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SCMP Reporter

SAN Miguel Brewery was the second best performing stock on the exchange yesterday, putting on nine per cent to close 50 cents higher at $6.05.

  The stock surged on rumours, which were later confirmed, that the company was considering the sale of its existing brewery at Sham Tseng.

  A recent survey named the company Asia's most admired company, and investors seemed to agree.

  The company is one of the largest brewers in the territory and is also well-known internationally.

  San Miguel plans to capitalise on its reputation by exploring other Asian markets including Indonesia and China.

  Hotel group Regal International put on 12 cents to close at $2.05.

  Nomura analyst Gordon Crosbie-Walsh said the company was well-positioned to take advantage of the tight hotel market.

  Last year the group opened a five-star hotel in Causeway Bay, which is running close to full occupancy and returning good yields.

  Mr Crosbie-Walsh said the hotel was capturing a lot of the market because it was a new hotel, adding that five-star hotels offered the best earnings potential.

  The group will also gain from the recovery in the United States through the more than 100 hotels it manages in 36 of the 50 states.

  Occupancy rates last year were 60 per cent but are expected to grow to 70 per cent as the economy improves.

  China, however, is still proving to be a difficult market for the company.

  Regal has chosen to pursue lower-end two and three-star hotels in the mainland, rather than go for the five-star market.

  The lower end is becoming more competitive and the profit potential is reckoned to be less than that of running an upmarket operation in the major cities.

  However, with 65 per cent of earnings coming from its four hotels in Hong Kong, the share price could have some more room to run.

  Paging Group Champion Technology gained 22.5 cents to $3.15 on a turnover of $8.7 million.

  The China play stock has been highly volatile over the past three weeks, and is favoured by overseas investors for its growth potential on the mainland.



Brewery sale puts the fizz in San Mig