Core Insights - The article emphasizes the focus on value investing in Asia, particularly in Hong Kong, targeting stocks with significant discrepancies between market price and intrinsic value [1] - It highlights two main categories of investment opportunities: deep value balance sheet bargains and wide moat stocks, which are characterized by their strong competitive advantages [1] Group 1: Investment Strategy - The research service aims to identify deep value stocks, such as net cash stocks and low price-to-book (P/B) ratio stocks, which are available at a discount [1] - It also seeks wide moat stocks, which are high-quality businesses with sustainable competitive advantages, often referred to as "Magic Formula" stocks [1] Group 2: Market Focus - The primary focus is on the Asian equity market, with a particular emphasis on Hong Kong-listed stocks [1] - The service provides monthly updates and watch lists to assist value investors in tracking potential investment opportunities [1]

Core Points - U.S. stock futures are lower, with Dow futures down approximately 200 points [1] - Helmerich and Payne Inc reported a fourth-quarter loss of 1 cent per share, with quarterly sales of $1.012 billion, exceeding analyst expectations of $973.678 million [1] - Helmerich and Payne shares fell 7% to $25.69 in pre-market trading [1] Company Movements - Alpha Technology Group Ltd shares decreased by 19% to $17.50 after a significant surge of 132% on Monday [4] - Invivyd Inc shares fell 13.4% to $2.46 following the announcement of a $125 million public offering [4] - Nice Ltd shares dropped 7.3% to $112.00 after a 9% decline on the previous day [4] - H World Group Ltd shares fell 6.7% to $41.95 despite reporting better-than-expected third-quarter results [4] - Fulcrum Therapeutics Inc shares decreased by 6.6% to $9.01 after a 12% gain on Monday [4] - Rocket Pharmaceuticals Inc shares declined 6% to $2.86 [4] - OBOOK Holdings Inc shares fell 5.6% to $7.53 [4] - Iperionx Ltd shares decreased by 5% to $33.00 [4] - Home Depot Inc shares slipped 2% to $351.01 after reporting worse-than-expected third-quarter adjusted EPS and lowering FY25 adjusted EPS outlook [4]

Core Insights - Huazhu Group reported a hotel revenue of 30.6 billion yuan in Q3 2025, representing a year-on-year growth of 17.5% [1] - The group's total revenue reached 7 billion yuan, an increase of 8.1% year-on-year, with adjusted net profit at 1.52 billion yuan, up 10.8% [1] - Adjusted EBITDA for the quarter was 2.5 billion yuan, reflecting an 18.9% increase year-on-year [1] Financial Performance - The total number of operating hotels globally reached 12,702, a 17.1% increase year-on-year, with total rooms at 1,246,240, up 17.3% [1] - In Q3, Huazhu opened 749 new hotels in China, marking a record high for the year, bringing the total operating hotels in China to 12,580 and total rooms to 1,220,297 [1] - The number of hotels awaiting opening stands at 2,727 [1] Strategic Focus - Huazhu continues to focus on economy and mid-scale hotels, aligning with consumer trends for high cost-performance [1] - The company is enhancing its competitive advantage through a series of refined management measures, including coordinated pricing and promotional controls [1] Operational Metrics - In Q3, Huazhu's average daily rate (ADR) was 304 yuan, occupancy rate (OCC) at 84.1%, and revenue per available room (RevPAR) at 256 yuan, all showing positive trends [2] - These metrics reached 100.9%, 99.2%, and 99.9% of the levels seen in the same period of 2024, indicating a successful balance between scale and lean growth [2] Membership and Direct Sales - The Huazhu membership program saw a 17.3% year-on-year increase, surpassing 300 million members, making it the largest globally [2] - Membership bookings increased by 19.7%, totaling over 66 million nights, accounting for 74% of total bookings [2] - Future plans include enhancing member benefits, expanding points usage, and deepening cross-industry collaborations to strengthen direct sales capabilities [2]

Group 1 - The core viewpoint of the report is that Daiwa maintains an "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5 due to a faster-than-expected recovery in average room revenue [1] - The company’s adjusted EBITDA for Q3 shows a robust growth of 19% year-on-year, reaching RMB 2.513 billion, which exceeds market expectations of RMB 2.414 billion [1] - The adjusted EBITDA margin increased by 3.3 percentage points year-on-year to 36.1%, indicating improved operational efficiency [1] Group 2 - Daiwa believes that the temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, allowing for a rebound in average room revenue [1] - The EBITDA forecasts for the company for the years 2025 to 2027 have been raised by 11% to 13% [1]

Core Viewpoint - Daiwa maintains a "Outperform" rating for Huazhu Group-S (01179) and raises the target price from HKD 30.5 to HKD 36.5, primarily due to a faster-than-expected recovery in average room revenue, leading to an 11% to 13% increase in EBITDA forecasts for 2025 to 2027 [1][1][1] Group 1: Company Performance - In Q3, the company reported robust growth with adjusted EBITDA increasing by 19% year-on-year to RMB 2.513 billion, surpassing market expectations of RMB 2.414 billion [1][1][1] - The adjusted EBITDA margin improved by 3.3 percentage points year-on-year to 36.1% [1][1][1] Group 2: Industry Outlook - The temporary oversupply situation in the Chinese hotel industry has gradually eased over the past two to three months, suggesting a potential recovery in average room revenue [1][1][1]

该行相信，中国酒店业暂时性的供过于求情况已于过去两至三个月逐渐纾缓，行业的平均客房收益将可 回升。该行表示，由于华住平均客房收益的恢复速度较预期快，因此上调公司2025至27年的EBITDA预 测11%至13%，又将目标价由30.5港元上调至36.5港元，续予"跑赢大市"评级。 大和发表研究报告指，华住集团第三季业绩稳健增长，经调整EBITDA按年增长19%至25.13亿元，高于 市场预测的24.14亿元；经调整EBITDA利润率按年增3.3个百分点至36.1%。 ...

