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1、Hotel A Investment AnalysisLittle MineContentPart1.Industry analysisPart1.Industry analysis4 yearCAGR15.6%The market is soaringIndustry OverviewNascent and Fragmented MarketNascent and Fragmented MarketA Large space to develop in the futureTourism investments RMB158.6 billion in 2008,representing a 2、four-year CAGR of 16.0%.RMB4.0 trillion for financial crisisPESTGovernmentcapitalHigherstandardIndustrystandardIssued Commercial administration RegulationProposed industrial standard for Chinese Tourist Hotel in 2007Market AnalysisHigh rise in GDP for economyRapid soaring in tourism industryPMI stat3、istics Recovery from Financial CrisisPESTMarket AnalysisExpansion of urban business centers.Trends of individual leisure travels。Fast growing of SMEs business travelersPESTMarket AnalysisDynamic ways of tradingNetwork&Phone bank3G platformVirtual moneyPESTGrowth of Internet usersMarket AnalysisPart24、.Hotel A Company AnalysisPart2.Hotel A Company AnalysisProcess of development3C AnalysisCustomersCustomersincomeoccupationage42%were individual tour or business travelers and 21%were corporate agreement guests1000-4000 yuan per month takes up 75%Age18-45 takes up 98.75%Customer AnalysisHotel chain i5、n 29 ProvinceWith 283 hotels and 28,266 rooms in operationRank the largest national economy by the number of hotelsCorporation Analysis-ScaleCorporation Analysis-TechnicalCompetitiondimensionABCCostBrandingServiceMainland listed companyOversea listed companyOversea listed companyCompetitors Analysis6、Customer ResearchAmenitiesPricePricesanitationsanitationconvenienceconvenienceaccommodationaccommodationPrice and convenience situation is good,Price and convenience situation is good,but sanitation,accommodation,amenities are bad but sanitation,accommodation,amenities are badCompetitors Analysis-Se7、rviceCompetitors Analysis-Cost Jinjiang InnHanting InnHotel AHome InnBrandingState-ownedHighest valueMost reliableFastest developBest in technicalEarliest listed and mature groupCharacteristic groupCompetitors Analysis-BrandingCompetitors Analysis-Potential competitorsLow barrier-new comersSimple se8、rvice high star hotelLower price cheap innPotential competitorsHotel ACustomerMaintain the high-quality individuals;Improve customer loyaltyFocus on SME needCorporationMaintain technical innovation;Expand scalesCompetitionQualify service;Maintain cost controlImprove brandingProspectAnalysis summaryP9、art3.Analysis of Strategy and ActionPart3.Analysis of Strategy and ActionTime2006200720082009OrganizationWarburg PincusDeutsche Bank，Merrill Lynch，Warburg PincusActis Group，Warburg PincusNYSECapital10M95M65M111MCapitalization help to expand the market dramaticallyExpanding-capitalizationExpanding-ma10、nagement crossoverLost cost in expanding,keep profits and avoid risksCost controlGood cost control in administrative,marketing and operating Membership systemLargest membership in ChinaPart4.Financial analysis of Hotel APart4.Financial analysis of Hotel ACapital structureDebt ratio=total liabilities11、/total assetsSuggestion:alternative sources of financing bank loan,issue debt securities Liquidity analysis Current ratioa greater liquidity of assets a stronger short-term solvency Operating performance analysisAverage collection turnover and Average collection days Fixed assets turnover rateTotal 12、assets turnover rateShort collection periodLess bad debtsGood use of assetsEfficiency in managementAbility of earning profitProfitability analysis Gross profit ratio Net profit ratioGrowing profitability Growing profitability Low costs and expensesStock marketDividend policy No present plan to decla13、re and pay dividends on its shares or ADSs in the near future EPS(earnings per share)EPS estimates:More abundant source of dividend distributionAdded value of assetsBetter profitabilityStock marketPrice/earning ratioP/E ratio=price per share/earnings per share(price per share on 31/Dec/09 is 12.48)P14、VGO=price per share EPS/market capitalization rate=12.48+0.28/20%=13.88(the market capitalization rate of economy hotels in China is 20%)Good growth opportunitiesHave Long term value Part5.Future RecommendationsPart5.Future RecommendationsServiceServiceSteadyHotel AHotel A reportreportuAction and pr15、ofit Action and profit abilityabilityuRisk controlCustomer managementCustomer managementuloyaltyuNew customers promotionProfessionalProfessionalKeep on technical innovation;use the Internet to build brandingShort term:Branding developmentSMESMEIndividualIndividualSME CooperationdiscountFriends recom16、motationdiscountHotel AShort term:customer developmentrural areafirst-tier citiesExhibitionIndividualSMEPresentbusinessDevelop SME&high-quality customers in second&third tier cities,Individual tourists in rural areas,exhibition in first-tier citySecond&third tier citiesLong-term:Scale expandPart6.Ri17、sk factorsPart6.Risk factorsRisk factorsChanges in national,regional or local economic conditionsLocal market conditions such as an oversupply of,or a reduction in demand for,hotel roomsAdverse weather conditions,natural disasters or travelers fears of exposure to serious contagious diseasesThe performance of managerial and other employees of hotels and the increases in operating costs and expenses.THANK YOUTHANK YOU