DOCSLIB.ORG

Banyan Tree Holdings Limited 2Q11 Results Briefing 

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Banyan Tree Holdings Limited 2Q11 Results Briefing  ";"Ì1. Banyan Tree Holdings Limited 2Q11 Results Briefing ";"Ì1. FORWARD LOOKING STATEMENTS This document is provided to you for information only and should not be relied on or used as a basis for making any specific investment, business or commercial decision. No representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. This document does not constitute and should not be construed as, any offer or solicitation for the subscription, purchase or sale of any securities of Banyan Tree Holdings Limited (“Banyan Tree”). Nothing in this document should be construed as a recommendation regarding the securities of Banyan Tree. Certain statements in this document may constitute "forward-looking statements”, including statements regarding, amongst other things, Banyan Tree’s business and growth strategy. These statements reflect Banyan Tree’s expectations and are subject to risks and uncertainties that may cause actual results to differ materially and may adversely affect the outcome and financial effects of the plans described herein. You are cautioned not to rely on such forward-looking statements. Banyan Tree disclaims any obligation to update their view of such risks and uncertainties or to publicly announce the result of any revisions to the forward-looking statements made herein, except where they would be required to do so under applicable law. Banyan Tree is under no obligation to keep current the information contained in this document and any opinions expressed in it are subject to change without notice. None of Banyan Tree or any of its affiliates, advisers or representatives shall have any liability whatsoever for any loss whatsoever arising from any use of this document or its contents, or otherwise arising in connection with this document (whether direct, indirect, consequential or other). This document is not intended to provide professional advice and should not be relied upon in that regard. Prospective investors should consult their tax, legal, accounting or other advisers. The information in this document is given in confidence and reproduction of this document, in whole or in part, or disclosure of any of its contents, without prior consent of Banyan Tree, is prohibited. This document remains the property of Banyan Tree and on request must be returned and any copies destroyed. 2 ";"Ì1. AGENDA 1. Overview Ho KwonPing 2. Financial Highlights Eddy See 3. Outlook Ariel Vera 4. Portfolio (Existing and Pipeline) Ariel Vera 3 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. OverviewOverview 4 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. 2Q11 RESULTS BRIEFING 2Q11 results: . Revenue 3% to S$63.6m . EBITDA doubled to S$3.6m . LATMI reduced 21% to S$7.0m LBR sale: . Transaction profit; S$16.7m (56% margin). Accounting profit; S$1.8m (6% margin). Loss at PATMI level due to: . Low season of the year. Run up to Thai election affects hotel operation. Slow Property Sales. Partially cushioned by . Good performance in Fee-Based segment. 1H11 results: . Revenue 6% to S$177.9m . EBITDA 5% to S$36.1m . PATMI at profit of S$3.0m vs loss of S$1.5m 5 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. 2Q11 RESULTS BRIEFING 3rd quarter, our traditional low season, will be challenging and possibly unprofitable. Uncertainties remain in key guest markets. Closure of Sheraton Phuket for renovation; to be re-opened as Angsana Phuket in Dec 2011. Owned hotels forward bookings for 3Q11 higher than last year; will cushion shortfall. • Thailand 57% • Non-Thailand 2% •Overall 18% . Slow sales of holiday homes in Thailand will continue as investors remain cautious. 