Tuesday, Oct 03, 2006
0651 GMT [Zawya Dow Jones]--Kingdom Hotel Investments has been given "buy" recommendation in a Shuaa research note, with fair value at $11.50 a share, up from last trade $7.40 a share. "We maintain our positive outlook on KHI's diversification strategy..as we are seeing evidence of a well managed portfolio of hotel assets with visible tangible growth prospects going forward," the note says. KHI's first-half 2006 earnings before Earnings Before Interest, Taxes, Depreciation and Amortization of $11.7 million was 20% below Shuaa's estimate, owing to underperforming Red Sea resorts; net income beat Shuaa expectations by 3% on higher-than-expected contributions from interest income items. (SGK)
(END) Dow Jones Newswires
10-03-06 0251ET
Copyright Zawya Dow Jones Newswires 2006
