Corporate Presentation - Dorsett Hospitality International

Transcription

(HKEx Stock Code: 2266)
Corporate Presentation
June 2015
PRIVATE & CONFIDENTIAL
Disclaimer
This presentation contains forward-looking statements that are, by their nature, subject to significant risks and uncertainties. These forward-looking statements
include, but are not limited to, statements relating to our operations and business prospects; future developments, trends and competition in the hotel industry;
projects under development or planning; our strategy, business plans, objectives and goals; our capital expenditure plans; our dividend distribution plans; the
prospective financial information regarding our business; our future financial condition and results of operations; the amount and nature of, and potential for,
future development of our business; general economic conditions; and changes to regulatory and operating conditions in the markets in which we operate.
In some cases, we use words such as “aim” “anticipate,” “believe,” “estimate,” “expect,” “going forward,” “intend,” “may,” “plan,” “potential,” “predict,”
“project,” “propose,” “seek,” “should,” “will,” “would” and other similar expressions as well as the negatives of such terms to identify forward-looking
statements. All statements other than statements of historical facts included in this presentation, including, without limitation, statements regarding our
strategies, projected costs and plans and objectives of management for future operations, are forward-looking statements. We can give no assurance that those
expectations will prove to have been correct, and you are cautioned not to place undue reliance on such statements.
Furthermore, these forward-looking statements merely reflect our current view with respect to future events and are not a guarantee of future performance.
Our financial condition may differ materially from the information contained in the forward-looking statements as a result of a number of factors and the
following:
• The viability of our business strategies and their execution;
• The general economic and business conditions in the areas in which we operate;
• The operating environment of the hotel markets in the individual areas in which we operate;
• Demand for our hotel rooms vis-à-vis our competitors;
• The availability of financing and of properties suitable for acquisitions;
• Progress of construction, renovation and refurbishment of our properties;
• Changes or volatility in interest rates, foreign exchange rates & control, equity prices or other rates or prices; and,
• Other factors beyond our control.
Subject to the requirements of applicable laws, rules and regulations, we do not have any obligation and do not intend to update or otherwise revise the
forward-looking statements in this presentation, whether as a result of new information, future events or otherwise. Because of these risks, uncertainties or
assumptions, the forward-looking events and circumstances discussed in this presentation might not occur in the way we expect, or at all. Accordingly, you
should not place undue reliance on any forward-looking statements. All forward-looking statements contained in this presentation are qualified in their
entirety by reference to this cautionary statement.
2
Contents
 Company Overview
 Our Business Strategy
 Our Expansion Strategy
 Financial Highlights
 Conclusion
 Appendices
3
Company Overview
Company Overview
Dorsett is one of the largest hotel owners and operators in Asia focusing on the 3 to 4 star
segments

Spun-off from Far East Consortium International Limited (“FEC”) (SEHK: 35) in October 2010

Fiscal Year End: 31 March

Managing and operating 22 hotels with 6,544 rooms globally as at end of March 2015. 20 self-owned with 6,043 room inventories

8 hotels with 2,088 rooms are currently under various stages of planning & development.


2,703 employees under payroll as at 31 March, 2015
Substantial revaluation surplus (HK$11.0 billion) not recognized on the consolidated balance sheet as at 31 March 2015