6 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. 2Q11 RESULTS BRIEFING Deployment of Funds: . Group cash currently at S$150m ; Private equity funds raised S$560m. Focus on China / Vietnam projects. • Branded property developments. 5 projects in China. Integrated resort in Vietnam. 7 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. FinancialFinancial HighlightsHighlights 8 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. REVENUE, EBITDA & PATMI for 2Q11 Highlights 2Q11 vs 2Q10 S$m Revenue 3% mainly from: 2Q11 vs 2Q10 1H11 vs 1H10 . Fee-based segment due to: $200.0 • hotel management fees from new 6% $177.9 resorts. $180.0 $168.2 • fund management fees. • sales from Gallery operation. $160.0 but partially offset by: ¡ ¡ $140.0 . ¡ ¡ revenue for Hotel Investments segment due to run up to Thai election & cessation of revenue from Dusit and LBR hotels. ¡ ¡ $120.0 ¡ ¡ . revenue recognition from property villas sales, partially cushioned by divestment of $100.0 a development site to China Fund. EBITDA 104% and PATMI 21% due to $80.0 3% $63.6 above & other income (gain on sale of $61.9 LBR). $60.0 5% 1H11 vs 1H10 $34.4 $36.1 Revenue 6% due to: $40.0 . revenue from Property Sales from 309% divestment of development sites to China $20.0 104% Fund. $3.6 $3.0 $1.8 . revenue from Fee-based segment due to $0.0 reasons as mentioned above. ($1.5) ($8.9) 21% ($7.0) -$20.0 but partially offset by: ¡ ¡ ¡ ¡ 2Q10 2Q11 1H10 1H11 . revenue from Hotel Investments segment as mentioned above. REVENUE EBITDA PATMI EBITDA 5% for 1H11 mainly due to revenue. Note: Variance is computed based on figures to the nearest thousands & in line with announcement in masnet. PATMI 309% due to EBITDA and lower depreciation following the disposal of Dusit & LBR. 9 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. KEY FINANCIAL RATIOS 2Q11 2Q10 1H11 1H10 Income Statement (Restated) (Restated) EBITDA margin 5.6% 2.8% 20.3% 20.5% PAT margin -14.0% -18.4% 3.5% 1.0% Earnings per share (cents) (0.92) (1.17) 0.40 (0.19) As at As at Balance Sheet 30/06/11 31/12/10 (Restated) Tangible Net Worth (TNW) (S$mil) 615.0 704.8 Net Debt/Equity ratio 0.38 0.29 Net Asset Value/share (S$) 0.64 0.68 10 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. EBITDA BY SEGMENTS Hotel Investments1 Highlights % 2Q11 vs 2Q10 S$m 2Q11 vs 2Q10 1H11 vs 1H10 $20.0 50% ᜑ EBITDAᜑ 17% & EBITDA margin 2% points $16.4m respectively due to: 40% $15.0 -21% $12.9m . Lower operating costs at Sheraton Grande Laguna 30% Phuket in view of termination $10.0 of hotel management 20% agreement. $5.0 but partially reduced by lower 15.8% revenue due to: 13.9% 10% . Run up to Thai election. $0.0 0% . Cessation of contribution from 17% Dusit & LBR hotels. ($3.7m) -$5.0 ($4.4m) -10% 1H11 vs 1H10 -11.3% -13.2% ᜓ EBITDA 21% & EBITDA -$10.0 -20% ᜓ margin 2% points, mainly 2Q10 2Q11 1H10 1H11 due to lower revenue with EBITDA (S$M) EBITDA margin reasons as mentioned above. 1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment. 2. Variance is computed based on figures to the nearest thousands. 11 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. EBITDA Hotel Investments1 Thailand Hotels Highlights 2Q11 vs 2Q10 S$m 2Q11 vs 2Q10 1H11 vs 1H10 12.0 ᜑ EBITDA 10% due to: $10.1m 10.0 . Lower operating costs at Sheraton Grande Laguna 8.0 -36% Phuket in view of termination of $6.4m hotel management agreement. 6.0 but partially reduced by lower 4.0 revenue due to: 2.0 . Run up to Thai election. 0.0 . Cessation of contribution from Dusit & LBR hotels. -2.0 1H11 vs 1H10 -4.0 ᜓ EBITDA 36% mainly due to: 10% -6.0 ($5.3m) ᜓ ($5.8m) . Revenue resulting from cessation of contribution from -8.0 Dusit and LBR hotels. 