《大行报告》大和首予华住集团-S(01179.HK)「跑赢大市」评级 目标价525元
大和发表研究报告,首予华住集团(01179.HK)「跑赢大市」评级,目标价525元,该行指出公司是内地最大的酒店营运商之一,相信随着全球疫苗开始接种,公司将受惠全球旅游复苏及内地酒店行业的结构性增长,相信公司去年策略加快网络扩张合时,相信到2022年底酒店数目达1万家的目标亦在正轨上。
去年第四季公司管理层重申未来数年将有三大增长支柱,低端城市渗透、加快扩张中高端酒店及增加国际知名度。该行相信其策略有助华住集团成为首个中资全方位酒店连锁品牌,并可与万豪及希尔顿等竞争。大和相信公司是内地唯一大型品牌可全面捕捉疫後旅游机遇,因为公司品牌较成熟,加上有领先行业的技术,同时覆盖低端到高端住宿,料2022年公司经调整EBITDA将达55亿元人民币的新高。
该行预期市场会将公司2021年EBITDA预测下调,以反映今年首季表现较弱,不过认为管理层有机会上调2021年开店指引,而其他股价催化剂则包括关口重开、欧洲经济重启(特别是德国)等。
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