Buy Back, page-20

damo13, 46% is the increase based on the 4 months to October. Yes, not as strong as it could be and likely a key factor in the sell down. But using 46% to calculate FY15 results assumes flat revenue through the next 8 months, whereas DNA revenue will almost certainly continue to grow over FY15. The "below expectations" 1st quarter had reasons/headwinds (earthquake, China relations). And although there are always headwinds of some sort, I think DNA will report more growth by HY15 results.

For example, notice that Aristo can now be added to online booking sites. Agoda lists Aristo, but no booking yet, and I don't see any other sites with Aristo listed. I imagine the occupancy rates will rise further after online booking is possible.