2Q10 2Q11 1H10 1H11 EBITDA (S$M) 1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment. 2. Variance is computed based on figures to the nearest thousands. 12 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. EBITDA Hotel Investments1 Non - Thailand Hotels Highlights 2Q11 vs 2Q10 & 1H11 vs 1H10 S$m 2Q11 vs 2Q10 1H11 vs 1H10 10.0 ᜑ EBITDA ᜑ15% (2Q11 vs 2Q10) & 9.0 EBITDA 3% (1H11 vs 1H10) mainly due to: 8.0 . Higher revenue from Maldives in 3% 2Q11 as performance last year 7.0 $6.5m $6.3m were impacted by Icelandic 6.0 volcano ash crisis. 5.0 4.0 3.0 2.0 $1.6m $1.4m 15% 1.0 0.0 2Q10 2Q11 1H10 1H11 EBITDA (S$M) 1. Hotel management fees attributed for hotels managed and owned by BTH was allocated to hotel management segment. 2. Variance is computed based on figures to the nearest thousands. 13 Overview | Financials | Outlook | Portfolio (Existing and Pipeline) ";"Ì1. EBITDA BY SEGMENTS Property Sales Highlights 2Q11 vs 2Q10 S$m % ¢ ¢ 2Q11 vs 2Q10 1H11 vs 1H10 EBITDA & EBITDA margin ¢ ¢ 147% and ¢ ¢ $16.0 80% ¢ ¢ 46% points due to: $14.2m 70% $14.0 . Revenue recognition for only 2 units of Laguna village townhomes as 57% 60% opposed to 2 units of Laguna village $12.0 townhomes and 3 units of Banyan 50% Tree Bangkok suite in 2Q10. $10.0 $9.0m 40% 1H11 vs 1H10 £ £ 28.9% £ £ $8.0 35.6% 37.4% 30% EBITDA and EBITDA margin 57% £ £ and £ £ 2% points respectively due to: 20% $6.0 . Gain on divestment of a development site in Lijiang to China Fund. 10% $4.0 Offset by: $2.3m 0% . Revenue recognition for only 1 unit $2.0 each of Laguna Village Bungalow and -10% -147% -16.7% BT Phuket Double Pool Villa and 2 $0.0 units of Laguna village townhomes in -20% ($1.1m) 1H11 as opposed to 13 units of Laguna Village Townhome/ Bungalow, -$2.0 -30% BT Phuket Villas and BT Bangkok 2Q10 2Q11 1H10 1H11 Suites in total in 1H10.
Load more

Recommended publications
  • Ecological Risk Assessment of Typical Plateau Lakes
    E3S Web of Conferences 267, 01028 (2021) https://doi.org/10.1051/e3sconf/202126701028 ICESCE 2021 Ecological Risk Assessment of Typical Plateau Lakes Yuyadong1.2*, Yankun2 1.School of Ecology and Environmental Science Yunnan University, China 2.The Ecological and Environmental Monitoring Station of DEEY in Kunming, China Abstract. Plateau lakes have significant ecological value. With economic development, lake pollution and ecological degradation have become increasingly prominent. There are many ecological risk assessment methods. This article combines four different ecological risk assessment methods including single-factor pollution index, geological accumulation index method, potential risk index method, and pollution load index method to analyze the heavy metal pollution in Yangzong seabed mud as comprehensively as possible. It shows that the results obtained by different ecological risk assessment methods are slightly different. The overall trends of the geological pollution index and the single-factor pollution index are similar. In terms of time, except for the two elements of mercury and cadmium, the contents of other heavy metals in 2019 are lower than in 2018, indicating that heavy metal pollution has decreased in 2019; from the perspective of spatial distribution, In 2018, the overall pollution level on the south side of Yangzonghai was higher than that in the central and northern regions of Yangzonghai . On the whole, whether it is the potential risk index or the appropriate pollution load index, the pollution level on the south side of Yangzonghai is higher than that in the central and northern areas of Yangzonghai, and the northern area has the least pollution. ecosystems is relatively reduced, which makes the economic development of plateau lake basins face severe 1 Introduction challenges.