Dividend payout ratio

74.46% owned by FEC Group
FY 2013
37%
FY 2014
38%
FY2015
89%
Owned Hotel Portfolio Breakdown by Rooms and by Location
Room Inventories in Operation
5%
Room inventories in Operation and Existing Pipeline
5%
4%
(1)
9%
43%
24%
19%
23%
HK
Mal
42%
26%
PRC
SGP
UK
HK
Mal
PRC
SGP
UK
___________________________
Source: Dorsett FY2015 Annual Results and Company filings.
1.
Conversion of Walkabout property to hotel rooms (Dorsett Shepherds Bush London 2), estimated 54 rooms subject to changes.
5
Our Business Strategy
Business Model
 Value and Midscale Segment Positioning
 Major Asian Cities and Popular Destinations to Chinese Tourists
 Focus On Rooms and Value Added Services
 “Chinese Wallet” Strategy
 Asset Ownership Supported by Development Capability
 Flexible Modes of Development
7
Market Positioning & Branding
Multiple brands allow targeting of different market segments with key
emphasis on the value to mid-scale market
Asset
ownership
(%)
Economy
9
Price
range
Value
Mid-scale
Upscale
Luxury
8
Dorsett Hotels & Resorts
- Dorsett Grand & Dorsett
9
d. Collection
10
Silka Hotels
11
Operational Efficiency
Emphasize on efficiency with high operating margin
Dorsett’s Key Operational Focus
High Operating Margin
(hotel operations & management)
No Leased Hotels
Not required to pay monthly
leases on properties
Room Revenue Focus
with Value Added
Services
F&B operations outsourced
where possible
40.0%
Low Staff-to-Room
Ratio(1)
Leading efficiency in staff and
operational management
30.0%
50.0%
43.3%
39.6%
37.8%
Staff-to-Room Ratio
3.0
20.0%
2.5
1.7
2.0
1.5
1.0
0.4
0.4
0.5
10.0%
0.0
Average Star-Rated
Average China Budget
0.0%
FY 2013
___________________________
Source: Dorsett Annual Reports.
FY 2014
FY 2015
12
Strategic Focus on “Chinese Wallet”
The number of outbound Chinese travellers has more than doubled from 2009 to 2013. The number of visitor
arrivals from the PRC to Hong Kong grew by a CAGR of 21% during the same period of time.
Tourist Arrivals in Hong Kong(2)
Increasing Number of Outbound Chinese Travellers(1)
Millions of
People
Millions of
People
120.0
117
70
60.8
60
54.3
97
100.0
83
13.6
48.6
50
13.6
41.9
80.0
70
40
57
60.0
30
48
13.7
36.0
13.8
29.6
13.3
11.6
40.0
47.2
40.7
20
10
20.0
34.9
18
22.7
28.1
0
0.0
2009
2010
2011
2012
2013
2014
2009
2010
2011
Visitors from PRC
2012
2013
2014
Other Visitors
___________________________
1.
Source: China Outbound Tourism Research Institute.
2.
Source: Hong Kong Tourism Board.
13
Strategic Focus on “Chinese Wallet”
Flourishing tourism industries and favourable government policies contribute to growing
demand and revenue
Breakdown of Room Revenue by Customer Nationality(1)
Favourable Government Policies in Key Markets
Hong Kong(2)


100.0%
80.0%
33.0%
38.4%
35.0%
39.0%

60.0%
31.5%
34.0%
32.0%
40.0%
5.0%
5.4%
0.0%
25.0%
20.8%
5.0%
3.9%
FY2012
FY2013
6.0%
Promoting tourism between the PRC and
Hong Kong
United
Kingdom(3)

Malaysia(4)

Relaxed and expedited visa application
process for Chinese travellers

Waiver on Visa fees
Simplified visa application process for Chinese
citizens was implemented in June 2013
6.0%
16.0%
15.0%
9.0%
8.0%
FY2014
FY2015
PRC
Southeast Asia, Australia and New Zealand
Japan and Korea
Americas, Europe and Middle East
Other
Allows c.270 mm Chinese residents in 49
cities to travel on an individual basis to
Hong Kong rather than only visiting on
business visas or in group tours
Closer Economic Partnership Arrangement
(CEPA)

