAL PALMS BEACH HOTELS PLC
RPBH.N
29.50
35.00
46.00
34.80
20.10
55.9%
34.2%
3.5
8.4
136.00
8.42
BUY
ROYAL PALMS
BEACH HOTEL
SERENDIB
LEISURE
SERENDIB HOTELS PLC
SERENDIB
LEISURE
DOLPHIN HOTELS PLC
Cinnamon
SHOT.N
14.10
12.50
20.00
20.00
7.30
41.8%
26.1%
1.1
12.8
341.00
19.29
BUY
STAF.N
35.40
42.00
55.00
39.80
25.20
55.4%
33.9%
4.6
7.7
154.00
13.18
BUY
ASIAN HOTELS AND PROPERTIES PLC
AHPL.N
61.00
55.00
86.00
64.50
31.50
41.0%
25.5%
5.7
10.7
GRAND
Colombo
847.00
39.79
BUY
Source: Bloomberg, First Capital Research
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