    [Show full text]
  • Water Resource Risk Assessment Based on Non-Point Source Pollution
    water Article Water Resource Risk Assessment Based on Non-Point Source Pollution Xiaodie Yuan and Zhang Jun * School of Architecture and Planning, Yunnan University, Kunming 650500, China; [email protected] * Correspondence: [email protected] Abstract: As one of the most important causes of water quality deterioration, NPS (non-point source) pollution has become an urgent environmental and livelihood issue. To date, there have been only a few studies focusing on NPS pollution conforming to the estimation, and the pollution sources are mainly concentrated in nitrogen and phosphorus nutrients. Unlike studies that only consider the intensity of nitrogen and phosphorus loads, the NPS pollution risk for the China’s Fuxian Lake Basin was evaluated in this study by using IECM (Improve Export Coefficient Model) and RUSLE (Revised Universal Soil Loss Equation) models to estimate nitrogen and phosphorus loads and soil loss and by using a multi-factor NPS pollution risk assessment index established on the basis of the data mentioned above. First, the results showed that the load intensity of nitrogen and phosphorus pollution in the Fuxian Lake Basin is low, so agricultural production and life are important sources of pollution. Second, the soil loss degree of erosion in the Fuxian Lake is mild, so topography is one of the most important factors affecting soil erosion. Third, the risk of NPS pollution in the Fuxian Lake Basin is at a medium level and its spatial distribution characteristics are similar to the intensity characteristics of nitrogen and phosphorus loss. Nitrogen, phosphorus, sediment, and mean concentrations are important factors affecting NPS pollution.
    [Show full text]
  • Supplement of a Systematic Examination of the Relationships Between CDOM and DOC in Inland Waters in China
    Supplement of Hydrol. Earth Syst. Sci., 21, 5127–5141, 2017 https://doi.org/10.5194/hess-21-5127-2017-supplement © Author(s) 2017. This work is distributed under the Creative Commons Attribution 3.0 License. Supplement of A systematic examination of the relationships between CDOM and DOC in inland waters in China Kaishan Song et al. Correspondence to: Kaishan Song ([email protected]) The copyright of individual parts of the supplement might differ from the CC BY 3.0 License. Figure S1. Sampling location at three rivers for tracing the temporal variation of CDOM and DOC. The average widths at sampling stations are about 1020 m, 206m and 152 m for the Songhua River, Hunjiang River and Yalu River, respectively. Table S1 the sampling information for fresh and saline water lakes, the location information shows the central positions of the lakes. Res. is the abbreviation for reservoir; N, numbers of samples collected; Lat., latitude; Long., longitude; A, area; L, maximum length in kilometer; W, maximum width in kilometer. Water body type Sampling date N Lat. Long. A(km2) L (km) W (km) Fresh water lake Shitoukou Res. 2009.08.28 10 43.9319 125.7472 59 17 6 Songhua Lake 2015.04.29 8 43.6146 126.9492 185 55 6 Erlong Lake 2011.06.24 6 43.1785 124.8264 98 29 8 Xinlicheng Res. 2011.06.13 7 43.6300 125.3400 43 22 6 Yueliang Lake 2011.09.01 6 45.7250 123.8667 116 15 15 Nierji Res. 2015.09.16 8 48.6073 124.5693 436 83 26 Shankou Res.
    [Show full text]
  • Acknowledgements
    Acknowledgements First of all, I sincerely thank all the people I met in Lisbon that helped me to finish this Master thesis. Foremost I am deeply grateful to my supervisor --- Prof. Ana Estela Barbosa from LNEC, for her life caring, and academic guidance for me. This paper will be completed under her guidance that helped me in all the time of research and writing of the paper, also. Her profound knowledge, rigorous attitude, high sense of responsibility and patience benefited me a lot in my life. Second of all, I'd like to thank my Chinese promoter professor Xu Wenbin, for his encouragement and concern with me. Without his consent, I could not have this opportunity to study abroad. My sincere thanks also goes to Prof. João Alfredo Santos for his giving me some Portuguese skill, and teacher Miss Susana for her settling me down and providing me a beautiful campus to live and study, and giving me a lot of supports such as helping me to successfully complete my visa prolonging. Many thanks go to my new friends in Lisbon, for patiently answering all of my questions and helping me to solve different kinds of difficulties in the study and life. The list is not ranked and they include: Angola Angolano, Garson Wong, Kai Lee, David Rajnoch, Catarina Paulo, Gonçalo Oliveira, Ondra Dohnálek, Lu Ye, Le Bo, Valentino Ho, Chancy Chen, André Maia, Takuma Sato, Eric Won, Paulo Henrique Zanin, João Pestana and so on. This thesis is dedicated to my parents who have given me the opportunity of studying abroad and support throughout my life.
