“We saw some recovery in 2H20, mainly driven by Mainland China. As vaccination drive kicks in, we expect a gradual recovery ahead, but near-term challenges remain as it will take time for countries to achieve herd immunity,” writes Chu in her March 29 report.
Hotel operator Shangri-La Asia’s FY20 results came in below expectations of OCBC’s analyst Chu Peng, due to higher operating expenses and a weak operating environment.
However, with the expectations of recovery from the pandemic-hit year, Chu has maintained her buy call on the stock but with a higher fair value of HK$9.74, from HK$7.02 previously.
