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《大行報告》匯豐研究上調華住集團(01179.HK)目標價至49.61元 評級「買入」
匯豐研究發表研報指,在平均每間客房收入(RevPAR)的強勁回升帶動下,華住集團(01179.HK)(HTHT.US)首季業績表現高於增長指引的上限水平。 該行指出,目前中國的RevPAR強勁復甦主要受到價格回升所推動,首季集團中國業務平均每日房價(ADR)已較2019年高出25%,入住率則較2019年水平低約5個百分點。 考慮到管理層專注於提升入住量的增長,尤其通過擴張,匯豐維持2023年華住酒店淨開業755家的預測不變,但可能有提升空間,將今明兩年集團自營酒店RevPAR預測上調至達到2019年同期的119%及124%,收入及淨利潤預測則分別上調6.7%、3.1%及33.9%、6.6%。 匯豐研究維持對華住集團的「買入」評級,基於2024年企業價值對EBITDA比率約17.2倍,將目標價提升至49.61元。
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