    [Show full text]
  • The Countermeasure Research of Sustainable Development in the Fuxian Lake Basin
    2021 4th International Conference on Interdisciplinary Social Sciences & Humanities (SOSHU 2021) The Countermeasure Research of Sustainable Development in the Fuxian Lake Basin Qingjuan Meng, Guangzhou Zhao, Yong Tang, Yuanlin Hu, Jie Li, Hongzhe Zhang, Zhifang Chen, Junjie Li, Zhenhua Song, Hailong Wang, Youlin Zhang Oxbridge College, Kunming University of Science and Technology, Kunming, Yunnan, China, 650106 Keywords: The Countermeasure, Research of Sustainable Development, Fuxian Lake Abstract: The sustainable development of the Fuxian Lake Basin aims to maintain the sound and sustainable development of mountains, rivers, forests, croplands, lakes, and grasses in the basin and to coordinate the relationship of society, economy, environment, production, life, and ecological water utilization so that social economy in the basin can adapt to the carrying capacity of water resource environment to determine needs and development with rivers. Development is conducting in protection while protection is implementing in development, so as to strongly develop the circular economy. On the basis of the water environmental transition in the Fuxian Lake, this thesis analyzed the developmental status and existing problems of the Fuxian Lake Basin and put forward countermeasures from four aspects including ecological development, economic development, social development, and scientific development, hoping to provide theoretical support and practical experience of the sustainable development research for plateau lakes. The Fuxian Lake is situated in Yuxi City, Yunnan Province. It is the deep-water freshwater lake with the greatest water storage and also the only high-quality freshwater lake of China. The Fuxian Lake steps over Chengjiang, Jiangchuan, and Huaning, situated in the central part of five lakes(the Fuxian Lake, the Xingyun Lake, the Qilu Lake, Yangzong Lake, and Dianchi)(Figure 1).
    [Show full text]
  • 7. CET-Kunming
    7. CET-Kunming a. Ken Tanaka, Summer 2019 Final Report Introduction ​ A good amount of Yalies on the Light Fellowship probably won't consider studying in Kunming. Some might not even know that Kunming exists. Others might think that Kunming, a city with a measly population of 6.2 million in far-off Yunnan province, isn't as fun to spend the summer at in comparison to glitzy Shanghai or iconic Beijing. Yet some more students might automatically choose a program like HBA - after all, HBA is abound with Yale students, and who wouldn't want to spend some time in China with people you already know from school? If you don't consider Kunming as a potential place to study at, I'm going to keep it real with you and say that you're making a big mistake. Choosing to study Chinese through CET-Kunming has been one of the greatest experiences of my college time, and I believe that CET-Kunming, while perhaps not as renown as PiB, HBA, or ICLP, is truly a hidden gem. My name is Ken Tanaka, and I'm a current junior (class of 2021) majoring in Global Affairs. I took a year of Chinese my junior year of high school (equivalent to L1 here), and then took CHNS120, CHNS 130, and CHNS140 my freshman spring through my sophomore spring. As I was not a freshman when considering studying abroad in China, I will admit that I was a little bit hesitant at first when considering study abroad - after all, many of my peers were applying for internships.
