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《大行報告》瑞銀下調華住集團(HTHT.US)目標價至60美元 評級「買入」
瑞銀發表研究報告指,華住集團(HTHT.US)首季收入按年增67%至45億元人民幣,略為超過其指引上限,大致符合市場預期。集團轉虧為盈至9.9億元人民幣。 報告引述管理層指引,預計第二季收入將按年增51至55%,如撇除海外業務則升64至68%,又認為中國的經濟及中型酒店細分市場具有更好的彈性,因為它們的ADR較低,而大型酒店板塊可能需要更長時間才能恢復到疫情前的水平。對於海外業務,管理層指,雖然第一季因季節性原因虧損7,900萬元人民幣,惟預計2023財年的EBITDA將轉為正數。集團對次季平均客房收益(RevPAR)恢復指引為2019年水平的110至115%,與2023年全年RevPAR指引一致。 該行對集團第二季的RevPAR恢復持謹慎樂觀態度,因為近期商務旅行似乎在宏觀經濟疲軟的情況下弱於預期,而休閒旅行或會在勞動節假期被壓抑的需求釋放後放緩。該行將集團目標價由62.2美元下調至60元,維持「買入」評級。
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