Investment Rating - The report maintains an "Add" rating for Hong Kong Travel (00308.HK) [1] Core Views - Hong Kong Travel plans to spin off its tourism real estate assets to focus on its core profitable business, which is expected to enhance operational efficiency and reduce debt levels [7] - The company anticipates a loss of HKD 160 million due to the spin-off, primarily from the reclassification of cumulative exchange differences related to the tourism real estate business [7] - The projected net profit for the years 2025-2027 is estimated at HKD 273.34 million, HKD 415.64 million, and HKD 597.04 million respectively, with corresponding P/E ratios of 30, 20, and 14 times [7] Financial Summary - Total revenue for 2023 is projected at HKD 4,494 million, with a year-on-year growth of 48.22%, and is expected to reach HKD 5,559 million by 2027 [1][8] - The net profit for 2023 is expected to be HKD 239.55 million, recovering from a loss in the previous year, with significant growth anticipated in the following years [1][8] - The company's earnings per share (EPS) is projected to increase from HKD 0.04 in 2023 to HKD 0.11 by 2027 [1][8]
香港中旅（00308）：剥离旅游地产资产，聚焦核心盈利业务