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Was not such a good move could of got more lloyds shares for the proceeds today .
Not sure the you tube post .. pod cast said anything new .
I managed to sell all mine @ offer price , been trying for weeks.
maybe the slowther post gave it the boost i need .. lol
Got some more lloy with proceeds .
Hindsight will tell if that was such a good move .
The hotels are probably worth more than book value. There ia 20p in the price for the forthcoming dividend. So this is a sound investment to hold at a significant discount to the book 760p. But the 2013 results of course had a large one off booster.
I dont know if I am reading the same info, but their revenue grew 35% to 1037.5, their Q4 revenue increased 132% versus a year earlier, and their profit after tax is up 60% to 235m they also appear to be expanding, purchasing a hotel in New York and one in Rome this month. I would say this is a particularly good share to buy.
Looking at the recent results and the past performance of this stock I think 900p is a very realistic target that will be reached by the end of the year. If I had the cash I'd buy into this right now!
"Our operating strategy was consistent with previous years, with sales teams focused on achieving an optimal balance between occupancy and average room rate across the estate. "Management continued to achieve good levels of profitability despite a more challenging trading environment in the second half of 2012, with some regions seeing signs of economic uncertainty affecting personal and corporate hospitality budgets. Our consolidated hotel gross operating profit margin for the year was 38.5% (2011: 38.7%)."
Total full year revenue at Millenium & Copthorne Hotels declined by 6.4 per cent despite an increase in revenue per available room (RevPAR). Total revenue fell from £820.5m to £768.3m, while RevPAR on a constant currency basis rose 3.9% from £64.81 to £67.32. Revenue from hotels only dropped 2.1%, while headline operating profit slid 14.7% to £163.3m. Headline profit before tax declined 14.6% to £157.7m. However, the dividend was increased to 13.59p from 12.50p a year earlier. The group's Chairman gave an upbeat statement, saying: "The group increased RevPAR, kept firm control of costs and strengthened its financial position in 2012. Revenue and headline pre-tax profit increased on a like-for-like, constant currency basis, and our hotels achieved good operating profit margins. "Our asset management programme is building momentum and laying a strong foundation for future growth, supported by further strengthening of the management team.
Millennium & Copthorne Hotels: Liberum Capital starts with a target price of 469p and a hold recommendation.
Credit Suisse has downgraded hotel group Millennium & Copthorne (M&C) from 'outperform' to 'neutral' given only seven per cent upside to its 546p target price. The company's third-quarter results announced last week may have been in line with expectations but Credit Suisse said there is "evidence of slowing Asian RevPAR and a lack of near-term positive earnings catalysts with refurb spend only benefitting from late 2014." Asian RevPAR (revenue per available room) accounted for 54% of group earnings before interest and tax (EBIT) in 2011. The broker highlights three short-term risks and three longer-term positives. Risks: "1) slower Asian RevPAR and high Singapore supply growth in 2013; 2) signs of M&C underperformance in US/NY/RoE; and 3) lack of investment in weaker trading regions." Positives: "1) the upside from £240m of refurb capex could be worth 15-20% to profit before tax but is unlikely to benefit financials until H2 2014; 2) disposals/asset restructuring remain possible but visibility is low and 3) M&C has a c5,000 room pipeline but we estimate it adds only 0.4% to annual EBIT growth." Credit Suisse says that with trading risks increasing and little scope for a near-term positive EPS surprise, it is now more cautious on the prospects for M&C.
Credit Suisse has downgraded hotel group Millennium & Copthorne (M&C) from 'outperform' to 'neutral' given only 7% upside to its 546p target price. The company's third-quarter results announced last week may have been in line with expectations but Credit Suisse said there is "evidence of slowing Asian RevPAR and a lack of near-term positive earnings catalysts with refurb spend only benefitting from late 2014."
Millennium & Copthorne: Credit Suisse downgrades to neutral.
Shore Capital retained its "buy" stance for Millennium & Copthorne (MLC), noting that the hotel chain's shares continue to trade at a 25% discount to its net asset value, while a number of its peers rallied last summer. The broker said that the current share price only accounts for the group's core portfolio and does not account for its stake in CDL Hospitality or its under-performing hotels. On Shore's forecasts, the shares trade on a prospective earnings multiple of 14.7 times for 2012, falling to 14.2 times in 2013
Outlook Our focus remains on driving RevPAR growth by achieving an optimal balance between occupancy and room rate and by the re-positioning/refurbishment of several key hotels, so as to grow their yield potential. The continuing strong performance by the Millennium Seoul Hilton in the second quarter is an encouraging indicator that the Group's asset management strategy will deliver good returns on investment. It is too early to predict the performance for 2012. On a like-for-like basis, Group RevPAR in the first 24 days of July 2012 decreased by 4.2% (3.0% excluding UN Plaza). London fell by 12.5% due in part to a slowdown in visitor numbers ahead of the Olympics. Singapore decreased by 1.1% and New York decreased by 9.0% (0.8% excluding UN Plaza). Whilst trading has been in line with management expectations, it is evident that some hospitality markets may be softening as a result of the Euro crisis and global economic uncertainty. The Group is well positioned for such an eventuality, having steadily strengthened both its management team and its balance sheet. We are well placed to take advantage of strategic acquisition opportunities, although it has taken longer than anticipated for vendor prices to reach realistic levels in our preferred gateway destinations.