32.0%
20.0%
Individual Visit Scheme (自由行)
___________________________
1.
Source: Internal company reports based on survey data collected in the ordinary course of business but not otherwise independently verified by Dorsett.
2.
Source: Hong Kong Tourism Commission and Hong Kong Trade and Industry Department.
3.
Source: UK Border Agency.
4.
Source: TTG Asia.
14
Modes of Development
Dorsett has flexible modes of development to facilitate growth in different market
environments
1
Greenfield
Dorsett Regency
Kuala Lumpur
Lan Kwai Fong
Hotel@Kau U Fong
Dorsett Kwun Tong,
Hong Kong
Dorsett
Singapore
2
Conversion
Cosmopolitan Hotel
Hong Kong
Dorsett
Shanghai
Dorsett Grand
Chengdu
Dorsett Grand Subang
Dorsett
Wuhan
Silka Seaview,
Hong Kong
Dorsett
Shepherds Bush, London
3
Rebranding
Dorsett Grand
Labuan
4
Management
Contract
Dorsett Regency Hong
Kong
Silka Cheras
Kuala Lumpur
15
Our Expansion Strategy
Owner / Operator
Hong
Kong
Malaysia
Silka Hotels
3 / 649
3 / 750
Dorsett Hotels
& Resorts
5/ 1,829
3 / 976
d. Collection
2 / 304
Operating
Hotels
Under
Development(3)
Group Total
Mainland
China
Singapore
UK
Total
6 / 1,399
4 / 1,434
1/285
1 / 317
14 / 4,841
2 / 304
10 / 2,782
6 / 1,726
4 / 1,434
1 / 410
3 / 743
2 / 616
11 / 3,192
9 / 2,469
6 / 2,050
1 / 285
1 / 285
1 / 317
22 / 6,544 (1)
2 / 324(2)
8 / 2,093
3 / 641
30 / 8,637
Currently,
Dorsett
Hospitality
International
manages total
6,544 rooms &
92% are
owned
[# hotels / # rooms]
Note : Please take note that the Company is currently finalising the share transfer agreement to dispose its 25% stakes in the Dorsett Grand Zhuji which is currently under development. Assuming successful disposal of
this stake, the number of hotel and room inventories will reduce by 1 and 200 respectively
___________________________
1.
Total number of rooms of 6,544 include 6,043 owned hotel rooms and 501 managed hotel rooms
2.
Conversion of the Walkabout property (Dorsett Shepherds Bush London 2) to hotel rooms, estimated 54 rooms subject to change.
3.
Total number of rooms under development of 2,093 include 1,350 owned hotel rooms and 743 managed hotel rooms
17
Rapid Expansion of Room Inventory
Dorsett’s hotel portfolio has more than tripled from FY2006 to FY2014
Rapid Growth in Number of Owned and Managed Hotel Rooms
Number of Hotel Rooms
9,000
8,637
7,967
8,000
7,172
7,000
6,544
6,000
317
285
5,666
5,000
3,374
2,825
3,000
2,371
2,000
1,629
822
1,431
3,604
1,407
1,276
394
320
648
3,834
1,407
593
2,469
2,469
1,407
4,098
2,050
1,407
1,407
1,137
1,434
2,837
2,782
FY2014
FY2015
1,434
1,434
3,192
3,192
1,149
593
1,549
1,549
1,549
1,549
2,098
1,309
1,834
2,290
FY2006
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
1,000
285
1,726
285
4,000
1,944
285
5,131
317
285
636
285
641
3,192
0
PRC
Malaysia
Singapore
UK
_________________________
Note: 1. The above chart represents the net increase in rooms after disposals, if any.
2. Conversion of the Walkabout property (Dorsett Shepherds Bush London 2) to hotel rooms, estimated 54 rooms subject to change.
FY2016E FY2017E FY2018E
Total
18
Development Projects
 Dorsett Hospitality International will add 2,093 rooms (up 30%)
 Good track record in recycling capital - disposal of smaller assets into larger properties with higher efficiency
Currently Under Development
Hong Kong
1Silka Tsuen Wan, Hong Kong
PRC
2Dorsett Grand Zhuji(1)
3Dorsett Zhongshan
United Kingdom
4Dorsett City London
5Dorsett Shepherds Bush London 2
Total
Hotel Management Contracts(7)
Malaysia
1Dorsett Putrajaya
2Dorsett Hartamas, Kuala Lumpur
3Sri Jati Hotel
Total
(1)
(2)
Expected
Completion
Date
Rooms
Q1 FY2017
410
Conversion
Q4 FY2018
Q4 FY2018
200
416
Greenfield
Conversion
Q4 FY2017
Q4 FY2018
270
54(2)
1,350
Conversion
Conversion
Q3 FY2016
Q3 FY2017
Q3 FY2017
218
371
154
743
Description
Management Contract
Management Contract
Management Contract
The Group owns 25% stake in this JV company,. The Group is currently finalising the share transfer agreement to dispose its stake in the JV company
The estimated room count of 54 is subject to planning approval
19
Financial Highlights
Key Financial Highlight
Revenue
Profit for the period
Earnings per share - basic and diluted
1,785,850
376,568
0.1852
1,454,027
94,352
0.0450
Recurring Revenue (1)
1,270,434
502,576
1,432,204
540,672
Recurring EBITDA profit
(2 )
Recurring EBITDA margin(3 )
After adjustment for hotel revaluation surplus (4)
Net assets attributable to shareholders
Net debt to equity
Net assets attributable to shareholders per share
GROUP RevPAR (HK$)
GROUP OCC
39.6%
37.8%
15,096,696
24.8%
7.20
14,804,692
26.4%
7.05
603
76.7%
561
73.6%
Notes:
(1) Recurring revenue = Total revenue excluding revenue generated from the sales of apartments in Singapore and the income from treasury management.
(2) Recurring operating profit = profit before taxation, interest income, income from treasury management, finance costs, depreciation and amortisation, preopening expenses, change in fair value of investment properties, change in fair value of derivative financial instruments, provision for impariment loss, change
in fair value of investment securities and other non-recurring items, including profit before tax in relation to the sales of apartments in Singapore and gain on
disposal of a subsidiary
(3) Recurring operating margin = Recurring operating profit/recurring revenue
(4) Revaluation surplus for its hotel properties was not recognised in the consolidated financial statements as the Group has elected the cost model instead of
revaluation model as its accounting policy
21
Source of Recurring Revenue
Continuous Recurring Revenue growth with increase diversification of Recurring Revenue
contribution from different regions
Recurring Revenue by Region
Revenue FY 2014
Recurring Revenue by Source
100%
Revenue FY 2015
6%
7%
13%
5%
Hong Kong
PRC
55%
56%
19%
6.1%
12.6%
11.4%
80.6%
82.5%
FY2014
FY2015
80%
Malaysia
14%
25%
6.8%
60%
Singapore
London
40%
20%
0%
Room


