HK-listed hotelier Langham sinks to over 3-year low on weak H2 outlook

Langham Hospitality Investments

08/08/2019 03:30

** Shares of Langham Hospitality Investments Ltd  1270.HK 
fall as much as 5.2% to HK$2.55, lowest since May 2016, after
the hotels owner posts weak H1 results and forecasts a difficult
H2 
    ** Langham, which owns Langham Hong Kong, Cordis Hong Kong,
and Eaton HK, posts 4.8% fall in H1 net profit, while revenue of
hotel portfolio rises 6.5%  urn:newsml:reuters.com:*:nFWN25314B
    ** Company says recent protests will affect its hotels'
businesses at least over H2 2019, and expects pace of hotel room
bookings to deteriorate materially in August and the months
ahead
    ** Company also expects to see a much more dramatic slowdown
in hotel businesses in the remainder of 2019, which will affect
both operating performance and valuation of its hotels
    ** As of Wednesday's close, stock had fallen 7.2% so far
this year
    ** Langham has underperformed the Hang Seng Commerce &
Industry index  .HSNC  by 3.8 pct points in the past one month
    ** The Hong Kong Hang Seng Commerce & Industry index  .HSNC 
falls 1.1% and the benchmark index  .HSI  gains 0.8%

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)