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Panmure Gordon maintained its "sell" stance on Millennium & Copthorne (MLC), ahead of the hotel chain's full year results on 22nd February, with a target price of 343p. The broker expects the group to report a return on capital employed of 5%, well below its weighted average cost of capital of 10.7%, noting difficult trading in the UK. Panmure added that the firm will need to significantly invest in refurbishing its London hotels following the Olympics, due to the gap in quality between old and new upscale hotels. The broker also pointed to Millennium's high prospective earnings multiple for 2012 of 15.4 times. The shares inched up 3.2p to 489.2p.
Millennium & Copthorne (MLC) kept its "buy" rating from Shore Capital on news that real estate developer City Developments had increased its holding in the hotel group to 54.9%. While the broker view a full bid unlikely, it believes that the increased position demonstrates confidence in the quality of the assets. At the current price, Shore feels that investors have access to its core London, New York and Asian assets at book value, with a further 250p worth of property for free. The shares crept up 0.4p to 426.6p.
Millennium & Copthorne hasn’t had the easiest of rides in recent weeks. A glance at the company’s interim management statement in early August doesn’t go very far in explaining the slump. The update showed that pre-tax profits in the second quarter were up more than 90%. The company’s strengths – and the affordable valuation of around 11 times forward earnings for next year – mean that we would not sell. But the market jitters – so obvious in the recent movement of its share price – mean that we would wait before checking in. Hold, says the Independent.
http://www.investegate.co.uk/Article.aspx?id=201107080902430437K
Millennium & Copthorne forays into Japan Date: Friday 08 Jul 2011 LONDON (ShareCast) - International hotels group Millennium & Copthorne (M&C) has acquired a new property in the Ginza district of Tokyo in Japan for £73.6m, marking its first foray into the Japanese hotel market. M&C’s wholly owned subsidiary CDL Hotels Holdings Japan entered into a conditional purchase and sale agreement with Cosmos Initia to buy a land site located at Ginza 5-chome, Chuo-Ward and a building known as Ginza Crest Building. Following the sale completion, M&C said it intends to demolish the building and construct a deluxe hotel with approximately 325 rooms, separate dining and car park facilities. The hotelier expects to complete the construction of this building by no later than the fourth quarter of 2014. Shares of the FTSE 250 component rose slightly 0.4% to 517.5p in afternoon trading in London.
Thus far, we’ve been content to hold Millennium & Copthorne. Our stance, which was outlined late last year, was down to the surge in the hotelier’s share price in the months before our note. The company was doing well, but the shares appeared to reflect much of that performance and, more importantly, the positive outlook. Since then, things have cooled down. In fact, if you pull up the price at the beginning of this year and compare it to current levels, you’ll notice that the stock is down sharply over last six months or so. However, the hotels’ recovery story remains intact, with updates from peers and industry indicators all pointing to continued gains for the sector, according to the Independent, which recommends a buy.
...as IC did predict. Pls send the pretty masseuse up to my room, now I've had my hot shower whilst I empty the frigobar of Glenmorangie and I'll have recovered even more...Ah...its hard being a man (slurp)...
Director selling – A Bushnell 3,658 @ 356.00p [£13,022.48]
http://thescotsman.scotsman.com/business/Second-hotel-group-signals-difficult.4994927.jp
Although the SP is historically high, Millennium & Copthorne is supposed to have a value of closer to £17.00 per share according to the Times today. Traded on SETS, no movement yet this morning but might be worth keeping an eye on.