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海通国际海外观察– IHG 3Q24 业绩快览：3Q24 全球 RevPAR +1.5%YoY，大中华区-10.3%YoY，预计全年业绩符合市场预期
2024-10-23 08:03

Investment Rating - The report does not explicitly state an investment rating for the industry or specific company [5]. Core Insights - The report highlights a global RevPAR increase of 1.5% YoY in Q3 2024, with the Americas at +1.7%, EMEAA at +4.9%, and Greater China at -10.3% YoY [8][2]. - Year-to-date (YTD) global RevPAR is up 2.4% YoY, with the Americas at +1.8%, EMEAA at +6.4%, and Greater China at -5.6% YoY [8][2]. - The average daily rate (ADR) increased by 1.7% YoY, while occupancy decreased by 0.1 percentage points YoY in Q3 2024 [8][4]. - The hotel system's total size grew by 5.9% YoY, with 17.5k new rooms opened in Q3 2024, significantly higher than the 7.7k rooms opened in the same period last year [8][4]. - The report indicates a strong demand for group bookings (+6% YoY) and business travel (+2% YoY), while leisure demand remained flat [8][2]. Summary by Sections Performance Highlights - Q3 2024 global RevPAR increased by 1.5% YoY, with the Americas at +1.7% and EMEAA at +4.9%, while Greater China saw a decline of -10.3% YoY [2][8]. - The ADR for the group was $132.7, reflecting a 1.7% increase YoY, while the occupancy rate was 71.6%, down 0.1 percentage points YoY [3][4]. - The total number of rooms in operation globally reached 968,112 across 6,505 hotels, marking a 4.1% increase YoY [4][8]. Financial Overview - The latest closing price is $113.03, corresponding to a market capitalization of $18 billion, with an EV/EBITDA multiple of 17.1x for 2024 and 15.8x for 2025 based on Bloomberg consensus [5]. - The company has completed $614 million of its $800 million share buyback program, reducing the share count by 3.7% [8][6]. Market Outlook - The report anticipates that the Greater China market will see an easier comparison in Q4 2024, with expectations for RevPAR to align with 2019 levels [6][8]. - The Americas are expected to see an acceleration in new openings in Q4 2024, with a positive outlook for RevPAR in both the Americas and Europe [6][8].