DOCSLIB.ORG

Buy Jinjiang International Alert

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Buy Jinjiang International Alert Deutsche Bank Markets Research Rating Company Date 30 March 2017 Buy Jinjiang Results Asia International Alert China Reuters Bloomberg Exchange Ticker Price at 29 Mar 2017 (HKD) 2.15 Consumer 2006.HK 2006 HK HSI 2006 Price target - 12mth (HKD) 3.70 Hotels / Leisure / ADR Ticker ISIN 52-week range (HKD) 3.35 - 2.03 Gaming SJJIY US81943G1040 HANG SENG INDEX 24,346 A year of hotel demand recovery and Tallan Zhou Karen Tang Research Analyst Research Analyst consolidation -reiterate BUY (+852 ) 2203 6464 (+852 ) 2203 6141 Recurring earnings up by 10% yoy [email protected] [email protected] Jinjiang International reported total profit of RMB758 million, yoy decrease by 12.4% yoy. However, this is mainly a result of the decrease of non-recurring Stock data items such as disposal of assets and disposal of investment security. If we exclude the one-off items gains, recurring profit was c. RMB340 million (up Market cap (HKDm) 11,967 10% yoy from last year’s RMB 310 million). Market cap (USDm) 1,541 A fruitful year of acquisitions—top-line growth by 40% yoy Shares outstanding (m) 5,566.0 Jinjiang consolidated 81% of Plateno Group (its economy brand name is 7 Major shareholders – Days Inn), 80% of Vienna Hotel Group and 100% of Group de Lourvre (GDL). Free float (%) 22 As a result, total revenue surged by 40% yoy to RMB17 billion from last year’s Avg daily value traded 1.6 RMB12 billion. (USDm) 2016 RevPAR led by high-star rating hotels, thanks to Disney Source: Deutsche Bank Management mentioned that Jinjiang’s high star-rating full service hotels in Shanghai reported c. 8.3% RevPAR growth in 2016, 7% increase of ADR, Key data thanks to contribution from Disney in Shanghai. On a national basis, we can FYE 12/31 2015A 2016E 2017E also observe a recovery of RevPAR for both full service and Jinjiang brand Sales (CNYm) 12,160 16,505 18,380 economy hotel, which is consistent with China Lodging (HTHT)’s result. Net Profit 842.4 521.0 732.1 (CNYm) Dividend payout rise to 58.6% from 42% last year. Dividend yield 4.1%. DB EPS (CNY) 0.06 0.04 0.08 Figure 1: Jinjiang 2016 earnings result at a glance PER (x) 37.3 48.0 24.5 Yield (net) (%) 2.8 2.6 2.6 2015 2016 Consensus yoy% diff. Source: Deutsche Bank Revenue 12,197 17,013 15,445 39% 10% Gross profit 2,639 2,759 na 5% na EBIT 2,010 2,170 1,595 8% 36% EBITDA 3,390 4,160 2,954 23% 41% Pre-tax profit 1,892 1,788 1,400 -5% 28% Net profit 866 758 521 -12% 46% Core net profit 310 340 na 10% na Asset diposal 356 230 na -35% na Investment Gain 200 180 na -10% na Operation (RevPAR) 2015 2016 Full Service Hotels 5-stars Luxury Hotels 603 609 na 1.0% na 4-stars Luxury Hotels 363 369 na 1.7% na Slect Service Hotels Jinjiang brand 141 142 na 0.7% na Source: Deutsche Bank, company data, Bloomberg Finance LP ________________________________________________________________________________________________________________ For internal use only Deutsche Bank AG/Hong Kong Distributed on: 29/03/2017 18:12:32 GMT The views expressed above accurately reflect the personal views of the authors about the subject companies and its(their) securities. The authors have not and will not receive any compensation for providing a specific recommendation or view. Deutsche Bank does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Prices are current as of the end of the previous trading session unless otherwise indicated and are sourced from local exchanges via Reuters, Bloomberg and other vendors. FOR OTHER IMPORTANT DISCLOSURES PLEASE VISIT http://gm.db.com/ger/disclosure/Disclosure.eqsr?ricCode=2006.HK MCI (P) 057/04/2016. 0bed7b6cf11c.