F&B, Leasing
Others
Hong Kong Region accounts for 55% of revenue
82.5% of revenue from rooms
___________________________
Source: Dorsett Annual Results Announcement
22
Shifting Market Segments
Market Segments (by Room Nights)
FY 2014
FY 2015
Wholesale /
Agents
16%
Wholesale /
Agents
17%
Corporate Rates
14%
Individual
Traveler
48%
Group (+10
Rooms)
21%
Corporate Rates
13%
Group (+10
Rooms)
27%
Individual
Traveler
44%
Amount of Discount
Individual Traveler: 10%
Group (+10 Rooms): 20%
Corporate Rates: 20%
Wholesale / Agents: 25%
___________________________
Source: Internal Company Reports
Include all Dorsett Hotels except those which are not in full operation in both period.
23
Revenue Performance By Region
Average Room Rate
HK$
Occupancy Rate
FY2013
FY2014
FY2013
FY2014
FY2015
Hong Kong
93%
94%
93%
Malaysia
68%
69%
65%
China
70%
54%
47%
--
67%
77%
FY2015
Owned
Owned
Hong Kong
997
942
856
Malaysia
498
519
512
China
549
573
564
--
1,275
1,215
Singapore
London
NA
NA
1,198
London
NA
NA
61%
Total
799
786
762
Total
83%
77%
74%
Singapore
RevPAR
HK$
FY2013
FY2014
FY2015
Hong Kong
930
885
794
Malaysia
341
357
331
China
385
311
268
Singapore
NA
857
939
London
NA
NA
732
Total
651
603
561
Owned
___________________________
Source: Dorsett Annual Reports
24
Asset Valuation
FY 2013
FY 2014
FY 2015
9,459
10,954
10,976
+22.1%
+15.8%
+0.2%
Net assets per share(1)
(At book cost)
HK$1.89
HK$1.98
HK$1.82
Net assets per share (Including
revaluation surplus)
HK$6.62
HK$7.20
HK$7.05
Revaluation surplus
(HK$ million)
___________________________
Source: Annual Results Announcement.
1.
All Assets are carrying at book cost in the financial statements
25
Indebtedness
Low net gearing of 26.4% when factoring in the revaluation surplus
Balance Sheet Extract as at 31 March 2015
Debt Maturity Profile as at 31 March 2014
HK$ m
(HK$ m)
As a % of the
Total
Secured Bank Borrowing
Cash & Cash Equivalent
927
1,343
24.4%
179
3.3%
2,739
49.8%
230
4.2%
Sub-Total
4,491
81.7%
Bonds
1,005
18.3%
Total
5,496
100%
On demand or within 1 year
More than 1 year but within 2 years
Investment Securities
644
Bonds & Bank Loans (less front-end fee)
Net debt
(1)
More than 5 years
3,908
Total equity
Hotel revaluation surplus
5,479
More than 2 years but within 5 years
3,829
(2)
10,976
Front end fees
Book balance
Equity adjusted for hotel revaluation surplus
14,805
Net Gearing %
26.4%
18
5,514
___________________________
Source: Dorsett Annual Reports and Annual Results.
1.
Net Debt is defined as: Bonds & Bank Loans (less front-end fee) – Cash & Cash Equivalent – Investment securities.
2.
The amount was not recognized in Dorsett’s consolidated statement of financial position as at 31 March 2015.
26
Core Management Team
Management Team
An award winning and energetic management team backed by highly qualified individuals
Hotel Awards
Management
 Over 50 awards won by Dorsett’s hotels from 2007 to 2013
 7 hotels awarded Certificate of Excellence by TripAdvisor – 2013
 Best Managed Small Cap Company Award, by Asiamoney – 2012
 Outstanding High-Growth Company (Hotel), by Quamnet.com – 2011
 Hong Kong’s Most Valuable Company, by Mediazone Group – 2012
General Managers
 General Managers have an average of over 24 years of experience
Ms. Rebecca
Kwan
Ms. Anita
Chan
Mr. Leslie
Wan
Ms. Christina
Toh
Mr. Richard
Kwong
Ms. Doris Hui
Mr. Hugo
Gerritsen
Mr. Philip
Wong
Mr. Alfred
Paulsen
Ms. Hilary
Cross
Mr. Gary
Au
Mr. Barry Lo
Mr. Henry
Loo
Ms. Winnie Chiu
President & Executive
Director

