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BofAML lifts JinJiang Hotels (02006) to HK$4.3
BofA Merrill Lynch lifted its target price for
Shanghai Jin Jiang International Hotels (02006) to HK$4.3 from HK$3.3, and reiterated its
"buy" rating.
  The research house said Jin Jiang it is a key beneficiary to the multi-year hotel
upcycle in China with 75% earnings exposure to China hotels. JinJiang was a laggard after
underperforming its hotel peers by 36% in 2017.
  BofAML believes it can catch up as it is currently trading at more attractive valuation
of 7.8x EV/EBITDA/27.5x P/E on 2018 versus peers of 15x/31x with core earnings growth CAGR
at 27%. 

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