Load more

Recommended publications
  • The World's Biggest Hotel Companies. Old Trends and New Tendencies
    MISCELLANEA GEOGRAPHICA – REGIONAL STUDIES ON DEVELOPMENT Vol. 19 • No. 4 • 2015 • pp. 26-33 • ISSN: 2084-6118 • DOI: 10.1515/mgrsd-2015-0020 The world’s biggest hotel companies. Old trends and new tendencies Abstract Many hotels are owned by a few dozen so-called hotel chains or hotel Andrzej Kowalczyk systems. The rapid growth of big hotel companies can be regarded as proof of the entrance of hotel systems into the globalisation phase. Since 2006, companies from the People’s Republic of China (PRC) have been among the world’s top hotel systems. This year can be considered Department of Geography of Tourism & Recreation as the symbolic beginning of a new stage in the history of the largest Institute of Socio-Economic Geography & Spatial Management hotel systems. This paper shows two main trends. On the one hand, the Faculty of Geography & Regional Studies processes that could be observed in the market of the major global hotel University of Warsaw Poland systems from the 1990s are still discernible (for example, the position of e-mail: [email protected] the so-called hotel megasystems). On the other hand, new trends have come to the fore in recent years, notably the emergence of systems from the People’s Republic of China among the world’s largest hotel systems. Keywords Hospitality • hotel megasystems • Chinese hotel chains Received: 30 September 2014 © University of Warsaw – Faculty of Geography and Regional Studies Accepted: 18 August 2015 Introduction A large proportion of hotels worldwide are owned by a few systems, non-cash settlements, launching new services for clients dozen so-called chains or systems, many of which operate and new technological solutions in catering, and so on.
    [Show full text]
  • Information on the Proposed Candidates for Election at The
    Information on the proposed candidates for election at the Extraordinary General Meeting on 10 December 2018 Following completion of a previously announced transaction of shares in the Company by a consortium led by Jin Jiang International Holdings Co., Ltd., including SINO-CEE Fund, through its joint acquisition vehicle Aplite Holdings AB (the “Consortium”), the Consortium holds 50.21 percent of the shares and votes in the Company. The Consortium has requested that the Board of Directors summons an Extraordinary General Meeting, which will be held on 10 December 2018. The below information regarding the candidates proposed for election at the Extraordinary General Meeting by the Consortium has been provided to the Company by the Consortium. MA MINGJU Nationality: Chinese Born: 1961 Education: Senior accountant with a master's degree in business administration from the Asia International Open University (Macau). Shares: 0 Mr. Ma joined Jinjiang International Holdings Co., Ltd. in 2005, and formerly served as Supervisor of Shanghai Jin Jiang International Hotels (Group) Company Limited and Director of Jinjiang Inn Co., Ltd. Mr. Ma is now Vice President and General Manager of Finance Business Division of Jinjiang International Holdings Co., Ltd., Chairman of Shanghai Jinjiang International Investment and Management Co,. Ltd., CEO of Shanghai Jin Jiang International Hotels (Group) Company Limited, Supervisor of Shanghai Jin Jiang International Hotels Development Co., Ltd., Director of Shanghai Jin Jiang International Industrial Investment Co., Ltd., Director of Beijing Kunlun Hotel Co., Ltd., and Chairman of Jin Jiang International Finance Co., Ltd. JIN CHEN Nationality: Chinese Born: 1971 Education: Master degrees in LLM both from China University of Politics and Law in Beijing and University of Warwick in the UK, as well as an MBA (International) from University of Hong Kong.
    [Show full text]
  • Federico J. González
    THE CONVERSATION Radisson Hotel Group FEDERICO J. GONZÁLEZ The hotel group’s Chairman of the Global Steering Committee tells Andy Hoskins about his company’s transformation and its grand aspirations ighteen months have passed since “Jinjiang is very focused on hotels whereas segment that are competing against each Federico J. González joined the [current owners] HNA are more dispersed other in the same town or neighbourhood. E Radisson Hotel Group and he has in different sectors, so I think you can Our investors and hotel owners know they already overseen a re-brand of the two expect to see significant growth across all won't be competing against another Radisson arms of the company (based in Brussels our brands in China,” says González. in the same segment in the same town.” and Minneapolis) and implemented a And in a world of big brand mergers and If the group has a weakness it is perhaps five-year plan to “transform the company acquisitions, could Radisson and Jinjiang up its relatively uneven distribution of brands, in terms of revenue and reputation”. the ante? “I think so. We have a very strong, with Radisson Blu and Park Plaza strong in Previously known as the Carlson Rezidor aggressive five-year growth plan but that is Europe, for example, while Radisson hotels Hotel Group, the change of title brought the without factoring in any acquisitions. There and Country Inn and Suites are abundant Radisson name – its best-known brand – is already a significant amount of revenue across North America. to the fore, ditching the incongruous and profit potential in the existing business.