新京报贝壳财经讯（记者曲筱艺）11月17日，华住集团发布2025年第三季度财务业绩。财报显示，今年 第三季度集团的酒店营业额为306亿元，同比增长17.5%。报告期内，集团收入达70亿元，同比增长 8.1%；经调整净利润15.2亿元，同比增长10.8%；经调整息税折旧及摊销前利润25亿元，同比增长 18.9%。 从经营指标来看，三季度华住中国日均房价、入住率和平均可出租客房收入为304元、84.1%和256元， 均延续回升向好态势，并分别达到2024年同期的100.9%、99.2%和99.9%。 （文章来源：新京报） 三季度，华住中国新开业酒店数为749家，这一数据创下年内单季度新高；截至期末，华住中国在营酒 店总数为12580家，在营客房总数约122万间，待开业酒店数量为2727家。在中高端酒店方面，截至三季 度末，华住在营及待开业的中高端门店数量超1600家，同比增长25.3%。 ...

11月17日，华住集团召开2025年第三季度业绩交流会。据悉，2025年第三季度，企业实现收入同比增加 8.1%至人民币70亿元。调整后EBITDA同比增长18.9%至人民币25亿元，利润率扩张至36.1%。 在中国市场，三季度，华住中国新开业酒店数为749家；截至期末，华住中国在营酒店总数为12580家， 在营客房总数为1220297间，待开业酒店数量为2727家。 （Wind数据、新华财经） ...

Core Insights - The article discusses the trend of hotel brands, particularly Huazhu's Meilun, entering industrial parks, marking a shift from traditional city center locations to these emerging areas [1][2][8] - The demand for diverse accommodation options in industrial parks is increasing, as businesses require not only short-term stays but also long-term housing solutions for employees [5][7][14] Group 1: Hotel Development in Industrial Parks - Huazhu Group's Meilun brand has opened its largest hotel in Xiamen's Jimei Software Park, featuring 310 rooms and targeting business and conference clientele [1] - The shift in hotel location strategy reflects a broader trend where hotels are moving from city centers to industrial parks, which are seen as new growth areas with potential [2][8] - Other hotel brands, including Qianxi and InterContinental, are also establishing properties in industrial parks, indicating a growing interest in these locations [3][6] Group 2: Changing Accommodation Needs - The demand for "business + conference + activity" accommodations in industrial parks is being recognized by hotel operators, leading to the inclusion of meeting rooms and dining facilities [2][5] - The combination of hotels and serviced apartments is becoming more common, catering to the long-term needs of professionals in industrial parks [5][6] - Local state-owned enterprises and development platforms are also entering the market, promoting standardized accommodation solutions for employees [6][10] Group 3: Investment and Economic Implications - The investment logic for hotels is changing, with industrial park hotels offering stable clientele and lower land costs, making them attractive for major hotel groups and local investors [7][10] - The trend reflects a redistribution of urban dynamics, where hotels are now following businesses rather than just tourist flows [7][8] - Policies at both national and local levels are encouraging the development of living and service facilities in industrial parks, facilitating the entry of hotels and apartments [9][10] Group 4: Future Outlook - The future of hotels may lie in industrial parks rather than traditional urban centers, as the boundaries between work, life, and leisure continue to blur [11][14] - Hotels in industrial parks are expected to become integral parts of the local ecosystem, serving not just as accommodation but also as cultural and community hubs [12][14] - The concept of "park-customized hotels" is gaining traction, offering both operational returns and cultural value, which could enhance the brand image of the parks [14]

Core Insights - Huazhu Group reported a hotel revenue of 30.6 billion yuan in Q3 2025, representing a year-on-year growth of 17.5% [2] - The group's total revenue reached 7 billion yuan, an increase of 8.1% year-on-year, with adjusted net profit at 1.52 billion yuan, up 10.8% [2] - Adjusted EBITDA for the quarter was 2.5 billion yuan, reflecting an 18.9% increase compared to the previous year [2] Operational Highlights - In Q3, Huazhu opened 749 new hotels in China, marking a record high for the year, bringing the total operating hotels to 12,580 and total rooms to 1,220,297 [2] - The company maintained a stable occupancy rate while achieving a year-on-year increase in average daily rate (ADR), with Q3 figures at 304 yuan, occupancy rate at 84.1%, and revenue per available room (RevPAR) at 256 yuan [2] - Membership growth was significant, with a 17.3% year-on-year increase, surpassing 300 million members, and member bookings accounted for 74% of total room nights [2] Future Outlook - The company aims to focus on building core competencies, pursuing high-quality network growth, and enhancing market share while strengthening brand positioning and service excellence [3]