started but it is still far away from recovery. the nature of its business depends on guests/tourists - domestic or international. Total tourists visiting Malaysia were averagely at 25M people yearly until 2019. There were less than 4M tourists in 2022 and 2023 target is 9M tourists. On the flip side, the price of Shang is becoming attractive if it is selling below 3.0. Just sharing my opinions, could be wrong. Hope it helps.

Nice talk cheng, Ya you are right, asian chinese prefer SHANG, such like china tourists, western tourists are prefers other western brand hotel such as Hilton. Well, different culture. We can stay track on the occupation rate of the hotel to check the recovery stages. So far, every hotels and resorts occupancy rate was gam gam above 50% as at Sep 2022. I'm expecting a higher occupancy rate in following QR which is as at Dec 2022, due to more festivals in the quarter.

Cheng, let it come one by one la, its not easy to recover the whole business from the pandemic. I believe the room rates will gradually increase back once the tourist volumes and spending come back. As what I know, in feb, airasia have around 15 planes fly to n back from China, in Mar, the number will be doubled. This is what I heared from the radio last week.

Thanks, Wei Yoong. Agreed that its not easy for the recovery. The RevPAR has probably recovered by 50% from the value before pandemic and possible to achieve 60 to 70% recovery by end of this year assuming the 9M total tourists arrivals can be achieved. Will be looking forward for the opportunity to add when the price becomes attractive.

Nick's power :) Manage it well as its a long journey. F&B segment will probably recover faster than the rooms segment. Room's occupancy is up to decent level but RevPAR is still low; what used to be ranging from RM250 to RM450 per night is now ranging from RM50 to RM150 as of early 2022. Data from Tourism Malaysia will be a boost for the RevPAR; 9M is the target for 2023.

Unlikely to have dividend. It will be a surprise to me if Shang is providing dividend now. Should not have any dividend until (1) (short term funds placements + cash and bank balances) > (short term borrowings + long term borrowings). As of last quarter results, its still in net debt position. (2) Retained earnings has to go up again as dividend is paid from there; distributable. Total shareholder equity to go up accordingly as retained earnings go up. Just my opinions, could be wrong. Hope it helps.

Worst is over as the operations begins to narrow the losses qoq/yoy and cash flow turning positive at the back of impairment, forex and low tourists count by end of 2022. Going forward, Ministry of Tourism seems to have set a target of 16M tourists count for 2023 instead of the initial 9M; 2022 actual count was slightly more than 4M. Higher tourists count will help to boost the RevPAR and contributes to higher sales. Visit Malaysia 2025 with the target of 23.5M tourist count. The prospects are now lined up accordingly :)