    [Show full text]
  • Corporate 300 Ranking
    HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325 TELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HO 325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325/HOTELS’325CORPORATE 300 RANKING Rank Company Rooms Hotels Rank Company Rooms Hotels 2007 Headquarters 2007 2007 2007 Headquarters 2007 2007 2006 2006 2006 2006 2006 2006 1 IHG (InterContinental Hotels Group) 585,094 3,949 31 IBEROSTAR Hotels & Resorts 31,000 97 1 Windsor, England 556,246 3,741 30 Palma de Mallorca, Spain 32,000 100 2 Wyndham Hotel Group 550,576 6,544 32 Millennium & Copthorne Hotels plc 29,987 111 2 Parsippany, N.J. USA 543,234 6,473 32 London, England 29,408 111 3 Marriott International 537,249 2,999 33 Tharaldson Lodging Cos. 28,878 372 3 Washington, D.C. USA 513,832 2,832 34 Fargo, N.D. USA 26,246 351 4 Hilton Hotels Corp. 502,116 3,000 34 Club Méditerranée 28,000 80 4 Beverly Hills, Calif. USA 501,478 2,935 33 Paris, France 28,027 80 5 Accor 461,698 3,871 35 Shangri-La Hotels and Resorts 26,434 55 5 Paris, France 486,512 4,121 35 Hong Kong, China 23,956 49 6 Choice Hotels International 452,027 5,570 36 Columbia Sussex Corp. 24,809 71 6 Silver Spring, Md. USA 435,000 5,376 29 Fort Mitchell, Ky.
    [Show full text]
  • Successful Growth Strategies of Three Chinese Domestic Hotel Companies
    www.sciedu.ca/jms Journal of Management and Strategy Vol. 3, No. 1; February 2012 Successful Growth Strategies of Three Chinese Domestic Hotel Companies Yu Qin, Ph.D., Associate Professor Head of Department of Hotel Management, School of Tourism Management, Beijing International Studies University, Beijing, China, 100024, PR China E-mail: [email protected], [email protected] Howard Adler, EdD. (Corresponding author) C.B. Smith Professor of Hotel Management Director, Center for the Study of Lodging Operations, Purdue University School of Hospitality and Tourism Management Marriott Hall, West Lafayette, Indiana 47906 Tel: +1-765-494-5998 E-mail: [email protected] Liping A. Cai, Ph.D. Professor Director, Purdue Tourism and Hospitality Research Center, Purdue University School of Hospitality and Tourism Management Marriott Hall, West Lafayette, Indiana 47906 E-mail: [email protected] Received: January 1, 2012 Accepted: February 2, 2012 Published: February 15, 2012 doi:10.5430/jms.v3n1p40 URL: http://dx.doi.org/10.5430/jms.v3n1p40 Abstract This paper explores the business level strategies implemented by the top three domestic Chinese lodging companies in the economy segment. Through interviews with the management of the three companies, the authors found the essential elements of their strategies were innovative positioning, keeping cost low, rapid expansion, continuous innovation, focus on quality consistency, extensive training and several indigenous Chinese cultural operational practices. Implications for future for research and practices are also discussed. Keywords: Business level strategy, Hotel growth strategies, Low cost strategy, China indigenous operational practice, China domestic hotel companies 1. Introduction Since the beginning of the new millennium, several Chinese domestic hotel companies, namely, Home Inn, Jinjiang Inn, Motel Chain and have achieved unprecedented growth and impressive performance.
