Link Holdings-SBI.docxVIP

Equity Research Report 3 October 2014股权投资研究报告2014年10月3日 Company Flash 公司闪存Link Holdings Limited 8237 HK 连接控股有限公司Expanding its resort portfolio 扩大了其度假村 We met with Link Holdings Ltd. earlier this month to get more updated Research Team information on the company’s recent operation and future plans. (852) 2533 3700 The company is mainly engaged in the management and operation of 本月早些时候，我们?链路控股有限公司遇到了更多更新的研究团队的信息在公司最近的经营和未来计划。（852）2533?3700?公司主要从事管理和操作（852）2533?3700?公司主要从事管理和操作research@ Link Hotel in Singapore. Stock Data (8237 HK)The major renovation on the hotel, as well as the increase in international visitors to Singapore lay solid ground to LinkHotel’s future development. The Bintan project can not only diversify concentration risk of the company, but also can add growth to future earnings upon the completion of the development. 新加坡酒店预订。（8237 HK）股票数据?对酒店重大更新，以及增加对新加坡的国际游客打下坚实的基础，将酒店的未来发展。?丹项目不但可以多元化公司集中的风险，而且还可以增加未来的收益在增长开发完成的。A hotel operator in Singapore. Earlier this month, we met with the management of Link Holdings Ltd., to get more updated information regarding its recent business operation and future plans. Link Holdings Ltd. is mainly engaged in the operation and management of Link Hotel, which commenced operation in 2007 and is located in Tiong Bahru in Singapore. Occupancy rate and room rate set to rise. We believe the occupancy rate and room rate of Link Hotel still have room to improve in the future, given i) the company will carry out a major renovation on Link hotel, which we believe will greatly improve its overall attractiveness, as this will be the 1st renovation since its development 7 years ago; and ii) the increase in the number of international visitors to Singapore sets a solid foundation for the company’s hotel business. According to Singapore Tourism Board,total international arrivals to Singapore grew from 8.9m in 2005 to 15.6m in 2013, representing a CAGR of 7.2% during the 8-year period. Bintan pr