Commenting today Mr Kwek Leng Beng, Chairman said: "The Group delivered a successful overall performance from its hotel operations in the first half of 2012, with additional profits from our joint venture in China and good progress on asset management projects. Whilst trading is still in line with management expectations, the hospitality industry cannot be immune to the on-going Euro crisis and global economic uncertainty. The strengthening of our management team, together with our excellent financial position, increases our ability to manage the challenges of an uncertain economic outlook and to take advantage of the strategic opportunities which the present environment is likely to offer."
· Overall RevPAR (in constant currency terms) rose by 5.2%, primarily driven by an increase in average room rate. · On a like-for-like2 basis, Group RevPAR grew by 4.6% (excluding the three Christchurch hotels, Copthorne Orchid and Stuttgart). · Like-for-like2 total revenue in constant currency increased by 4.2% to £370.8m (2011: £356.0m) and headline operating profit increased by 25.5% to £79.2m (2011: £63.1m). · Headline profit before tax increased by 30.9% to £78.3m (2011: £59.8m). Profit before tax decreased by £1.3m (1.6%) to £79.0m (2011: £80.3m) due in part to the inclusion of £17.4m profit on the sale and leaseback of Studio M in May 2011. · Strong cash flows from operating activities of £84.0m (2011: £40.3m). Net debt reduced to £10.6m (31 December 2011: £100.2m) and gearing was 0.5% (31 December 2011: 4.8%). · Interim dividend maintained at 2.08p per share. Scrip dividend option is suspended.
· Overall RevPAR (in constant currency terms) rose by 4.5%, primarily driven by an increase in average room rate. · On a like-for-like2 basis, Group RevPAR grew by 3.9% (excluding the three Christchurch hotels and Stuttgart). · Like-for-like2 total revenue in constant currency increased by 3.1% to £197.3m (2011: £191.4m) and headline operating profit increased by 28.0% to £53.5m (2011: £41.8m). · The Group recognised £9.1m as its share of profits of First Sponsor Capital Limited ("FSCL") relating to Chengdu Cityspring project. · Headline profit before tax increased by 32.3% to £52.9m (2011: £40.0m). Profit before tax decreased by 12.4% to £53.1m (2011: £60.6m) due in part to the inclusion of £17.4m profit on the sale and leaseback of Studio M in May 2011.
http://www.investegate.co.uk/Article.aspx?id=201208020700121120J
Panmure Gordon maintained its "sell" rating for Millennium & Copthorne (MLC) with a target price of 353p. The broker expects the hotel chain to report first-half pre-tax profits of 66 million pounds, with growth in London and Asia compensating for widening loses in the US. Panmure raised doubts over the firm's leased upscale hotel model, claiming that the strategy rarely yields an economic profit. On the broker's forecasts, the shares trade on a full year prospective earnings multiple of 14.7 times and yield just 2.6%, which Panmure feels is too expensive for a company with limited earnings growth prospects. Share in Millennium & Copthorne inched up by 1.2p to 491.6p.
"They will help us to maintain and develop the high standards of prudent financial management that have served the group well since its inception and further develop the group's risk management and internal control framework." MLC also revealed that it is on the lookout for a new Company Secretary after Adrian Bushnell decided to "pursue other interests". Shares advanced in early trading on Tuesday, trading 0.75% higher at 468.5p in the opening minutes
Meanwhile, Sean Collins, a former audit and advisory partner at KPMG, is to join the MLC board as an independent non-executive member in September. Fabrizio Gaggio has already been appointed as the group's Senior Vice President of the Global Asset Management division; he was previously the Managing Director at Italian hotel business Starhotels. "I am delighted to welcome Sean, John and Fabrizio to Millennium & Copthorne," said Chairman Kwek Leng Beng. "These are significant appointments which are part of our ongoing management restructure and will strengthen our strategic, financial and operational management capabilities at an uncertain time for the global economy.
Hotels group Millennium and Copthorne (MLC) has announced three top-level changes to its board and senior management, including the appointment of a new Chief Financial Officer (CFO). John Chang, who qualified as a certified public accountant in Singapore in 1994, is now MLC's CFO reporting to Chief Executive Officer Wong Hong Ren. He has previously worked for a Singaporean diversified real estate firm which operates six hotels in Asia; he also led a turn-around of its stand-alone food and beverage business. "The group anticipates that Mr Chang will be invited to join the board of Millennium & Copthorne Hotels plc in due course following a period of familiarisation with the Group's operations," the company said.
The hotels company, Millenium and Copthorne is a conundrum thinks Tempus. The shares trade at a discount to the firm’s asset value but still at 15 times 2012 forecast earnings, they look pricey. The Chairman Kwek Leng Beng stil owns 54% of the firm which is not usually a good sign but the UK and Singapore markets are improving and the company may be able to snap up some hotels that banks have ended up owning after insolvencies.
Richard Hartman, a Non-Executive Director of FTSE 250 firm Millennium and Copthorne Hotels, sold 132,694 shares in the company on April 3rd at a price of 478.00p each. The £634,277 transaction followed the vesting of around 479,000 shares under the firm's long term incentive plan on March 30th 2009. The company, which owns and manages over 100 hotels globally, has seen its stock fall almost 7% over the past year, equivalent to 34p.
Exane BNP Paribas initiates neutral on Millennium & Copthorne Hotels, target price 540p.