    [Show full text]
  • June 2005 Global Hotel Management Agreement Trends
    244161_JLL_HotelTopics 25/5/05 4:43 PM Page 1 June 2005 Global Hotel Management Agreement Trends BEST WESTERN HOLIDAY INN DAYS INN MARRIOTT HOTELS, RESORTS AND SUITES COMFORT INNS & SUITES RAMADA SHERATON HOTELS SUPER 8 HAMPTON INN HILTON HOTELS RADISSON HOTELS & RESORTS MOTEL 6 HOLIDAY INN EXPRESS QUALITY INNS, HOTELS & SUITES HYATT REGENCY COURTYARD BY MARRIOTT GOLDEN TULIP MERCURE TRAVELODGE HILTON INTERNATIONAL IBIS HOWARD JOHNSON NOVOTEL WESTIN DOUBLETREE HOTELS ECONO LODGE RIU HOTELS CROWNE PLAZA INTER-CONTINENTAL EMBASSY SUITES LA QUINTA INNS FAIRFIELD INN RESIDENCE INN RED ROOF INN RENAISSANCE HOTELS & RESORTS CLUB MED VILLAS & VILLAGES WYNDHAM HOTELS & RESORTS STERLING HOTELS SUMMIT HOTELS & RESORTS LE MERIDIEN PRINCE HOTELS EXTENDED STAY AMERICA MELIA HOTELS SOFITEL DISNEY HOTELS FORMULE 1 CLARION CAMPANILE FOUR POINTS SCANDIC HOTELS KNIGHTS INN FAIRMONT HOTELS SLEEP INN & SUITES BAYMONT INNS HOMESTEAD VILLAGE SHANGRI-LA HOTELS WASHINGTON HOTELS NIKKO HOTELS POSTHOUSE COUNTRY INNS & SUITES BY CARLSON BARCELO SOL HOTELS ETAP OMNI HOTELS SUBURBAN LODGE JIN JIANG FOUR SEASONS HOTELS CONCORDE DORINT HOTELS MICROTEL INN & SUITES IBEROSTAR AMERISUITES TRAVEL INN SHERATON LUXURY COLLECTION ADAM'S MARK RITZ-CARLTON TRYP HOTELS SUNROUTE OCCIDENTAL HOTELS HUSA WESTCOAST PREMIERE CLASSE HOMEWOOD BY HILTON RODEWAY INN TREFF THISTLE HOTELS GRAND HYATT FIESTA HOTELS MARITIM LTI HOTELS ORBIS HOTELS HAWTHORN SUITES TOKYU INNS GRECOTEL BEST INNS & SUITES NH HOTELES RICA HOTELS VILLAGER G.S.M. HOTELS CANDLEWOOD SUITES SUN DRURY INN RINGHOTELS
    [Show full text]
  • Briefing Hotel Sales & Investment
    Savills World Research Asia Pacific Briefing Hotel sales & investment April 2014 Image: Phuket, Thailand SUMMARY Strong demand for real estate investments sustained the momentum of transactions going into 2014, with investors competing for quality assets. The total value of hotel investment increased, with transaction volumes Tokyo (4.5%), Seoul (5.0%), Bangkok, sales increased by 49.8%, from surging 613.3% and 117.1% Kuala Lumpur and Shanghai (all 7.5%). US$1.49 billion in Q1/2013 to US$2.23 respectively year-on-year (YoY). billion in Q1/2014. Investment sales in Japan declined “We have seen a significant The China hotel market the most, with transaction volumes contributed US$612 million or 27.4% falling 27.1% YoY. increase in transaction activity of all investment sales in the reviewed by high net worth individuals and quarter. Investors will push more hotels onto the market in 1H/2014, looking the smaller private groups. There Singapore investors invested to capitalise on improved market is a large pool of funds available nearly US$798 million or 35.7% of all sentiment. Regional cap rates continue investment sales in Q1/2014. to soften, with yield expectations for for assets in good condition in prime assets ranging between 3.5% in affluent locations, particularly Hotel investment sales in Hong Hong Kong and 9.0% in Ho Chi Minh freehold stock.” Savills Research Kong and Australia/New Zealand City. These include Singapore (4.0%), savills.com.sg/research 01 Briefing |Asia Pacific hotel sales & investment April 2014 Market overview for core assets in Tokyo remains at significantly boosted investment The first quarter of the year registered an all-time time high.