Over 10 years of experience covering various
aspects of finance, hospitality industry,
property development and retail management
Mr. Frankie Lai
Chief Operating Officer,
Hong Kong and China

Over 15 years of working experience in the
hospitality industry
Mr. Clarence Wong
Chief Financial Officer

Over 20 years of experience in accounting and
corporate finance.
Mr. Philip Schaetz
Senior Vice President of
Sales & Marketing

Over 17 years of experience in the hospitality
industry
DatinJasmineHeng
Vice Chairman of Dorsett
Hospitality International
Malaysia

Over 25 years of experience in the hospitality
industry
Ms. Belinda
Fung
Mr. Lee Ng
Mr. Shahrir
Naelis Amir
Ms. Susan
Carlos
28
Board members
Experienced and professional Directors comprised of reputable individuals from diverse backgrounds
Non-executive Directors
Independent Non-executive Directors
Tan Sri Dato’ David Chiu
Non-executive Director and
Chairman

Mr. Chris Hoong
Non-executive Director
Mr. Denny Chan
Non-executive Director
Over 40 years of experience in property
development and extensive experience in hotel
development
Mr. Giovanni Angelini
Independent Non-executive
Director


Over 20 years of experience in investment
banking and corporate finance
Mr. Paul Liu
Director

Associate member of the Hong Kong Institute
of CPA and a fellow member of the
Association of Chartered Certified Accountant

Over 20 years of experience in the hotel
industry, commercial management, property
development and investment, and auditing
Mr. Abraham Shek
Director

Member of Legislative Council for the HK
SAR
Mr. Peter To
Director

Over 30 years of active experience in the
property development and investment
industries

19 years with Shangri-La Hotels and Resorts,
including over 9 years as CEO
Over 46 years of extensive experience in the
hospitality industry world-wide,
29
Conclusion
Conclusion
The Winning Formula

Focus on Value & Midscale Hotels

Vertically Integrated hotelier - Owner & Operator & Developer

Chinese DNA
Summary

Most competitive model under the current hospitality environment
 Favorable network of hotels to capitalise on the growing China outbound travelers