    [Show full text]
  • Lake Status Records from China: Data Base Documentation
    Lake status records from China: Data Base Documentation G. Yu 1,2, S.P. Harrison 1, and B. Xue 2 1 Max Planck Institute for Biogeochemistry, Postfach 10 01 64, D-07701 Jena, Germany 2 Nanjing Institute of Geography and Limnology, Chinese Academy of Sciences. Nanjing 210008, China MPI-BGC Tech Rep 4: Yu, Harrison and Xue, 2001 ii MPI-BGC Tech Rep 4: Yu, Harrison and Xue, 2001 Table of Contents Table of Contents ............................................................................................................ iii 1. Introduction ...............................................................................................................1 1.1. Lakes as Indicators of Past Climate Changes........................................................1 1.2. Chinese Lakes as Indicators of Asian Monsoonal Climate Changes ....................1 1.3. Previous Work on Palaeohydrological Changes in China.....................................3 1.4. Data and Methods .................................................................................................6 1.4.1. The Data Set..................................................................................................6 1.4.2. Sources of Evidence for Changes in Lake Status..........................................7 1.4.3. Standardisation: Lake Status Coding ..........................................................11 1.4.4. Chronology and Dating Control..................................................................11 1.5. Structure of this Report .......................................................................................13
    [Show full text]
  • Yunnan Provincial Highway Bureau
    IPP740 REV World Bank-financed Yunnan Highway Assets management Project Public Disclosure Authorized Ethnic Minority Development Plan of the Yunnan Highway Assets Management Project Public Disclosure Authorized Public Disclosure Authorized Yunnan Provincial Highway Bureau July 2014 Public Disclosure Authorized EMDP of the Yunnan Highway Assets management Project Summary of the EMDP A. Introduction 1. According to the Feasibility Study Report and RF, the Project involves neither land acquisition nor house demolition, and involves temporary land occupation only. This report aims to strengthen the development of ethnic minorities in the project area, and includes mitigation and benefit enhancing measures, and funding sources. The project area involves a number of ethnic minorities, including Yi, Hani and Lisu. B. Socioeconomic profile of ethnic minorities 2. Poverty and income: The Project involves 16 cities/prefectures in Yunnan Province. In 2013, there were 6.61 million poor population in Yunnan Province, which accounting for 17.54% of total population. In 2013, the per capita net income of rural residents in Yunnan Province was 6,141 yuan. 3. Gender Heads of households are usually men, reflecting the superior status of men. Both men and women do farm work, where men usually do more physically demanding farm work, such as fertilization, cultivation, pesticide application, watering, harvesting and transport, while women usually do housework or less physically demanding farm work, such as washing clothes, cooking, taking care of old people and children, feeding livestock, and field management. In Lijiang and Dali, Bai and Naxi women also do physically demanding labor, which is related to ethnic customs. Means of production are usually purchased by men, while daily necessities usually by women.
    [Show full text]
  • Report on the State of the Environment in China 2016
    2016 The 2016 Report on the State of the Environment in China is hereby announced in accordance with the Environmental Protection Law of the People ’s Republic of China. Minister of Ministry of Environmental Protection, the People’s Republic of China May 31, 2017 2016 Summary.................................................................................................1 Atmospheric Environment....................................................................7 Freshwater Environment....................................................................17 Marine Environment...........................................................................31 Land Environment...............................................................................35 Natural and Ecological Environment.................................................36 Acoustic Environment.........................................................................41 Radiation Environment.......................................................................43 Transport and Energy.........................................................................46 Climate and Natural Disasters............................................................48 Data Sources and Explanations for Assessment ...............................52 2016 On January 18, 2016, the seminar for the studying of the spirit of the Sixth Plenary Session of the Eighteenth CPC Central Committee was opened in Party School of the CPC Central Committee, and it was oriented for leaders and cadres at provincial and ministerial
    [Show full text]
  • A New Freshwater Snail (Gastropoda, Pomatiopsidae) Endemic to Fuxian Lake (Yunnan, China) Identified, Based on Morphological and DNA Evidence
    Biodiversity Data Journal 8: e57218 doi: 10.3897/BDJ.8.e57218 Taxonomic Paper A new freshwater snail (Gastropoda, Pomatiopsidae) endemic to Fuxian Lake (Yunnan, China) identified, based on morphological and DNA evidence Ling Shi‡‡, Yu Shu , Chen Qiang‡‡, Ping Xu , Ying Tian‡,§, Yaqing Chang ‡ ‡ Key Laboratory of Mariculture & Stock Enhancement in North China Sea, Ministry of Agriculture, Dalian Ocean University, Dalian, China § Dalian Shell Museum, Dalian, China Corresponding author: Ying Tian ([email protected]), Yaqing Chang ([email protected]) Academic editor: Alexander M. Weigand Received: 04 Aug 2020 | Accepted: 23 Oct 2020 | Published: 03 Nov 2020 Citation: Shi L, Shu Y, Qiang C, Xu P, Tian Y, Chang Y (2020) A new freshwater snail (Gastropoda, Pomatiopsidae) endemic to Fuxian Lake (Yunnan, China) identified, based on morphological and DNA evidence. Biodiversity Data Journal 8: e57218. https://doi.org/10.3897/BDJ.8.e57218 ZooBank: urn:lsid:zoobank.org:pub:C1FF9D49-158C-4D86-A3D4-8E8818CC2DD8 Abstract Background Lacunopsis Deshayes, 1876 is restricted to South Asia and shows a remarkable regional distribution. Fifteen species have been reported from the lower Mekong River area of Laos, Cambodia, Thailand and Vietnam. Two species, Lacunopsis auris Y.-Y. Liu, Y.-X. Wang & W.-Z. Zhang, 1980 and L. yunnanensis Y.-Y. Liu, Y.-X. Wang & W.-Z. Zhang, 1980 occur in the Yunnan Province of China. The most recent treatments of Lacunopsis date back to the 1970s and 1980s, therefore detailed information on anatomy and DNA analysis is lacking. © Shi L et al. This is an open access article distributed under the terms of the Creative Commons Attribution License (CC BY 4.0), which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
    [Show full text]
  • Banyan Tree Holdings Limited FY2010 Results Briefing !