    [Show full text]
  • A Comparative Study on Growth Path of Chinese Tourism Corporation Based on Enterprise Competence Theory: Case Studies of Home Inn and Jin Jiang Inn
    A comparative Study on growth path of Chinese Tourism Corporation Based on Enterprise Competence Theory: Case Studies of Home Inn and Jin Jiang Inn Rongting Fan1, Xueying Huang1* and Hui Zhang1 1School of Economy and Management, Beijing Jiaotong University, Beijing, PRC, 100044. E-mail: [email protected]; [email protected]; [email protected] Abstract. Since the competition is becoming increasingly fierce among tourism corporations, there is a crucial problem about how to cultivate core competence in different stage. In this research, we study to find out the answer based on enterprise growth theory, and aim to work out the three main dimensions to construct a theoretical model establishing a standard of describing the growth path for companies. After reviewing the literature, we analyze and choose those crucial factors to be the dimensions of the competitive edge 3D modeling, and take a comparative study of two limited-service hotel chain cases (Home Inn and Jin Jiang Inn) to apply the theory, and then sketch the two hotel chains’ growing stages and pathway and conclude findings and implications. Keywords Enterprise Competence Theory • growth path • comparative study • case study • limited-service hotel • Home Inn • Jin Jiang Inn 1 Introduction Large quantity of limited-service hotel is leading to serious competition, so there is a crucial problem about how to cultivate core competence for limited-service hotel chains. Meanwhile, many Chinese scholars are working on core competitiveness of limited-service hotel. But as we know, there is no “core competitiveness” in Western textbook. It’s a translation misunderstanding between Chinese and English, and the right phrase is “core competence”.
    [Show full text]
  • Family Tree: Global Hotel Companies and Their Brands
    Family Tree: Global hotel companies and their brands This family tree is organized by parent company and lists hotel brands that had properties open as of 31 December 2014. PARENT COMPANY BRAND PARENT COMPANY BRAND 25Hours Hotels 25Hours Hotels Arcadia Hotels Af Arcadia Hotels Af 7 Days Inn 7 Days Inn Archipelago International Aston International A Victory Hotels A Victory Hotels Archipelago International Fave Hotels Abad Group Abad Hotels & Resorts Archipelago International Kamuela Villas Abba Abba Archipelago International Neo Hotels Abotel Abotel Archipelago International Quest Hotels Abou Nawas Abou Nawas Arcona Hotels Arcona Hotels Absolute Hotel Services Group Eastin Arcotel Hotels Arcotel Hotels Absolute Hotel Services Group Eastin Easy Aristos Hotels Aristos Hotels Absolute Hotel Services Group U Hotels & Resorts Arora Arora Accor Adagio City Aparthotel Aryaduta Hotel Group Aryaduta Hotel Accor All Seasonshotels As Hotels As Hotels Accor Caesar Park Hotels Ascott Group Ascott Accor Coralia Ascott Group Citadines Accor Etap Hotel Ascott Group Somerset Hotels Accor Grand Mercure Ashok Ashok Accor Hotel F1 Atahotels Atahotels Accor Hotel Formule 1 Atlantic Hotels Atlantic Hotels Accor Hotel Ibis Atton Hotels S.a. Atton Hotel S.a. Accor Ibis Budget Austria Trend Hotels & Resorts Austria Trend Hotels & Resorts Accor Ibis Styles Avari Hotels Avari Hotels Accor Libertel Axel Hotels Axel Hotels Accor Mercure Hotels Ayre Hoteles Ayre Accor Mgallery Hotel Collection Ayres Hotels Ayres Accor Novotel Hotels Azalai Hotels Azalai Hotels Accor
    [Show full text]
  • A Movement in Need of Leadership
    A MOVEMENT IN NEED OF LEADERSHIP The case for Travel & Tourism to move the needle on Gender Diversity and course correct with agility CONTENTS Foreword 01 Section Two: The Invisible Glass Ceiling Preface 02 • Travel & Tourism Boards 24 Key Highlights 04 • Travel & Tourism C-SUITE 25 Executive Summary 04 Initiatives From Around The World 26 Introduction 06 The Big Blow Of The Covid Crisis 28 Points To Ponder 08 Section Three: Our Recommendations The Time For Action Is Now 29 Why Does Gender Diversity Matter? 10 We Would Love To Work With You 31 About This Study - Approach & Methodology 12 Companies Analysed For This Study 14 Section One: Progress Report 16 • Hotels 17 • Casinos & Entertainment 18 • Restaurant Chains/Food & Beverage Companies 19 • Airlines 20 • Airports 21 • Cruises 22 • OTA’s & Travel Companies 23 FOREWORD Prof Martin Barth CEO & President, World Tourism forum Lucerne While it is very encouraging to see that conversations around diversity and inclusion are at long last becoming commonplace, both in the media and among decision-makers at the government and corporate level, it clear that there’s still a lot more ground to cover. World Tourism Forum Lucerne is well aware of the manifold benefits diversity and inclusion brings to organisations. We understand that women in the workforce and those out of it face many challenges, and that we need to be more intentional about creating more inclusive workplaces. It is further clear that there is work to be done to equalise the gender imbalance in the top tier of business leadership. It is against this background that we are delighted to launch this study which highlights how gender inequality is hidden in plain view within the travel, tourism and hospitality industry.
