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]
大和：维持华住集团-S“跑赢大市”评级 升目标价至36.5港元