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BofAML restarts Shangri-La (00069) at HK$25
BofA Merrill Lynch reinstated coverage of 
Shangri-La Asia (SLA)(00069) with a "buy" rating and price target of HK$25.
  SLA is a high-end international hotel operator with majority of the assets selfowned.
Hotel operations contribute 77% of earnings with the rest mainly from China property 
rental.
  The research house forecast EBITDA CAGR of 14% in 2016-2019 driven by: (i) multi-year
industry RevPAR recovery; (ii) ramp-up of new and renovated hotels; (iii) and potential
cost savings.
  BofAML has not factored in any upside from asset disposals or its potential from
leveraging their brands to develop its asset-lite model. 

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