    ! ( ?X ?ÍNK,, Banyan Tree Holdings Limited FY2010 Results Briefing ! ( ?X ?ÍNK,, FORWARD LOOKING STATEMENTS This document is provi ded to you for information onl y and should not be relied on or used as a basis for making any specific investment, business or commercial decision. N o representation or warranty, expressed or implied, is made as to, and no reliance should be placed on, the information or opinions contained herein. This document does not constitute and should not be construed as, any offer or solicitation for the subscripti on, purchase or sale of any securities of Banyan Tree H oldings Limited (“Banyan Tree”). Nothing in this document should be construed as a r ecommendation regarding the securities of Banyan Tree. Certain statements in this document may constitute " forward-looki ng statements”, incl uding statements regardi ng, amongst other thi ngs, Banyan Tree’s business and growth strategy. These statements reflect Banyan Tree’s expectations and are subject to risks and uncertainties that may cause actual r esults to differ materially and may adversel y affect the outcome and financial effects of the plans described her ein. You ar e cauti oned not to rely on such forward-looking statements. Banyan Tree disclaims any obligation to update their view of such risks and uncertainties or to publicly announce the result of any r evisions to the forwar d-looking statements made herein, except where they would be required to do so under applicable law. Banyan Tree is under no obligation to keep current the information contained in this document and any opi nions expressed i n it are subj ect to change without notice.
    [Show full text]
  • Physical Studies of Asteroids at the Yunnan Observatories X
    Conference abstract Asteroids, Comets, Meteors Helsinki, 2014 Physical studies of asteroids at the Yunnan Observatories X. Wang1 and K. Muinonen2,3 1Yunnan observatories, CAS, China 2Department of Physics, University of Helsinki, Finland 3Finnish Geodetic Institute, Masala, Finland The Yunnan observatories are among the major astronomical observatories in China. There are three sites for the Yunnan observatories: Kunming, Lijiang, and Fuxian lake. There is a 1.0-m telescope at the Kunming site and a 2.4-m telescope at the Lijiang site; these are usually used for asteroid studies and are thus discussed here. Asteroids are thought to be remnants of planetesimals in the Solar System. Their physical properties, such as their spins and shapes, can provide important constraints on the formation and evolution of the entire Solar System as well as the individual small bodies themselves. Because the two telescopes are located at low latitudes (of about 25 degrees), they are useful for the observation of small Solar System bodies. With the photometric data obtained by the two telescopes, we have carried out studies on the determination of physical parameters for selected asteroids, e.g., the spin parameters and the convex shape. We analyze the surface characteristics of asteroids with the help of the spectral data from the 2.4-m telescope. For the determination of the spin parameters and the convex shape, several inversion methods have been developed [1,2; also, Muinonen et al., present meeting], e.g., the convex inversion method [3,4]. Under the frame of a collaboration between the Yunnan Observatories and the University of Helsinki, we carried out studies on lightcurve inversion.
    [Show full text]