Stockbrokers Asia Securities has downgraded Asian Hotels & Properties (AHPL) to hold, based on its poor short-medium term earnings prospects and an uncertain investment climate.
Asian Hotels rnlong-term growth potential critically depends on the success of its new rnapartment complex endash The Monarch endash and the ability of its new management to add rnvalue to its real estate holdings, Asia Securities said Tuesday.
"Asian rnHotels previous management team appear to have plucked most of the low hanging rnfruit and major investments are now required to maintain its earnings growth rnmomentum," the report said.
rnFor starters, Asian Hotels reported a rndisappointing fourth quarter ending March 31, 2004, with a Rs. 8 mn ne