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《大行報告》大和降華住集團-S(01179.HK)評級至「跑贏大市」 目標價下調至38元
大和發表報告表示,華住集團-S(01179.HK)(HTHT.US)盈利可見度因爲全球疫情蔓延而降低,下調其2021-23年的非通用會計準則(non-GAAP)EBITDA預測19%至26%,評級由「買入」下調至「跑贏大市」,目標價由50元下調至38元。 大和認爲,華住集團業績中最大的意外是管理層對近期前業務景的態度突然變得更加保守,以及戰略從「超大規模」轉向「精益增長」戰略,是由於管理層低估了疫情在全球範圍內的持續影響,而過去幾個月國內爆發了多輪疫情,這已經開始抑制加盟商開辦新酒店的意欲,雖然對集團長期前景看法保持不變,但其酒店網絡擴張步伐放緩,可能會導致短期內被繼續下調評級。 大和指出,投資者不應因爲華住集團減慢擴張速度,將其解讀爲酒店業的急劇放緩,因爲該公司仍計劃在明年和後年分別開設至少1,500家酒店,不過這意味着將無法實現明年底前增長至1萬家酒店的目標,該行預計這目標將在2024年中實現。
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