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大行評級丨麥格理:降華住集團目標價至36港元,ADR增長較低及高質量酒店擴張步伐放緩
格隆匯 05-21 13:36
麥格理髮表研究報吿指,華住集團(1179.HK)旗下三大主要酒店品牌漢庭、桔子及全季持續帶動國內業務的每日平均房價和入住率提升,預期酒店品牌組合調整及升級將繼續推動國內業務增長。該行指,集團的輕資產業務模式轉型之路備受關注,海外業務現時首要任務是提升盈利能力,雖然首季度擴張速度有所加快,但全年酒店網絡擴張指引目標維持不變,因此預計集團將採取具精心計算的戰略方法進行業務擴張,重點加強旗艦品牌及業務覆蓋率較低的市場。麥格理將華住2024及2025財年盈利預測分別下調1.4%及4.5%,以反映ADR增長較低及高質量酒店擴張步伐放緩,評級跑贏大市,H股目標價降2.7%至36港元。
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