大行評級|里昂:下調華住目標價至40美元 仍是消費者服務領域的首選
里昂發表研報指,中國內地春節假期即將來臨,消費者或會有更多外出旅遊及用餐活動,但該行預期市場很快會重新關注結構性趨勢。里昂表示,對華住的正面看法主要基於產業供應過剩壓力緩解,該公司毫不改變地承諾迅速開設酒店是可以理解,但可能會影響未來一至兩個季度的每可用客房收入(RevPar)復甦速度。相較之下,海底撈在開設新店方面進展緩慢,試圖避免稀釋單店銷售。至於九毛九正關閉門市。
由於低線城市新酒店帶來的獲利壓力,里昂將華住目標價由44美元下調至40美元;由於開店速度慢於預期,將海底撈目標價由20港元下調至19港元;由於門市關閉壓力,將九毛九目標價由3.2港元下調至2.6港元。另外,由於里昂對中國酒店業的RevPar趨勢有較高確定性,華住仍然是該行在消費者服務領域的首選。
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