    [Show full text]
  • China Leads APAC in Transaction Consideration
    China – February 2019 MARKET IN MINUTES Hotel Savills Research Savills team Please contact us for further information RESEARCH James Macdonald Senior Director China +8621 6391 6688 james.macdonald@ savills.com.cn HOTELS Nathalia J. Wilson Senior Director Asia Pacific China leads APAC in transaction consideration +65 6415 7589 [email protected] China’s hotel industry continued to grow and reflected increased interest from Annie Wang both developers and private equity in 2018. Director China • Occupancy rates for hotels in first-, second- and third-tier • There are approximately 177,000 rooms in three-star and +86 10 5925 2029 cities stood at 71.9%, up 1.6 percentage points (ppts) year- above hotels expected to be handed over to the market in the Annie.wang@ savills.com.cn on-year (YoY), 64.5% (up 1.5 ppts YoY) and 59.6% (2.1 ppts coming five years. YoY), respectively. Zoe Zhou • Glamping, red tourism and wellness retreats are becoming Associate Director • First-tier cities recorded an increase in Average Daily Rates emerging tourism trends. Asia Pacific (ADRs) to RMB841.3 (up 6.2% YoY) while second-tier cities +65 9388 3690 fell to RMB537.1 (down 0.8% YoY) and third-tier cities [email protected] increased slightly to RMB515.2 (up 0.3% YoY) by Q2/2018. Savills plc Savills is a leading global real estate service provider listed on • Revenue per available room (RevPar) for five-star hotels “ Business travel may suffer the London Stock Exchange. The company established in 1855, has saw significant gains on a YoY basis across all city tiers by from the ongoing economic a rich heritage with unrivalled growth.
    [Show full text]
  • On the Trail N°25
    The defaunation bulletin Quarterly information and analysis report on animal poaching and smuggling n°25. Events from the 1st April 2019 to the 30 of June 2019 Published on January 9, 2020 Original version in French 1 On the Trail n°25. Robin des Bois Carried out by Robin des Bois (Robin Hood) with the support of the Brigitte Bardot Foundation, the Franz Weber Foundation and of the Ministry of Ecological and Solidarity Transition, France reconnue d’utilité publique 28, rue Vineuse - 75116 Paris Tél : 01 45 05 14 60 “On the Trail“, the defaunationwww.fondationbrigittebardot.fr magazine, aims to get out of the drip of daily news to draw up every three months an organized and analyzed survey of poaching, smuggling and worldwide market of animal species protected by national laws and international conventions. “ On the Trail “ highlights the new weapons of plunderers, the new modus operandi of smugglers, rumours intended to attract humans consumers of animals and their by-products.“ On the Trail “ gathers and disseminates feedback from institutions, individuals and NGOs that fight against poaching and smuggling. End to end, the “ On the Trail “ are the biological, social, ethnological, police, customs, legal and financial chronicle of poaching and other conflicts between humanity and animality. Previous issues in English http://www.robindesbois.org/en/a-la-trace-bulletin-dinformation-et-danalyses-sur-le-braconnage-et-la-contrebande/ Previous issues in French http://www.robindesbois.org/a-la-trace-bulletin-dinformation-et-danalyses-sur-le-braconnage-et-la-contrebande/ Non Governmental Organization for the Protection of Man and the Environment Since 1985 14 rue de l’Atlas 75019 Paris, France tel : 33 (1) 48.04.09.36 - fax : 33 (1) 48.04.56.41 www.robindesbois.org [email protected] Publication Director : Jacky Bonnemains Editor-in-Chief: Charlotte Nithart Art Directors : Charlotte Nithart and Jacky Bonnemains Coordination : Elodie Crépeau Writing: Jacky Bonnemains, Jean-Pierre Edin and Camille Habe.
    [Show full text]