大和:維持華住(1179.HK)跑贏大市評級 目標價降至37港元
大和研報指,將華住(1179.HK)港股目標價由38港元降至37港元,評級維持“跑贏大市”不變。
大和報吿引述管理層指,公司內地2022年1月平均客房收益回覆至2019年疫前水平逾75%,按年水平大致相約。不過,今年農曆新年期間數字則按年升15%。雖然表現跑輸行業,相信因公司高檔酒店業務佔比較少,但其1月入住率55%-60%,仍跑贏同業。
管理層亦對農曆新年後入住率看法樂觀。大和預期,華住2022-23年每年淨增1000-1100家酒店。公司長期目標仍為2-3萬家酒店組合,內地市佔率2-3成,及關注中高檔酒店。
該行下調2021-23年非通用會計準則EBITDA預測2%-5%,以反映近期平均客房收益趨勢及匯兑因素。因調整2022年預測,下調其目標價。

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