January 11, 2018

Vindicating our expectations as a potential catalyst in our initiate coverage report, Banyan Tree continues to grab headlines with progress over its application to operate a casino in its Vietnam development. With the Vietnamese Prime Minister’s in-principle approval obtained, the development is on the cusp of fulfilling its full potential. With a 17.8% stake valued at S$48m, Banyan Tree is sitting on a potential multi-bagger. Maintain BUY and SOTP-based target price of S$0.92 by UOB Kay Hian. Share price closed at S$0.650