Healthy profit margins to withstand cyclical pressure
 Excellent blend of talents to build the next international hotel household name
31
Appendices
Case studies
Dorsett’s business model have shown quick and substantial returns across all segments and
classes
Conversion Case Study: Cosmopolitan Hotel
 Acquired office building in February 2003
Rebranding Case Study: Dorsett Grand Labuan
 Acquired in 2008, book cost at HK$ 118 mm
 Structure and land cost: HK$200 mm
 178 guest rooms
 Conversion cost: HK$125 mm
 Generated double-digit growth for past 3 financial years
 Converted into a 454 room hotel
 Generated more than HK$35 mm EBITDA in FY 2015
 Latest valuation as of March 2015: HK$2,560 mm
33
Case studies (cont’d)
Dorsett’s business model have shown quick and substantial returns across all segments and
classes
Greenfield Case Study: Dorsett Regency Hong Kong
Greenfield Case Study: Dorsett Singapore
 Construction completed in June 2011
 Acquired in December 2009
 Total hotel cost: HK$319 mm
 Construction completed in Mar 2013
 Developed into a 209 room hotel, currently have 182 rooms
 Developed into a 285 room hotel and 68 apartment units
 Disposal at HK$802 mm in FY2013
 67 apartments were pre-sold for total proceeds of around
 Under a management contract with a fixed fee
HK$498 mm
34
List of Member Hotels
Hotels
Hong Kong
Brand
Type
Year of commencement/
Expected commencement
d. Collection
d. Collection
Silka Hotels
Silka Hotels
Silka Hotels
Conversion
Greenfield
Conversion
Greenfield
Greenfield
Rebranding
Greenfield
Conversion
Conversion
Jan-05
Jul-10
Oct-05
Aug-12
Mar-06
Jan-01
May-05
Oct-06
Feb-14
Silka Hotels
Conversion
Q1 FY2017
Greenfield
No. of
rooms
GFA
(sqf)
Operating hotels
Cosmopolitan Hotel Hong Kong
Dorsett Mongkok, Hong Kong
Cosmo Hotel Hong Kong
Dorsett Kwun Tong, Hong Kong
Lan Kwai Fong Hotel@Kau U Fong
Silka Seaview, Hong Kong
Silka West Kowloon, Hong Kong
Silka Far East, Hong Kong
Dorsett Tsuen Wan, Hong Kong
Subtotal
454
285
142
361
162
268
141
240
547
2,600
171,095
67,002
59,699
119,997
60,773
65,286
34,554
55,761
214,720
848,887
410
410
157,066
157,066
Jun-11
182
3,192
73,271
1,079,224
Rebranding
Conversion
Conversion
Rebranding
Jun-08
Feb-10
Aug-12
Jun-14
317
264
556
297
1,434
724,483
195,359
727,823
425,540
2,073,205
Greenfield
Q4 FY2018
200
653,755
Under development
Silka Tsuen Wan, Hong Kong
Subtotal
Under management contract
Dorsett Regency Hong Kong
Total Hong Kong Hotels
China
Operating hotels
Dorsett Wuhan
Dorsett Shanghai
Dorsett Grand Chengdu
Lushan Resorts
Subtotal
Under development
Dorsett Grand Zhuji
35
List of Member Hotels
Hotels
China
Year of commencement/
Expected commencement
Brand
No. of
rooms
GFA
(sqf)
Under JV contract
Dorsett Zhongshan(3)
Conversion
Q4 FY2018
Subtotal
Total China Hotels
Southeast Asia
416
457,068
416
457,068
2,050
3,184,028
Operating hotels
Dorsett Regency Kuala Lumpur
Dorsett Grand Subang
Dorsett Grand Labuan
Silka Maytower Hotel & Serviced
Residences
Silka Johor Bahru
Dorsett Singapore(4)
Subtotal
Under management contract
Silka Cheras, Kuala Lumpur
Dorsett Putrajaya
Dorsett Hartamas, Kuala Lumpur
Sri Jati Hotel(6)
Subtotal
Total Southeast Asia Hotels
Silka Hotels
Silka Hotels
d. Collection
Greenfield
Rebranding
Rebranding
Apr-98
Feb-07
Sep-07
320
478
178
298,726
465,691
232,124
Conversion
Oct-08
179
60,529
Conversion
Greenfield
Oct-08
Mar-13
252
285
94,766
174,655
1,692
1,326,491
319
218
371
154
NA
NA
NA
NA
1,062
2,754
1,326,491
Management
Management
Management
Management
Jun-14
Q3 FY2016
Q3 FY2017
Q3 FY2017
Europe
Operating hotels
Dorsett Shepherds Bush London
Subtotal
Under development
Dorsett City, London
Dorsett Shepherds Bush London 2
Subtotal
Total Europe Hotels
Grand Total
Conversion
Jun-14
317
317
159,769
159,769
Conversion
Conversion
Q4 FY2017
Q4 FY2018
270
55
325
636
96,876
NA
96,876
256,645
8,637
5,846,388
36
Contact Us
Principal Office:
18/F., Far East Consortium Building
121 Des Voeux Road Central
Central, Hong Kong
Email:
[email protected] or [email protected]
Website:
http://www.dorsett.com
Contact Person:
Mr. Clarence Wong
37

Corporate Presentation - Dorsett Hospitality International

Transcription

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